spencerforhire81

joined 1 year ago
[–] spencerforhire81@beehaw.org 12 points 1 year ago (3 children)

The trick is to hire SEVERAL groups of people (read: wealth management advisor teams from major financial institutions) and let them each manage a $25M+ chunk of it. You'd want to have 2-3 different groups, and then a simple portfolio you manage yourself that trades in market-tracking ETFs and highly rated government bonds. That gives you the combination of excellent security with minimal personal maintenance. And you get all the perks of being a wealth management client from several large institutions like below-market loan rates and unique investment opportunities. Also, the really big institutions like JP Morgan and Goldman Sachs have lots of resources available for financial education for their wealth management clients.

That's the best advice for someone who doesn't really know what they're doing. Never give one person the keys to your entire net worth, THAT'S how wealthy people end up broke.

In this hypothetical, even if JP Morgan or Goldman Sachs collapsed or embezzled your funds (which is INCREDIBLY unlikely), you'd still have more than enough wealth to live comfortably for several lifetimes in your other accounts. Just make sure your accountant knows where everything is, because you don't want to go to prison for tax evasion.