I would first seek the advice of a qualified Tax Professional, Estate Planning Attorney and Financial Advisor before spending any of it. There are various opportunities via Federal and State Tax Codes as well as Estate Planning that can be used to reduce any potential estate tax issues. Timing has a great deal to do with whether the plan is going to work or not.
Ahhhh, the first thing I would do is savor the moment! Knowing how fleeting it can be, those first few minutes, hours, possibly weeks would be sheer joy. The bliss of knowing that I would never have to worry about money again, that I could have and do things I previously could not afford. I would enjoy the experience. Then, I would settle down to address the important new issues to ensure the inheritance was managed well.
Cash it, hide it away. Only spend 1/8th of the money in the next few years. Then live off of my job and keep the money for retirement.
I would put 30% into real estate that would create positive cash flow, another 20% into gold and silver(split between bullion and numismatics), another 30% I would invest in commodities such as natural gas/oil/fresh water/agriculture, 10% to a good charity or charities, and 10% would be for enjoyment of my family.
Of course..i would first save it in bank for future.
then would like to go for lots of shopping and gifts.
I would put most of the money in a high interest saving account. A lot of people that win a large sum of money end up heavily in debt. Some lose their homes. I would try to get the money to make more money. Then I would spend the interest.
It would be nice to buy lots of things for myself and my friends. However even people that win over 5 million dollars in the lottery become broke and homeless. If you do a search you can read lots of stories of lottery winners becoming broke in less than 5 years. So I would be careful with it and limit my spending and how much I gave away to charities.
1. Pay off debts.
2. Move to a quiet nice place.
3. Support family.
4. Put some money aside to be able to live from the interest.
5. Leave my day job and write FULL TIME.
6. Support children charities.
I will establish an international project that will research on the causes of poverty, and will delve to find it's solution. I will give the rest to the rich people in order to make them feel how worthless they have been.
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