this post was submitted on 19 Aug 2023
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Suppose you win 100 million. What do you actually do with it? Banks only guarantee 250,000. Do you have to invest it? Is there anywhere you can just let it sit and draw interest?

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[โ€“] gens 2 points 1 year ago

Buy lots of weed. Buy a place to make a workshop. Buy lots of machines. Teach teenagers (and adults, if they want) woodworking, metalworking, and robotics. Make some money on the side from random comissions. Maybe bild myself a wooden house.

[โ€“] [email protected] 2 points 1 year ago* (last edited 1 year ago)

A lot of wealthy individuals "park" their money in things like real estate and art. For the art, they safely pack it away in warehouses. There's a whole industry that'll do it for you. A lot of them dont even see the art. It's just a wealth parking vehicle.

Another avenue is starting one or more non-profits and philanthropy organizations for the money.

And another is a living trust, to avoid probate when you die, to maximize the inheritance for your surviving beneficiaries.

[โ€“] [email protected] 2 points 1 year ago

I'd buy a nice house somewhere a bit wild and in the middle of nowhere on the south coast of either England or Wales, something old with character and a big garden with a good pub nearby. I'd also buy a classic wooden sailing yacht and put enough funds aside to maintain her as well as kitting her out for serious passage-making. When I'd done that I'd figure out how much money I need to make work optional for the rest of my life and how much would keep my family comfortable in an emergency, as well as a small 'shit hits the fan' fund kept in something you don't need electricity to access like gold just in case. I'd then donate the rest to charity, the bulk to enviromentalist lobby groups and charities directly helping people (the RNLI comes to mind for example) but also to a few niche causes like keeping the ailing pirate radio ship Ross Revenge afloat and starting a breeding programme to save the highly endangered otterhound. I'd also like to have a few documentaries made, and I'd drop a few content creators I like some donations too.

Honestly all I really want to do is go sailing and not have to deal with the rat race, I don't want to live an oligarch's lifestyle and I definitely don't want the sort of attention and arseache that money would bring you. That money would be far more effectively used for good in the hands of others so I'd end up donating the majority of it, I suspect on the order of 80% of it at least.

[โ€“] [email protected] 2 points 1 year ago

A fiduciary (not an accountant) will know what to do. Contact a fiduciary

[โ€“] [email protected] 1 points 1 year ago (3 children)

If you have any decency, get rid of most of it, preferably to charities or political causes.

That sort of wealth in the hands of a single person is obscene, and spending it on luxury when there are people starving and homeless in the world is the height of immorality.

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[โ€“] [email protected] 1 points 1 year ago

I don't know, I'd probably just give 50 millions to charity and hire a professional to counsel me on what to do with the rest

[โ€“] [email protected] 1 points 1 year ago

100m $ !? Other than buying all things I and my family need, I may invest a in real estate that I could rent, and put the rest in the bank.

[โ€“] [email protected] 1 points 1 year ago* (last edited 1 year ago)

Multiple banks, only storing what is federally insured by the FDIC in as high yield interest rate savings accounts as I can get.

[โ€“] [email protected] 1 points 1 year ago

Invest a decent chunk, find somewhere I can be away from things, set my dad up somewhere nice he can get the medical help he needs without worry.

After that, work on funding pro-womens rights and LGBT+ causes and platforms. Do what I can to help others in a position like mine, where there isn't really a "safe" place around to let the mask drop away.

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