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"New to riches" problems?

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  • #1

    "New to riches" problems?

    What would you suggest to someone who was suddenly making 2 to 3 million a year from legal means and has no education on how to best manage this constant flow of income?

    Are there people whose jobs are too know how to best manage and advise on tax, investments, setting up trusts, offshore accounts/citizenship etc?

    Or does this require a mix of separate professionals like tax accountants, immigration lawyers, etc etc to do?

    This person isn't me. Just a friend who has been quite successful/consistent in forex trading and suddenly has a whole bunch of 1st world problems...
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  • #2
    Poor bastards doing it tough, my heart goes out to him.

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    • #3
      Nigeria is known for producing some of the best financial consultants in the world.

      Any one of them will be able to provide immediate advice.
      One owner. Only driven gently on Sundays. Sold to best offer. First to see will buy. Reward offered for safe return. Coming soon to a cinema near you. Available for a limited time only.

      My waterbed broke this morning. Oh, I don't have a waterbed. Bugger.

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      • #4
        Financial planner.

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        • #5
          Firstly , is he an Australian citizen?

          Secondly , no education in what, taxation and finance? FOREX trading is no tea party so he must have reasonable literacy and numeracy.

          If he is financially illiterate , maybe invest in education instead of someone to tell him what to do. He won't understand what the hell is going on anyway. Probably best staying away from investing and just compounding his interest until he has a clue.

          If he is netting 2-3 mill a year , then having a backup fund source is better insurance in case the market goes against him [and it will] for a time and he gets called a few times. A hundred G's on a bad trade where the market goes against you will disappear in a split second. Market makers are very accomplished at stop jumping , and you get rolled when your stop gets a call on it at open. :o

          Best he concentrates on what he is good at and maybe get a good accountant to minimise his tax burden at the most. [IMHO]
          Sventek, being a predominantly lazy fuck can you please purchase some for me, bring me the stuff, create something I want after you think of it for me then clean my house, wash my car, dog, bike breathe for me.

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          • #6
            Originally posted by uomouse View Post
            What would you suggest to someone who was suddenly making 2 to 3 million a year from legal means and has no education on how to best manage this constant flow of income?

            Are there people whose jobs are too know how to best manage and advise on tax, investments, setting up trusts, offshore accounts/citizenship etc?

            Or does this require a mix of separate professionals like tax accountants, immigration lawyers, etc etc to do?

            And





            This person isn't me. Just a friend who has been quite successful/consistent in forex trading and suddenly has a whole bunch of 1st world problems...
            he
            can't/won't pay for professional advice?

            Insert obligatory Breaking Bad reference...
            Last edited by Skut; 07-11-2013, 12:20 AM.

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            • #7
              First thing I thought of too Skut- I AM THE COOK.....

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              • #8
                I thought this was going to be Another one of


                ..... Tool Harley Guy Posts...

                My Bad .
                What You See

                Isn't always what you get

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                • #9
                  Financial Planner, but one that comes with some track record and personal recommendations.

                  Then buy a car wash safe and locksmith company.
                  Last edited by Captain Starfish; 07-11-2013, 07:32 AM.
                  "Once upon a time we would obey in public, but in private we would be cynical; today, we announce cynicism, but in private we obey."

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                  • #10
                    Trust nobody buy a big safe when its full build a 5 km race track in Perth

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                    • #11
                      Talk to an accountant and a financial planner. NOT a bank planner!!! Anyone you do business with you need to check out thoroughly. If they recommend you buy xyz shares ask to see their personal investment portfolio. Most financial planners that work for the banks and for the big investment companies are commission earners with no investment portfolio of their own. I also suggest taking some of that "hard earned" and investing in themselves. You can do a lot of different short courses these days and some of them are even worth the money.

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                      • #12
                        ^^ nice thinking. But even the best financial planner needs you to make choices and provide input at a strategic level.

                        For me, I'd be looking at setting up something very stable, very secure and so on with the first chunk of it. This would be my "never have to work again" portfolio - property, blue chips paying steady dividends, even cash in a bank. If everything else evaporated the idea would be that my bills and basic living expenses are now covered wherever I may be.

                        Next would be a house. Paid in full. Seriously reduces the ongoing living expenses.

                        Now I have the freedom to do what I want. Career change, volunteering, whatever.

                        I'd put a priority on not becoming a slave to the money - ie getting stuck in the spiral of all my now spare time getting eaten up by managing investments and trying to earn more money I can't spend and don't need.
                        "Once upon a time we would obey in public, but in private we would be cynical; today, we announce cynicism, but in private we obey."

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                        • #13
                          I agree with fishy - I just didn't mention the pillars as I figure if you're smart enough to make that kind of money with forex then you're smart enough to understand the basic requirements of self funded retirement. A solid investment of residential and commercial properties along with a good blue chip stock portfolio - do some self education beforehand, and a debt free primary place of residence is the first 3 things you setup. I'm all about positive gearing but if you're looking for tax deductions maybe speak to [MENTION=6870]XSorXpire[/MENTION] about tax reducing property investments.

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                          • #14
                            find a mentor
                            hire a lawyer
                            hire a good accountant firm
                            engage at least 3 financial planners

                            and always, always wear a condom or 2, cause like the song says "Now i aint sayin she a gold digger, but she aint dealin with no broke............ "
                            I cant help it if your perceptions don't match my reality


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                            • #15
                              make sure this friend isnt extrapolating a couple of good months into a 'yearly income'.

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