My grandfather died a few weeks ago and I've been informed that I'm due to receive $3.6mil AUD inheritance.
I come from a relatively low-middle class background and have no idea what to do with this money. I see people here saying to Buy Etherium? Should I do that?
Do I just put it all in a savings account? Is there people to ask about things like this?
What should I do with the money?
You should at least buy a small amount of ethereum.
3.6 million dollars is a lot of money and although ethereum looks like a highly interesting long shot, i would never suggest putting your eggs in one basket.
I suggest investing in a real world business, such as a taxi company, mechanic, pub, if you part own one of those you can easily dodge the tax man.
Only queers put their money in stocks or "funds".
I would keep it safe and first read financial books, watch financial lectures, take financial courses and invest in yourself first.
You have incredibly much power right now. Just become financially literate and with that amount of money you can grow to be one of the top 100 richest people in the world.
Don't waste it on liabilities. Keep living modest until your assets will provide you with income and the money will work for you.
Man, I'd just keep it safe in a few low risk investments (or even regular bank accounts with a small interest rate) and I'd never work ever again, fuck it.
That being said, I'm not a materialistic person so I don't care about expensive shit. I'd just, as I mentioned, never work again and spend my life travelling the world (in economy class and 3 stars hotels).
Seek the help of a financial advisor. I'm a lawyer and I've assisted with matters for some HNW individuals, trust me when I say that there are a lot of complexities that need to be considered.
You'll want to be able to explain to someone your goals / beliefs so that they can then come up with a plan / structure to support that.
Personally, with that sort of money I wouldn't be talking to anyone who isn't a chartered accountant. There are plenty of "financial advisors" in Australia that haven't got any real knowledge or experience.
Don't tell anyone. Stash it and learn investing, or get you a professional to manage it.
Seriously, Don't tell anyone. Don't spend a time of it. Keep going to work.
Go read up on the few people who didn't get their lives ruined by winning the lottery, you'll learn alot.
When a friend of mine had something similar, he just bought a large house, converted it into 4 apartments, rented out 3 and lived in the 4th. Barely has to do anything, occasionally calling in a plumber or electrician, doing the accounts/tax takes a day or two once a month, contracts are standard spiel, long term renters are generally easier to deal with.
Don't listen to this idiot. Etherium is totally unproven and equity investments in local businesses instead of sound financial management are one of the main ways athletes and other new money people go broke.
You can contact one (or several) of the banks and ask to speak to a wealth advisor. They won't charge you anything until you sign on with them so ask them as many questions as you'd like.
Set your portfolio to be conservative. You don't need to take risks with the money, just let it slowly increase over time and let that interest compound.
And DON'T invest in your friends' stupid business ideas, they will 99% chance fail.
this. Although I suggest 30% in investments. TALK TO FINANCIAL ADVISOR
DO NOT GET INTO CRYPTOS
Good luck Aus bro