why come on a website full of penny pinchers to ask what to do with a couple hundred million dollars?
! First of all, Because we tell it straight. Our comments are not typically muddied by the influence of a big commission. Everyone he talks to will be thinking of their self interest and profit above his
Second, while the majority of ppl here may not have the connections or qualification to make recommendations to someone coming into 9 figures, there are actually a couple people here who do.
Third, while you'll get decent representation with most of the major wealth managers , none have the fwf mentality. Finding the right people like this could add tremendous value
No matter what you are left with after selling & taxes, whether it be 40%, 50% or 60% of the $225mil, your lifestyle has probably been very middle class up to this point I am assuming.
I would tell you then that preservation of ALL capital remaining would be MY main concern, whether you choose to invest in corporates, CD's, munis, whatever. Speaking on those terms, I would find a good accountant (outside of the think tank you setup) that can advise you on the advise you are being given, that can help you pay as little taxes as you can.
No stock market. Why do you need risk with that nest egg?
You could have a nice annual income even with interest rates this low, and your income will only go up when Bernanke takes off the brakes.
Buy the big house, expensive vacation, whatever you want. Keep a million in "fun money"...
You may decide you need a few million for a startup later on.
As you get older, and want to rid yourself of accumulated wealth so it is not a "burden" to your children there are is alot you can do with it to get even more income for the soon to be "extravagent" lifestyle you will be enjoying.
JCarterVA said: Third, I am researching Texas, Oregon, Wyoming and Delaware which are all states which do not have any sort of income tax. Someone also pointed out that there is a town for sale (yes an actual town) in Wyoming that I could have to myself, thanks for that.
EugeneV said: SUCKISSTAPLES said: There's a reason wealthy old money NYC folks establish residence in Florida
It's not just for the weather
It is, otherwise Alaska would be better: no income tax, no sales tax, and they pay you to live there after 2 years! For residency purposes, You typically need to spend some time there in the state , which is why FL is a much more attractive choice Than Alaska
Don't just consider establishing residency in a no-income tax state, think COUNTRY! You should consider tax havens in other countries - such as Isle of Man, Lichtenstein, Monaco, Andorra, Dubai, Qatar, various Caribbean islands etc. You have mentioned before that you aren't interested in moving. But that doesn't mean you shouldn't consider a second passport...it's all about diversification. There's no way to know for certain the political situation in 30 years. You're entering a new phase - now everything will be about maintaining your wealth and security, not building it. A foreign wife can help this, plus give your kids multiple passports.
edit: I meant to say that you should consider dating international women, not get married just for financial reasons. Also, I guarantee that the wealth managers will set up foreign entities to hold the money in order to avoid capital gains.
SUCKISSTAPLES said: EugeneV said: SUCKISSTAPLES said: There's a reason wealthy old money NYC folks establish residence in Florida
It's not just for the weather
It is, otherwise Alaska would be better: no income tax, no sales tax, and they pay you to live there after 2 years! For residency purposes, You typically need to spend some time there in the state , which is why FL is a much more attractive choice Than Alaska
Creditor protection is also superior.
I am going to look for a condo in Palm Beach or Broward County. Apparently I need a tan..
Also, the US taxes WORLDWIDE income, unlike many other countries. In several years, you could give up your US passport, while keeping all the benefits of working with/in the US. There are ways to do it. Just something else to think about. I tend to like Singapore and Hong Kong. You can get a Singapore passport in as short as 2 years with a little investment there.
LtWaldo said: Don't just consider establishing residency in a no-income tax state, think COUNTRY! You should consider tax havens in other countries - such as Isle of Man, Lichtenstein, Monaco, Andorra, Dubai, Qatar, various Caribbean islands etc. You have mentioned before that you aren't interested in moving. But that doesn't mean you shouldn't consider a second passport...it's all about diversification. There's no way to know for certain the political situation in 30 years. You're entering a new phase - now everything will be about maintaining your wealth and security, not building it. A foreign wife can help this, plus give your kids multiple passports.
Thanks, but not really interested in leaving the country. I do have multiple passports, Israel and Ireland, so the ability is there.
I am not willing to marry just to establish residency/citizenship either.
I am however looking at income tax free states to establish residency in, it is not something I am terribly interested in, but willing to do if it saves me money. (This is after all FatWallet right?)
LtWaldo said: Don't just consider establishing residency in a no-income tax state, think COUNTRY! You should consider tax havens in other countries - such as Isle of Man, Lichtenstein, Monaco, Andorra, Dubai, Qatar, various Caribbean islands etc. You have mentioned before that you aren't interested in moving. But that doesn't mean you shouldn't consider a second passport...it's all about diversification. There's no way to know for certain the political situation in 30 years. You're entering a new phase - now everything will be about maintaining your wealth and security, not building it. A foreign wife can help this, plus give your kids multiple passports.
A foreign wife can also walk away with a big chunk pretty quickly.
At this stage, none of your advice is helpful to OP. Long-term, staying ahead of the game is not so hard if you keep your eyes open.
The tax haven countries can rob their newly arrived citizens far more quickly and quietly than Uncle Sam.
since is is such a LARGE windfall, I hope you look out for your employees and give them a little bit of wealth and reduce your tax liability at the same time.
JCarterVA said: I do have multiple passports, Israel and Ireland, so the ability is there. Dude, stop dropping little bits of information about yourself unless you're a troll and have no deal that could go south. If you're real, someone WILL figure you out sooner or later.
So far we know that you have a master's degree in computer science, you started your company 5 years ago, you carry 5 phones, you're not married, you live in a city with great public transportation, and you have both Irish and Israeli passports. Cut it out.
JCarterVA said: HumDoHamaraDo said: MissCrabette said: My money is on foursquare's Dennis Crowley. 4 square is not in VA, unless VA in OP name is not Virginia.
It is not Virginia. Well then, it could be 4 square Evan Cohen.
MissCrabette said: JCarterVA said: I do have multiple passports, Israel and Ireland, so the ability is there. Dude, stop dropping little bits of information about yourself unless you're a troll and have no deal that could go south. If you're real, someone WILL figure you out sooner or later.
So far we know that you have a master's degree in computer science, you carry 5 phones, you live in a city with great public transportation, and you have both Irish and Israeli passports. Cut it out.Of the top of my head I can name about 20 people in the upper circles of startups in this industry that match this. So far he had not said anything that would have narrowed him down any more than saying he was in tech.
MissCrabette said: JCarterVA said: I do have multiple passports, Israel and Ireland, so the ability is there. Dude, stop dropping little bits of information about yourself unless you're a troll and have no deal that could go south. If you're real, someone WILL figure you out sooner or later.
So far we know that you have a master's degree in computer science, you started your company 5 years ago, you carry 5 phones, you're not married, you live in a city with great public transportation, and you have both Irish and Israeli passports. Cut it out.
Carrying lots of phones, and happening to be Jewish doesn't exactly narrow me down much out here.
I do not walk around with my passports glued to my chest, and a big flag of the Star of David flying over my head.
Lots of start ups are full of guys who are not married. Just because I am not married, does not mean I am single either.
HumDoHamaraDo said: JCarterVA said: HumDoHamaraDo said: MissCrabette said: My money is on foursquare's Dennis Crowley. 4 square is not in VA, unless VA in OP name is not Virginia.
It is not Virginia. Well then, it could be 4 square Evan Cohen.
As I said before, I am not confirming or denying anything to assist in narrowing it down. Speculation seems to be the main game.
EvilCapitalist said: MissCrabette said: JCarterVA said: I do have multiple passports, Israel and Ireland, so the ability is there. Dude, stop dropping little bits of information about yourself unless you're a troll and have no deal that could go south. If you're real, someone WILL figure you out sooner or later.
So far we know that you have a master's degree in computer science, you carry 5 phones, you live in a city with great public transportation, and you have both Irish and Israeli passports. Cut it out.Of the top of my head I can name about 20 people in the upper circles of startups in this industry that match this. So far he had not said anything that would have narrowed him down any more than saying he was in tech.
Exactly. They've narrowed it down to either NYC or the Valley, and at either one you still have to count the bankers and others who carry a gazillion phones and a Timbuk2 bag full of unnecessary crap.
For someone who will in a very short time get 225 million bucks, and has no idea how to handle that kind of money, you seem to be spending a lot of time here.
Fatwallet should have rules similar to reddit.. where people who say things like this actually prove it to mods that they actually are who they are describing.
I call shenanigans until proven otherwise. I've been on Fatwallet long enough to know when something doesnt smell right. If I am proven wrong, I give moderators the right to deface my custom title as badly as they want. Heck, OP can tell mods what my custom title should be.
Even though it worked out great I'd still be suing the CPA and trying to get their certification revoked. That was a serious breach of trust. What's the likelihood that if you didn't want to sell the investment firm would be looking at starting or investing in a competitor? Or suing you for bogus patent infringement stuff in order to get leverage to make you sell? I can see how a pile of $ would soften your displeasure but if I was a business owner I'd never hire a CPA with that kind of breach of trust in their history.
Congradulations, marked this thread as a favorite so I can see how it turns out!
Be EXTREMELY careful about unplanned kids. I have heard horror stories where women were very sneaky. Also be careful about planned kids. Also horror stories about the mother changing dramatically during or after pregnancy. And then you have child support and heart-breaking time apart from your own flesh and blood.
JcarterVA…... who ever you are.. one thing we have learnt about you for sure is that you have lots of time on your hand….,,not sure about the other part you have asked advise about ‘MONEY’.
Speaking for myself, If was having a $200+ million deal in the works.. I would either by very busy working on the deal with my bankers and lawyers or having some real fun… rather then sitting and replying every post on this forum all day..
Unless of course the idea of fun for you is to create hypothetical questions and watch people give you hypothetical answers... which is what it seems
You have enough money to do 'almost' anything you want for the rest of your life. Just like at Vegas some people don't know the right time to walk away. Sure you need something to do. so if you find creating another business enjoyable, then do it. But keep in mind you CAN loose everything you put into the new business. With that amount funds, you're likely to loose the efficiency and level head that made your last company successful. Keep most of the money somewhere safe and start-over from scratch. I won't go into details on what to do with your money as you've already gotten plenty of advice.
If you need a creative thinker and hard worker, look me up.
JCarterVA said: HumDoHamaraDo said: JCarterVA said: HumDoHamaraDo said: MissCrabette said: My money is on foursquare's Dennis Crowley. 4 square is not in VA, unless VA in OP name is not Virginia.
It is not Virginia. Well then, it could be 4 square Evan Cohen.
As I said before, I am not confirming or denying anything to assist in narrowing it down. Speculation seems to be the main game.Troll tactic #1.
Did you say that they are starting the due diligence period next week? From people I know who sold businesses in the low-mid 7 figure range, this is when they uncover everything possible and either lower the offer or kill the deal. I've heard this period is ruthless. Sorry if I misread, just what I heard from those who've been in similar situations.
OP is totally full of garbage. What person in their right mind comes to an online forum like fatwallet for help with $225 million? Unless the OP is a moron of course...then it would make sense.
KayK said: If I am proven wrong, I give moderators the right to deface my custom title as badly as they want. As if your custom title isn't already the mods chew toy.
KayK said: For someone who will in a very short time get 225 million bucks, and has no idea how to handle that kind of money, you seem to be spending a lot of time here.
Fatwallet should have rules similar to reddit.. where people who say things like this actually prove it to mods that they actually are who they are describing.
I call shenanigans until proven otherwise. I've been on Fatwallet long enough to know when something doesnt smell right. If I am proven wrong, I give moderators the right to deface my custom title as badly as they want. Heck, OP can tell mods what my custom title should be.
Sure, I tell you what, how about I have the mods verify such and we end the speculation?
Disclaimer: By providing links to other sites, FatWallet.com does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to FatWallet.com.
Members of our community may attach files to a post in accordance with the User Agreement. FatWallet is not responsible for the content, accuracy, completeness or validity of any information contained in any attached file. Files have *not* been scanned for viruses. Be especially wary of Excel files which may contain malicious content.
Shopping
Earn Cash Back while you shop - just 3 simple steps.
1. Sign Up so we know who to pay! (It's FREE.)
2. Shop through FatWallet for deals from your favorite stores. Your online purchases earn Cash Back that builds in your FatWallet account.
3. Get Paid by requesting a payment via check or PayPal.
FatWallet coupons help you save more when shopping online. Use our Coupons Search to browse coupons and offers from thousands of stores, gathered into one convenient location.
Forums
As part of our FatWallet Community, you can share deals with almost a million shoppers in our forums. Forum content is generated by consumers for consumers. Share deals, money-saving tips, and more. It's FREE, fun, and addicting.
Support
Our customer experience team is here around the clock - real people ready to assist.
