If you won $500 million lottery how much would you pay your newly hired financial advisor?

[Anonymous]

[WindAtMyBack]

I wouldn't want an advisor, I'd want someone to completely manage it. Actually I would split it among multiple people. If I had that much money, I would want to live my life, not spend large amounts of time managing the money. Trying to manage that much money without putting in lots of time is just stupid.

I'd shop around, look at the going rate, and compare it to the realistic rate of return. Then compare that to simple basic investments I might do on my own - that means mutual funds.

I don't know the going rate, but I can't see paying someone more than 1-2%.

[Pyrofox]

Hell nah I'm not hiring a finacial advisor. CLEARLY A LEECH. Just keep living life normally. And enjoy the dream life home cooked meals and maybe a vacation or two but never hiring a finacial advisor maybe someone to do my taxes with a 20K tip to keep silent about how much I made.

[Asker]

Like a attorney? Or accountant

[Pyrofox]

Just a simple tax expert tell them I'll give you twice your current median wage right now to do my taxes and we good.

[Pyrofox]

You make 250K here's 500K do it fast and right and I might toss another 100K if its done in a timely manner and then just go on to enjoy the other 499Million I still have.

[242plusInfinity]

Clearly you are a financially poor person. Nothing wrong with that but this is all the opposite of what people with money do. Those who don't do it, come to lose their wealth.

[Pyrofox]

@242plusInfinity Nah man I traded a Lamborghini last week. XD. If I was poor I wouldn't be on this site mate.

[Amy10223]

You mean, how much would invest? Because you’d be paying fees to your financial analyst but not in great amounts. I’d invest about 2/3 of it in a good economy. Right now bank interest rates are very high, so I’d invest there, or a mix of that and an IRA.

[Smoke-n-Growls]

Don't need one.

I'd pay for an estate lawyer, and an accountant. If it's anything other than a set flat fee, I'm outta there. I'll be interviewing other clients of theirs, too.

[Fuentes]

Smart!

[DizzyDesii]

I manage my own money. After doing a fee calculations, I’d give something to my family, pay tithes to the church, and hire an architect and general contractor for the home I’ll be building. The rest will be stashed away until i further calculate

[Anonymous]

😬 YOU PEOPLE ARE CLEARLY POOR OR GREW UP POOR.

I was blown away at the number of people who declined the idea of having a financial advisor...

You guys are drastically under estimating the importance of a financial advisor ESPECIALLY in the scenario in which you have NEW MONEY of that amount. I mean this is BASIC.

😱I mean I am utterly shock! I guess we understand why people who win the lottery usually lose it all and soon regret ever winning!

[Asker]

Tbh Im am poor And grew up poor. But I understand some people who wants not to hire advisor. Maybe they dont want someone who tells them what to do with their money at the end of the day if they lose it its all their fault no one elses.

[Asker]

by the way are you advisor?

[Midgetmcwidget]

Nothing. I’m setting up a trust and not paying tax. Any liquid will be split with 85k in each bank account as it’s the limit for each account the government will guarantee in the event of a collapse

[Avicenna]

I wouldn't need one. The only thing I'd need help on is setting up a trust for my family members.

[Sour-rose]

$12,000. There. Now piss off. I know how to make this work for me, don't need a finanical advisor.

[exitseven]

I would keep the same guy I have been using. I would probably give him a percentage of the amount of money the investments he suggests actually make.

[Fuentes]

I would never hire a financial advisor only a lawyer because I'm building business and real estate investing

[TallAnon]

I wouldn't get one fulltime or anything, lol. I would just do one consultation for like 400 bucks, see if there's any interesting ideas. If not, never see them again.

[Fireguy17]

They work on a percentage, so he would be earning even more money.

[Staximus]

Zero dollars, I don't need a financial advisor

[Anonymous]

No more than what was already agreed on in the contract.

[CuriousMufuxka]

0. Nothing. No need paying someone I'd never hire.

[nawtee_me]

I know how to spend my money I do not need help with that...

[Anonymous]

I have a trusted friend who's a lawyer so I'd probably go that route.

[Asker]

OMG dont do that golden rule do not ever hire your trusted friend

[Opinion Owner]

Did I say I would hire him? And did I say I would turn it over to him? No. Your question was "ADVISOR". Yeah with 500 million I most likely would pay him. You don't know me. I don't trust ANYONE. I always assume someone is trying screw me, friend or foe. Yes he's a trusted friend but I meant that as someone I know. I trust him enough to call him friend but I don't fully trust anyone even friends.

[Twalli]

I don't know if I'd need one. Not one full-time anyway, more of a one off thing.

[HighValue]

I wouldn't have a financial advisor.

[DryGermanGuy]

I am a financial advisor. 🤔

[jamesgoldman]

I can run my own finances

[Agape93]

0, because I'm not hiring one

[Ms_Facesitter]

Zip. So he leaves me alone.