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Why not have a advisor do a financial life analysis to bring all family members up to a certain standard of living and wealth? |
I think I would build different kind of entertainment venues. It would be a way to share your wealth to many and still fine a way to make a return on it.
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I'd probably buy 2-4 large houses (Mexicans). I may or may not keep them in my name. Depends on who they're for. I would set up an account (or multiple accounts) with access to around $5M total. Either several accounts or one big one that they can all access. They'd need to figure out the rest. What their living situations will be and how they want to divide the money. I'd explain that this is all they're getting. You're set now. It's up to you to use the money wisely. My biggest worry is that my bro in laws would use the money to live a reckless lifestyle. One that could lead to possibly death even. But im not their daddy. I can't tell them how to live. All i can do is provide an opportunity. |
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It absolutely has to be individual accounts if you're going that route. |
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Let them sort it out and whatever drama comes of it has nothing to do with me. Here's your family entitlement bonus, now piss off and leave me alone. And family dynamics have to be factored in. My family (more like my wife's family) are very close and share everything...to a fault to be honest. My bro in laws....none of them are responsible enough on their own with that kind of money. They're going to use the money to buy booze, drugs...guns and cars that they'll probably wreck. |
Honestly I'd take about 50% and put it in real estate. You'd double you money in 5-10 years. Single family homes.
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The rest whether it be drugs, poor investments, bad business decisions is all on them. |
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**** all that nonsense. |
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I figured for close family....it would just all debt paid off with an agreement that any debt accrued after that....they would be responsible for. |
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When I moved here in 1998 there was nothing available . I had to actually buy a house just to move and it's never changed. Now I have 17 houses. When I win this lotto I'll own the whole damn town and rents are going to skyrocket. It's all in my plan. I think small apartment buildings would be good with say 20-25 spaces but they can be a headache , especially if they are two story. When you get a broken water line on the 2nd floor it floods the first floor and it always happens in the middle of the night. I took a part time job for awhile last year doing maintenance for an apartment complex and it was as bad as having Hog Farm. People tearing shit up. |
This hypothetical conversation is hypothetical
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Become a James Bond villain and build a lair with hot women.
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