No. of Recommendations: 0
I personally feel that you are not experienced enough to manage it by yourself as I said in my previous post and you talked about in your post. Are you a male or female? If you are a female, you need to be careful with that amount of money so someone doesn't try to take advantage of you. I would get the help/advice of a experienced trusted friend or relative to help you make some of the decisions. With that amount of money, you need a very good financial advisor to help you. That is what I would do. As I said in my previous post, your investments need to be diversified. I personally would not have a bank invest an account of that size, especially if it is a small one. People at small banks are not financial experts. That is a vast generalization of course. You are much better off in my opinion going with an investment advisor. As I said, you can interview different ones before going with one. The most important thing in my opinion right now is to become familiar with exactly where your money is invested. I would also speak with an attorney so you understand all of the legalities of a trust. You will need an attorney to look at all of the paperwork whatever you do as far as I know. I personally wouldn't do it without the advice of an attorney. Just make sure it is a good one. Investments in stocks are not considered low risk. That is why I asked how much of it is invested in stocks. As far as the paperwork, I wouldn't be concerned about that. If a stock pays a dividend, you can sign up for a dividend reinvestment program. With that, all of your dividends are automatically reinvested, and there isn't any paperwork. I heard Susy Orman say once that "No one cares about your money more than you". That is a very good thing to remember. She also says not to invest anything in the stock market that you can't afford to lose. I would suggest submitting your question to Suze Orman's program and see if they take it. Speak to as many people and experts as you can. That will cut your learning curve in half. Reading and learning is great, but it will take too long. My family managed a pretty good size estate, so that is where some of my knowledge comes from. It was larger than what you have.
Print the post  

Announcements

What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.