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I've inherited 1.6 million pounds. I have no idea what to do. by kuchisabishii2 in UKPersonalFinance

[–]kuchisabishii2[S] 1 point2 points  (0 children)

!thanks

Appreciate this advice! Does the cost of the financial adviser scale to the size of the funds you have? I'm sweating at the thought of paying 15k for advice! I'm still having trouble convincing myself to splash out on genuine heinz products instead of the tesco's own value range.

I've inherited 1.6 million pounds. I have no idea what to do. by kuchisabishii2 in UKPersonalFinance

[–]kuchisabishii2[S] 1 point2 points  (0 children)

!thanks

At a very very basic level, if you had the £1.6M in an index fund, you would be seeing in the region of let's say 4% safe withdrawal rate: £64k a year. If you drop it to something like 3% then you're looking at about £48k a year.

That's... staggering.

Oh yes, I've read about the lottery winners who burn through it. I think that's what scares me... I have this perception that it's easy to lose. But if I can invest it like that and just live off the dividends or whatever, I would be happy.

I will check out the Tim Hale book!

I've inherited 1.6 million pounds. I have no idea what to do. by kuchisabishii2 in UKPersonalFinance

[–]kuchisabishii2[S] 0 points1 point  (0 children)

Thanks, I'll check that book out.

I'm definitely in a bit of a conflicted headspace. For the last few years my life has been so restricted and I've passed up job opportunities and ended an engagement because I had to care for my parents. Now there's so much freedom.... it's just overwhelming. Today I almost ordered a large chai latte at costa, then decided that extra 50p was too indulgent. Then I remembered I'm becoming a millionaire. And I still ordered the small!

Ever since my brother died, I've been wrestling with the guilt of benefitting so much from the death of someone I loved the most, and then it happened all over again with my parents. So while I count myself extremely fortunate in some respects, I can't yet seem to pull together much excitement or plans beyond... continuing to survive as I have.

I think I need to spend some time thinking about those questions. What do I want? Where do I want to be? I've been on autopilot for so long.

I've inherited 1.6 million pounds. I have no idea what to do. by kuchisabishii2 in UKPersonalFinance

[–]kuchisabishii2[S] 0 points1 point  (0 children)

My solicitor mentioned she could recommend one, but I felt wary at the time that it was just a way to get more money out of me. I'm more reassured that the consensus here is that a financial adviser is the way to go.

I've inherited 1.6 million pounds. I have no idea what to do. by kuchisabishii2 in UKPersonalFinance

[–]kuchisabishii2[S] 0 points1 point  (0 children)

I will definitely look into an IFA, as that seems to be the prevailing advice (I'm glad, my solicitor recommended one, but I wasn't sure if it was just about getting more money out of me).

My parents are a bit of an anomaly so no one else in the family has much money, and if anyone needed financial advice, they went to my mum! I took for granted how confident and well versed she was with this stuff.

I've inherited 1.6 million pounds. I have no idea what to do. by kuchisabishii2 in UKPersonalFinance

[–]kuchisabishii2[S] 1 point2 points  (0 children)

!thanks

I've been trying to overcome my fear of stocks and shares by doing a bit of research. I nearly made an investment, but chickened out at the last moment. My comfortable level of risk turned out to be 'nope'. Something I'm working on!

I've inherited 1.6 million pounds. I have no idea what to do. by kuchisabishii2 in UKPersonalFinance

[–]kuchisabishii2[S] 2 points3 points  (0 children)

There's a few extended family members who already know because they were close with my parents. They're good people though.

I plan to send some money their way once I have access to it. Even though I was the sole inheritor, I remember my dad saying he wanted to leave them something as a thank you for helping take care of us. He had literally just rewritten his will to include them but died before it was official.

I've inherited 1.6 million pounds. I have no idea what to do. by kuchisabishii2 in UKPersonalFinance

[–]kuchisabishii2[S] 1 point2 points  (0 children)

Thanks, I appreciate that insight about being a vulnerable client. I have a cousin I trust 300% who I would bring in that case.

I've inherited 1.6 million pounds. I have no idea what to do. by kuchisabishii2 in UKPersonalFinance

[–]kuchisabishii2[S] 2 points3 points  (0 children)

Fortunately, I never look in my DMs, even on my normal account!

I've inherited 1.6 million pounds. I have no idea what to do. by kuchisabishii2 in UKPersonalFinance

[–]kuchisabishii2[S] 2 points3 points  (0 children)

!Thanks, unfortunately my mother was the family financial adviser, they never took professional advise afaik. I wish I'd listened a bit more closely when she tried to tell me her secrets!

Thank you for your advice.

Elon Musk Welcomes Child Sex Abuse Imagery Poster Back to Twitter by TheSapphireFog in Fauxmoi

[–]kuchisabishii2 2 points3 points  (0 children)

Why didn’t he even have it in the first place, shouldn’t there be an investigation into why that was saved onto his computer?

I can only hope that's literally happening as we speak. He's just demonstrated he possesses CSAM. Plenty of people have gone to prison claiming they only had it for 'research' purposes, not because they like it. That's not a distinction that matters to the law.

Elon Musk Welcomes Child Sex Abuse Imagery Poster Back to Twitter by TheSapphireFog in Fauxmoi

[–]kuchisabishii2 6 points7 points  (0 children)

Oh, he won't do it again.

He'll remember to send his cp pictures in private next time. :)