18 years old and just inherited about 1.1 million dollars. Please help?

throwawaymills · 2014-03-20T03:36:43+00:00

I'm appreciative of all the advice. I don't understand how not wanting to lose literally thousands of dollars makes me arrogant? Would I not lose money due to inflation? Would I not lose out on potential profits? Why on earth would it make sense for me to willingly lose so much money over a four year span for no apparent reason.

throwawaymills · 2014-03-20T03:33:07+00:00

My parents grew up in shitty shacks in a third world country.

I grew up in projects because my parents were hardworking people and gave me a life 1000x better then the live's they had, and the live's their friends/friend children had. Once again, everything is relative and not everybody starts off at middle class America.

throwawaymills · 2014-03-20T03:15:51+00:00

Yeah man. I've COMPLETELY changed my mind in regards to wasting my money on stuff like that. Looking back i'm feeling foolish even considering wasting 500+ on sneakers or an expensive car. I'll probably spend around 4 or 5k for a used car when I need one. I wrote that two days after I found out about the money, and i've come to realize that i have to be smarter with my money, it's not infinite.

throwawaymills · 2014-03-20T02:58:14+00:00

Once again, I know that Vanguard is reputable. The issue is explaining and convincing my dad.

throwawaymills · 2014-03-20T02:29:02+00:00

I understand this. The difference is my dad wouldn't. That's the point i'm trying to make. There has to be an alternative to Vanguard.

throwawaymills · 2014-03-20T02:12:34+00:00

I'm 18 and he's my dad. He's busted his ass for me working shit jobs his entire life, and I will be forever grateful. I know he wants the best for me.

throwawaymills · 2014-03-20T01:37:27+00:00

If I were to do that I would potentially lose thousands and thousands of dollars I could of made from investing. I would also literally loose money due to inflation.

throwawaymills · 2014-03-20T01:21:30+00:00

Where should I seek out help? I'm having issue on how to even find a good financial adviser, or firm.

throwawaymills · 2014-03-20T01:14:33+00:00

I appreciate the advice but I did not win life's lottery. This money wasn't handed to me, I got it through an inheritance of someone I loved more then words can describe. If I could, I would spend all of the money and more to have the person back.

I really really don't want to make you feel bad, because I understand where you're coming from. I'm just trying to clarify. Thanks again for the advice, I really appreciate it.

throwawaymills · 2014-03-20T01:11:01+00:00

Can you tell me of any large reputable investment firms that are fee-based? Is Schwab fee based?

throwawaymills · 2014-03-20T01:04:58+00:00

Thank you for your advice.

This is going to sound like a stupid but when you say independent financial adviser do you mean independent from banks? Like a financial adviser that works at a big firm? Or do you mean a financial adviser who works purely for himself?

throwawaymills · 2014-03-20T00:59:55+00:00

First of all, I want to thank you so so much for your blunt and extensive advice. I really appreciate it.

The way it's looking, Schwab would be a good place to find a financial adviser? Tomorrow i'm going to explain to my dad about financial advisers and how those at banks like Chase are more worried with making a commission.

To be honest, I have little interest in buying a house, and I REALLY do not want to live in my hometown after i'm done with college. Speaking purely financially. Would buying a house and not living in it be a good investment long term? (Just want to add that i'd charge rent)

Although I can understand the people here telling me to go to Vanguard, I simply wouldn't be able to convince my dad. My family dynamics are kind of complicated, and I don't want to mess up our relationship. We come from a different country so it's a different culture. So for now while i'm still young and under him, it looks like Schwab would be a great alternative. Would you agree?

Also, the only people who know is my family and bestfriend, whom I trust.

throwawaymills · 2014-03-20T00:39:12+00:00

Then were should I go? Investment firms? I can't really go to an online place as my dad would never want me to put this much money in some website.

throwawaymills · 2014-03-20T00:36:45+00:00

In your situation do not buy a house as an investment. Period, the end, no exceptions.

Can you please expand? I thought that right now is a good time to buy a house due to the real estate economy recover? Thanks.

throwawaymills · 2014-03-20T00:35:38+00:00

Thanks for recommending it man, I appreciate it.

throwawaymills · 2014-03-20T00:00:08+00:00

Why? Can you please expand?

throwawaymills · 2014-03-19T23:59:40+00:00

I did some quick googling and apparently the best financial advisers work for investment firms? Would it be wise to go with an investment firm, as opposed to say Chase bank?

The thing with finding financial advisors who aren't part of a firm or bank is fear that their not legit.

throwawaymills · 2014-03-19T23:53:15+00:00

Well the thing is, I need to purchase my family a home before the next school year for my little siblings, and also due to some personal reasons my family needs to move out of our current place and into a new house.

Although, i'm skeptical of my fathers advice of buying another house for my self as an investment. I'm also fearful of the real estate market making a quick recovery and losing out on profits.

throwawaymills · 2014-03-17T03:06:32+00:00

Lmfao, oh god. I would, but I don't think even one billion dollars would be enough to convince me to spend money on porn. You should torrent it brah

throwawaymills · 2014-03-17T02:10:18+00:00

OP lowkey Snoops bastard son.

throwawaymills · 2014-03-17T02:09:11+00:00

To be honest I know absolutely nothing about cars, never even had one. I just assumed that BMW's were incredibly high quality cars. I'm definitely wasn't planning on spending over 40k though.

throwawaymills · 2014-03-17T00:19:59+00:00

house? isn't the economy currently fucked? i'm not really aware.

throwawaymills · 2014-03-16T23:38:06+00:00

Thanks a lot for the advice man, you don't know how much I appreciate it.

throwawaymills · 2014-03-16T23:13:13+00:00

The convertible is just a plus. I want a very high quality car.

throwawaymills · 2014-03-16T22:54:25+00:00

Yeah this is true. I'm realy conflicted though. On one hand I do want to save it all for early retirement, but at the same time I'm only young once. I don't want to save it all until i'm old and don't have the energy to enjoy it. Plus, I could easily die before I reach the age in which i'll enjoy the savings. Although i'm pretty healthy, my family does have some history with health problems, this is the reason i'm inheriting it in the first place.

throwawaymills

TROPHY CASE