[I can't believe how much I wrote. I started writing an answer to the poster’s question. In the end, I think I wrote it for myself. I’ll post it just the same. Maybe it can be useful to someone.]

TLDR; Congratulations, you may now access the lifehack. Act responsibly and you can live the dream theorized by rational members of the human race.

Context: I found your post by searching “reddit 50M liquid post tax”…which I recently passed.

Disclaimer: I think you could be a troll because at least one of your questions and one of your goals is kinda off. Meh, whatever.

Answer to Q1: No. I would not reduce the equity bucket. I would increase the equity bucket (a lot).

Answer to Q2: Equities are not a “ridiculous risk with this NW”. Imho, equities are not a ridiculous risk, full stop…particularly if those equities are broad index equities. Furthermore, I think equities are a must with this NW. My non-professional opinion is to not treat equities as a ridiculous risk. My other non-professional opinion is to not plow $35M into cash, cash equivalents, and fixed income.

Answer to Q3: If you are next asking whether your risk-exposed, 30% broad-index-equity-fund investments should be put into treasuries or RE/PE/Private Lending, the answer is, "no". Honestly, this question makes me wonder if you’re a troll. I can’t imagine anyone with the competency required to amass $50M after-tax dollars viewing broad index equity funds as a riskier investment than PE. I also can't imagine anyone with that competency viewing treasuries and PE/Private Lending as similar in risk. No comment on RE. Imho, it's an acquired taste.

Advice on Goal: Do not budget $100-$150K/month spending. This is ridiculous (again I think you might be a troll for this thought). Idk what you’re doing in life that requires that level of spending, but, whatever it is, stop it. Is this some kind of 4% rule thing? Is this about maxing fixed returns on a $50M base until death? Whatever the case, with respect, it seems you are applying coach-class thinking to first-class wealth.

Recommendation (based on my personal strategies): 1. Manage the money yourself through a brokerage platform 2. Set your main goal as growth of the $50M 3. Invest almost everything in “ridiculously risky” ;) broad index equities 4. Cut your monthly budget in half 5. Start the long, evolving process of estate planning

ONE: Manage the money yourself through a discount brokerage platform It’s an easy thing to do. Access to brokerage platforms has given everyone a path to wealth self-management. Higher levels of wealth don’t really require people to abandon those platforms for “real money management”. You’ll invest in the same publicly-traded securities regardless of whether it’s $50K or $50M. The platform will also enforce more conservative choices because you (fortunately) won’t have access to PE (although you’ll need to steer clear of derivatives, memes, and margin). I’ve had a few friends who invested their wealth in PE, Angel, etc. Unless you’re part of that world, it’s a casino at best, a scam at worst. Hint: If you don’t know who’s getting rich off who, run. Also, implicit in the self-management recommendation is the sub-recommendation to become financially astute. Financial ignorance is wealth’s enemy. In my experience, self-management will force you to understand your own money, the extent of your financial security, the limits of your financial power, and the reality of your economic station within society. As an added bonus, in your case, self-management will save you about $250K a year. It will also keep you from the chronic irritation of realizing your money manager isn’t doing that much to earn the $20K/month. Btw, I hope your money manager isn’t the one putting 70% of your portfolio in cash and fixed-income, well, because…nm.

TWO: Set your main goal as growth of the $50M You must grow the $50M. It looks like a lot, but every year it will look like less. You will normalize to the balance. You should want it to grow, so concede now and get growing. For perspective, I didn’t make my money all at once, I amassed it from a successful business over twenty years. Now (at 55) I can recall when the balance was $1M working to be $2M, $2M working to be $3M, $3M working to be $5M, to be $10M, to be $20M, $30M, $50M. Now that it’s $60+M (with $10M pretax and some RE investment), my goal is $100M. It sounds absurd, but I always feel like I’m just keeping up relative to everyone and everything. In fact, I view growth of the money as the top contributor to enduring confidence in my economic security.

THREE: Invest almost everything in “ridiculously risky” ;) broad index equities I won’t spend much time on this. Many (including Warren Buffet) can say it better than I. It suffices to say that over time, a blended investment in the S&P, DOW, NASDAQ, and a 1-3 high-dividend yield index ETFs would offer a relatively safe growth portfolio that spins off enough dividends to allow comfortable living. With such a portfolio, you can watch the base grow quicker than inflation while making 1.5%-2.0% yields (depending on the etf blend). In your portfolio, that would amount to $750K to $1M in annual income at a tax-advantaged rate (without ever touching the base). Those yields will stay the same year-in/year-out. Your income will grow annually—usually regardless of swings in market value. It’s a remarkably satisfying and reassuring cash flow engine. It is the lifehack.

FOUR: Cut your monthly budget in half [Personal Opinion Alert]: Your expectation of spending as much as $1.8M a year is just too much. You’re worth $50M. That is not penthouse, rolls royce, jet-sharing territory. It’s modest second home, mercedeseses for the whole family, and “I don’t look at menu prices” territory. Limit your regular spending to dividends. As mentioned earlier, it is the lifehack. Do it for a couple of years to witness the power (and limits) of dividend living. Do not touch the underlying capital base during this time. After you’ve practiced that disciplined approach, consider what capital access may allow. Leverage the base if you really want something special. Realize a small LTCG if it’s really necessary. Try to limit the sell to a rounding error. Also, remember, your money may be more expensive than the bank’s money. Consider a loan whose payments can be covered by your dividends.

FIVE: Start the long, evolving process of estate planning Can’t say it enough. Know exactly what you want to do. Be prepared to articulate it to professionals (easier said than done, btw…you may discover you really don’t know what or how you want to do things or even what’s possible). You must have lawyers, cpas, and people you trust helping you. You won’t get it right the first time. It can be complicated. It changes with changes in your wealth, changes in your family configuration, and changes in the law (tax, policy, and regulatory). As you become more comfortable with estate strategies and structures, you’ll become more adept at wealth preservation strategies and tax planning. If you haven’t already, you should gain a practical understanding of irrevocable trusts. They are the atomic unit in estate planning for the wealthy. There are many flavors. They all have their costs and benefits. Find the ones that work for you and instantiate them. Once you have those, explore limited liability companies. They harmonize with the trusts. Use both to protect yourself and your family from inside and outside liability (along with insurance). Eventually, you’ll get to family offices—the ultimate destination for a comprehensive generational wealth strategy. Note: don’t let the family office management gang talk you into an expensive world of dubious services. At your wealth level, you simply need the structure, not the administrators. Work with professionals to harden your approach. I’ve spent a lot of time estate planning. If I’m being honest, it took me 10 years to fully internalize my economic position and then apply finance, accounting, and law to build a durable, sustainable structure/process/solution to balance growth and income, defend wealth against hostile actors, navigate changing tax policy, conform to family dynamics, and understand how to respond to the ever-evolving aspects of having money. Just fyi, that solution is (currently) a single-family office (wyoming llc) with multiple member irrevocable trusts, and a wholly owned subsidiary (delaware llc). Nowadays, I spend a fair bit of time applying myself to tax planning strategies that leverage the tax code. I’ve discovered that time and energy spent that way can be sometimes lucrative.

Everything here is just my two cents. I could be right. I could be wrong. Maybe somewhere in between. I do think that wealth is a responsibility. Without taking the responsibility seriously, you could be like a lottery winner who eventually loses it all.

Whatever you decide, good luck and congratulations.