I have inherited £7.4 million and I am panicking on what to do

[clarrisa]

Ie not percentage based

 

[dyloss02]

@clarrisa Or this yes, I’ve not personally had to go through this (thank fully) however I imagine it’s the shadier sorts that try swing a %age fee with these large amounts. However I could be wrong, and am willing to be proven so

 

[jordi]

@jtinc07 https://reddit.com/r/AskReddit/s/iqHfhXWuJe

This will probably be of some use.

 

[william7000]

@jtinc07 Get a lawyer who specialises in taxes and financial legal protection.

 

[waving_palm_branches]

@jtinc07 Take 100k for immediate celebrations and get yourself professional advice asap. Sorry for your loss

 

[jb185]

@jtinc07 Buy a Lambo and a house with a nice garage to keep the Lambo.

 

[susanlakecityfl]

@jb185 And hire a guy to wash it.

 

[rsurita]

@jtinc07 If I was ever in a position to need financial advice I’d go to Jacksons Wealth Management in Penzance. The director has written a book plus puts out podcasts, videos etc under ‘Meaningful Money’ title. Seems to be genuine and passionate about helping people.

I have no connection to the firm beyond listening to hundreds of hours of the podcasts and reading the book.

 

[browneye]

@jtinc07 If it were me I'd initially open several big brand bank accounts and split the money across them so it's not all in one place. Of course maxing out ISA allowance and premium bonds, but that doesn't touch the sides of £7.4 million. Remember each institution provides £85k FSCS protection too. Again, doesn't touch the sides on £7m, but still worth doing for peace of mind imo.

So I'd do that and then I'd take my time to decide what to do with it.

For that amount of money to land on your lap, if I had no financial knowledge then I'd definitely see professional advice. For example where you'd put it long term if older is likely to be very different to if you are you get and can tolerate more investment volatility. Your risk tolerance and business savviness may also play a key role in which options are best for you.

 

[martae]

@jtinc07 You need to find a reputable financial adviser have a couple of meetings with different ones and go from there. This really is never have to work again kinda money and there have been so many stories from when the national lottery first started with people sniffing or pissing it up the wall. Take your time try and keep it quiet as well as you will have so many people come out the wood work for help

 

[jesuslover999]

@jtinc07 Get a stash of penicillin

 

[ellan]

@jtinc07 All the comments about investing and speaking to financial advisors is spot on but don’t forget charities. Money alone won’t make you happy but giving will. Good luck.

 

[barth]

@jtinc07 Travel and spread love!

 

[razzy01]

@jtinc07 Easy/fixed savings account for some! Banks will pay 400 a month too if you lock 50k in for 10 years.

I always thought multi story parking in a cc was a decent investment. The main thing is not to rush! If you can put it in savings with high % you can sit back and think about the best route moving forward.

I’d also love to set up a beauty clinic, radio frequency/cool sculpt/light therapy etc - they make a fortune where I am.

I would definitely buy a holiday place to rent personally, so I could head over a month or two each year.

Got carried away there! Congratulations btw