So I've just inherited $1.6 mil. How should I diversify my money to ensure my family future? I don't believe in financial advisor as "if they're so good, where are their yatch?"
Current financial position:
- Cash inherited: AU$1.6mil
Cash saved: AU$200,000
All cash assets are currently sitting in an offshore account with an annual interest rate of 7% for … tax purposes.
Shares in Commsec: $60,000
- No house, Renting atm.
- No other debt.
- Lost job since April.
- 1 wife 2 kids. I'm 29 yo and kids are 3 and 1.
Living in Auckland but looking to move back to Sydney when their border opens up.
Why asking Ozbargainer, because we're frugal with our money. Also I've been a longgggggg time lurker.
I'm thinking we need a house, but won't go and spend the whole lot on one house and that would be silly. What % should a house take up in my case but still have enough cashflow from the interest and dividend for a future proof recession?