Inherited 1.6 Mil. How to Secure My Family Future

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?


  • +1

    Are you an only child? If not, what did your siblings get?

    • +3

      It was split 3 evenly ways between my sole parent and myself and my sister.

  • -1

    Check out:

    Tax rates in Australia for 'high' income earners is a joke.

    • Good lord, Their clients earn 500k USD a year lol.

    • +1

      Interesting, this website legit or a scam? Always looked for a service that they are providing but I never found something similar.

      • From what I know it's legit, check him out on Youtube…heaps of videos.

        • +5

          just read the amazon review on his book, if the shutter stock images of girls didn't make you think it was a charade the reviews will.

    • +4

      Why is it a joke? I think you just have the wrong mentality, don't blame the government.

      Looks like just another greedy guy trying to avoid as much tax as possible whilst wanting to live in a first world country smh

      • I know you've got the wrong mentality. Please stop following my comments on OzBargain, you must have better things to do surely…smh.

        • You know I have the wrong mentality? So arrogant of someone who posts comments and runs like a coward not defending a single point you make or addressing others who contradict yours. Weakest mentality I've ever met tbh. It feels of someone with extreme incredulity, basically like a Trump supporter. Someone who believes what they want even if there is evidence against it. And no, you post comments as if they're fact on a FORUM but you don't engage in anything, you want claim to spread positivity but instead you spread blame. I honestly just wanted you to respond to some of the comments. Hardly anyone agreed with you but at least they explained themselves and not leave stupid vague comments.
          You seem to spend quite a bit of time here too, so again, along with your other comments, you're also a bit of a hypocrite.

  • Buy a house, and see if you get manage to get a investment property and rent it out, that's a great helpout for life, do that. I assume you don't own a car, get a car, put some money in a rainy day account. People have been speculating about a big market crunch coming, probably put 25k in your super regardless

  • +4

    Condolences on your loss.
    I suggest getting an investment property and continuing to rent.
    The rest in a managed fund and leave some in cash for liquidity.

    • so say 800k on a house deposit.
      600k in VAS
      400k in saving account.

      Should i go Gold, Silver, bitcoin ??

      • Probably less in savings - enough to live off for a year(?)
        You can always sell some managed funds if you need more liquid.

        If it were me I would be putting some money into oil.

        • I've got enough saving atm which i didn't list which my family is living off. Wife is working so it's not too bad.

          I can't get over that 7% interest a year tax free haha.

          How do I go about buying oil? Been looking.

          • @johndough2020: I'm thinking about creating a forum post with the title

            Looking For Investment With 7% Tax Free Interest To Secure My Future

            Will you make a comment?

            • @Arthur Dunger: Nah. The country interest rate is coming down in the last couple of months, I'll have to shift the saving into something else soon.

    • +3


      Condolences on your loss.

      Hypothetical Op:

      Fk that. I'm rich now biyatch.

  • Theres ways of converting 1.6 million into Taud and earn 8% on it. No fees, withdraw any time and takes 2 days to withdraw up to 100k back into your AUD bank account… I'm surprised nobody here has referred to There's even a referal page here for it!

    Interest works on simple formula and paid every 7 days. You can even sell Taud to BTC and then load up your MCO visa card… every week.

    But yes like everything, they cannot guaratee those funds if anything goes wrong.

    Someone on here mentioned broker fees for bitcoin. There's no fees. You can even payID and funds are loaded in less then 2 minutes in most cases. Crazy times we live in.

    • which bitcoin broker do you use?

      • +5

        i wouldnt recommend… they hold the keys and they could easily exit scam. if you want to invest in bitcoin and moderately technical, get it from an authorised exchange and educate yourself how to self custody. othewise look a services like unchained capital but make sure you buy from an authorised aussie agent.. my preferred ones are bitaroo/

        too many scams on this space. not worth saving few 100s or 1000s in ur case

        • +1

 is no different to any other centralised exchange that holds your keys. Just use common sense and do your own research. Many here including myself have used for a while now without any issues.

          • @wangasm: Ask the people who used mt gox, cryptopia, quadriga and other exchanges for years before they lost their money.. This guy is talking about investing about a million.. You have to use ur common sense.. Dont argue with me. I gave him my suggestion.. U are free to give urs..

        • I wouldn't reccommend anything - you still need to hand over your id and other stuff - its like opening a new bank account and then you need to submit your tax number file and then we're back to square one….because now they know everything about you…

    • -1


      You got the wrong ticker.

      It's either USDT, TUSD, BUSD or USDC.


    Swamp land in far North Queensland is selling as prime waterfront real estate.

    Hit up-

    • It's not working, says Error_404_gullible

  • Get a property on mortgage interest rates are really low these days.
    invest some percentage in bluechip stocks and bitcoin.. keep majority in offset account to keep your interest rate low.
    and enjoy life..

    • I can't get a mortgage, no serviceability since I don't have a job.

      • You can use some of the money as a capital to set up a new business. Then you will have a job.

  • set up share trading accs for your kids

  • +2

    I'm in a similar situation ($900k cash, 2 investment properties (1 sold already for $700k and settlement is soon but the tenant isn't leaving so we have to wait for the NCAT hearing), but mine isn't inherited money and is from bonuses and commissions from work. Unlike you, I don't have any children.

    I've been putting my money around spread around several banks in the meantime.

    I've got two investment properties, but I sold one just recently before the market crash. I suspect it will crash further and I'm offloading another property in Bankstown (already down 10% discounted from the past 2 months - remains unsold).

    I want to know your opinions on where you plan to put your money. I'm the just as confused you are, especially since the financial crisis has crushed many investment options.

    • +1

      I'm thinking of leaving it there earning the 7%. The interest will be funded back into VAS, gold and a FAANGT stocks.

      But that is in the future when I find a job, and it really depends on how much I get paid, need to earn enough living money first. Doesn't have that my industry has been decimated by this pandemic.

  • +3

    Cash inherited: AU$1.6mil
    Cash saved: AU$200,000

    Seriously.. that's it? pfft! don't even bother wasting a FA's time with that pittance amount. Come back here when you've got at least $50 milllon to play with.

    • Don't forget they also have another $60,000 in shares and undisclosed savings that they are living off.

      • +3

        That amount is meant to go into the "coke and hookers" fund 🤣

        • that would only get you what, 3 days, hardly a 'fund'.

      • That is easy to explain. I live in NZ and we have saving in NZ and hence I won't touch my saving in Aussie.

  • Interesting flex

    If you're legit:
    Speak to a financial advisor. Why the hell are you on here you fool? Remember to save some (profanity) for the rest of us.

    If you're not:
    Make sure to ask for your promotion at your local Troll Guild. Nicely played. Not sure if they'll award you the rank of Master but I am sure starting this on a bargain hunting forum got your dick hard (congrats).

  • If you going to buy a house in Sydney. You will burn through quite abit of that 1.6 Million.

    If I had inherit 1.6Million, I will buy as many R34 GTR I can buy and store them.

    • +1

      About 3.2 Vspecs :)

    • nismo

  • +3

    What a coincidence.. I just got an email from an unknown relative that I have inherited US $6 million… I just need to transfer $2,000 worth of iTunes gift cards so that it can be released into my account… sound legit? ;-)

  • +7

    “1 wife“ Modern Australia, got to state that now.

  • $384,615 VHY, $344,828 RFF, $188,679 TLS and $108,696 WBC for a total of $1,026,818 (figures from April 25) would give $5k/month franked dividends and roughly the same in capital appreciation. That covers your rent, bills and health insurance and maybe kids private education. Stick the rest in your 7% overseas and leave it for your kids. Gives you the opportunity to move whenever and wherever you like. Or if you want to buy a place, use the ~$800k to buy somewhere away from Sydney, where stuff is more affordable. Just make sure it has an international airport (cairns is nice).

    • $188,679 TLS and $108,696 WBC

      Two dying stocks. Telstra has no hope. Westpac won't be paying dividends when you got a $1.3bn fine.

      • Wouldn’t now be the time to buy WBC then? After the fine has been announced and the share price has dropped. They set aside $900M already, so it’s not like the whole $1.3B will come out of this FY. Then wait until dividends resume and share price recovers. It’s not like it will go to zero, they are one of the 4 pillars and are ‘too big to fail’. At current share price dividend are 9.x%. Play the long game.

        • Wouldn’t now be the time to buy WBC then?

          I'd suggest you look at the UK. We're just behind them by 1 year (0.1% central bank rates, £300bn QE). RBS (now NatWest) and Lloyds Banking Group got bailed out in 2009/10 and they are still a basket case. Barclays and HSBC not bailed out but profit increases are hard to come by even if house prices are racing ahead.

          • @netjock: Wouldn’t you say that other factors are affecting the UK market though? Currency depreciation and Brexit have weighed heavily on the LSE.

            • @justdigi: If you owe Westpac the bank $1m and interest rate is 2.2% how does currency depreciation and trade agreements influence their profitability on your loan?

              Our big 4 banks are basically building societies. 60% - 70% of their loan book is residential property. I don't see how a UK-AUS FTA or currency movements will influence profits by that much.

              • @netjock: That’s not what I was getting at, at all. Look I have no skin in this game, my shares are Euro denominated in my home country. It was just a suggestion for AUD denominated income stream that has potential for capital growth rather than Bonds or hybrids.

                • @justdigi: Currency risk is a whole different ball game. Unless there is really the need to have funds offshore (because you have liabilities there also) otherwise you are just putting yourself at whims of currency markets.

                  Only reason OP can be making 7% in some offshore cash is if it is in some high inflation country. India's 1 year term deposit rate is about 5.5% (per Google). High inflation countries have risk their currency will crash (look at Argentina).

    • Can any of them suddenly stop giving dividends?

      • +3

        Any share can stop giving dividends.

  • +5

    Only 1 wife lol

    • Religious conversion is free.

    • WHy, you can have more than one?

    • +4

      Other 3 offshore… for tax purposes

  • Set up a family trust for your kids and buy something with it. Maybe a car wash to clean up that money..

  • +3

    $260k cash at 29 renting with 1 wife and 2 kids yeah nah

    • Not hard if we were on 180k+ pre COVID. Plus we live frugally.

      • +1

        I'm guessing you were an airline pilot? Would explain being fired on April since all flights, international and domestic stopped happening worldwide….. maybe I should become an airline pilot and get 180k after tax……

        • lol replied to your comment earlier on the thread. Come down here and you already guessed it.

          • @johndough2020: Lucky guess, huh?

            • @Zachary: If you want to become an airline pilot, I'd highly recommend it. Just remember here is the process:

              Approximately $120k for training for about 2 years.
              Further training $40k to become an instructor.
              Work for a flight school as an instructor which most likely pay minimum wage ($17.70/hour) for about 3-4 years.
              Then you might have a chance to apply for a job at the airlines. Which wage started at 80k year.

              If that sounds good reasonable. Go for it.

              • @johndough2020:

                Work for a flight school as an instructor which most likely pay minimum wage ($17.70/hour) for about 3-4 years.

                Is it really that low pay? Working in retail pays more than that.

                • @lostn: We often joke about that, except it's the reality. The student I used to teach worked for a sushi store and he got paid more than me.

                  Flight school knows pilot just want to get the instructing hours and will f**k off the moment they're qualified to apply for any airlines job so there is no incentive to pay them anymore than minimum wage.

              • @johndough2020: oh….i guess you need to spend big to get big……who even has 160k lying around ready to go….? i sure don't….

  • If you don't want to consult a financial adviser than start reading, a lot of reading.

    If you lost your job since April then you're probably not in an essential industry. At 29yo I'd go back and retrain to something more recession proof.

    If you have $1.8m and not too adamant about living in Sydney find somewhere cheaper to live say $500k - $600k in regional (2hrs from Sydney).

    Put the rest into index funds the Australian index is paying like 3%, so that is $30k a year then both work part time. Living in the country with say $50k + $30k investment income is manageable. After franking credits you are probably on 0% tax.

  • +4

    Your wife now owns half of it…………just food for thought……………for later………..just in case…………..if you know what i mean………

    • +2

      There's a reason why that 1.6 mil is not under my name at the moment. lulz. If you know what I mean.

      • Cant touch this!

      • OOoh, that's thinking ahead! Nice….so who's name is it under then?

  • +4

    Had to try top the guy who got the 20k cash gift huh?


  • +3

    Why did you specify you have "1 wife" do you hiding something from your spouse OP?

    • That's why i didn't sign up with my real name !!!

      • You speculate your wife is on here browsing and probably reading this exact thread and keeping tabs on you?

  • +6

    Yes, ATO - this man right here.

  • The dude already has 200k cash, don't think many of us are topping that.

    Depending on the NZ housing market, AU is predicted to dive 30% so I would say, hold off on a house immediately then grab one that makes sense in an area you like.

    All the usual stuff, long term gov bonds for some, typical blue chip stock, a big bank block of stocks (stocks of companies a bank is willing to lend you if you pay interest on and cap a return on), collectables, 25% in each after the difference from your house. That's a lot of cash in the bank though, really that's, that's a lot as just 'cash'.

    • +6

      What? You mean most of us don't earn $200k a year like on Whirlpool? Which are on min $250k a year at the moment?

      • oh, I must have missed the memo of that. Whirlpool average earner is $250k now ?

        • Actually it was 300k before that……

  • if you are getting 7% and it is safe, be happy. Live off it.
    I'd start looking at a house and buy it cash if you find it.
    There's going to be a lot of volatility in the markets till a vaccine to covid comes through.
    The government will stop the cash handout in March next year. Expect markets to correct.
    US election in November. If tump is out, markets will likely go down.
    Also watch your citizenship status. As you have kids and wife, you never know when you will need hospital services. A lack of ozzie or NZ citizenship will lead to big healthcare bills which you will have to pay. Citizenship will protect you from these costs but will incur tax costs on your returns. This is a fair price to pay for protections of citizenship.
    As there is likely to be significant volatility, keep it liquid.
    On a side note if your relative died rich why not invest in the areas they were invested in?

    • +1

      US election in November. If tump is out, markets will likely go down.

      What kind of magic is Trump doing to keep markets up?

      • He's 1.6 trillion bail out?

        • as far as I know, that money was completely wasted.

          Originally he gave everyone $1200 which is a pittance. Then they needed more money.

          • @lostn: Oh….well….I guess more money then…how about 100 quadrillion? Should cover everything….

  • 7% doubt that

    • +2

      It's 7.3% to be precise. Deposit slip here.

      • Lol, yeah right

        • +1

          Seems like you already make up your mind. I won't go further.

        • Chinese bank man