Okay, one of the FB group member posted this anonymously. Obviously, jealous person initial reaction will say its fake or “photoshopped”. He already uploaded several photos as evidence, and even the monitor screen of his lotto account.
Anyway, as per the title, what is the very first item you will buy if you win this much $$$?
I've often wondered about that, I guess there are professional wealth managers who work for the hoi-poloi ad know what they are doing with that kind of money? I wonder where they are and what percentage they charge?
For sure. The main reason I'd have one would be to remove myself from a lot of the decision making in regards to the money. If a family member asks me to fund their terrible business idea I can just fob them off to my wealth manager. Basically hiring a gatekeeper for the money so I don't have to be the bad guy.
Yeah me too, I just figured there would specialists in dealing with amount of clout that your average ITP office wouldn't be able to. It's not like I could ring up Tom Cruise to get referrals. :)
"in regards to" is very poor expression -even "in regard to" is better.
haha I like that and never thought of it that way actually. Makes sense!
The whole point is you don't get one that charges a %. Go to huge firm like Ernst & Young and just get billed per hour to setup a trust.
Not even close to being correct.
Yes EY could charge you by the hour to establish a trust, but that’s just one-off structuring piece of work and is unrelated to the actual ongoing management of your wealth or the “gatekeeper” role.
the lawyer knows.
make sure they are partner level in a big firm.
I'll call Harvey Specter myself.
Would depend on the client and their objectives/risk profile with the funds.
Are they happy to have a low risk, low return profile, basically using fixed interest products, such as term deposits, at call money market accounts and some hybrid securities. That would get you maybe 3-4% p.a., or around $1.5-2m per year in interest income.
Or do they want higher potential returns with a bit more risk, with funds invested in Aussie shared, global shares, bonds etc. Which would be more volatile but would be targeting twice the above returns.
It would just come down to how much income the client wanted to draw down each year and whether they wanted to maintain the $50 million balance, or whether they were happy to draw that figure down over time.
There are also many ways of structuring the investments, with tax minimisation/asset protection being the goal.
I would estimate that you would pay between 0.3% and 1% as a wealth management fee, depending on how hard you negotiated and then you would also be up for brokerage/transaction fees on your portfolio trades, as these would be closer to institutional parcel sizes than retail.
If you are wondering, I do have a stockbroking/wealth management background.
With $50 million you would basically have your pick of any wealth management firm in the country and they would all be clamouring to get your business. You could play them all off against each other to get the best deal. It could also be verging on the level where you might even consider finding the right person already with a firm, or in the industry, who would be happy to strike out on their own and manage your family's funds exclusively. I.e. your own family investment office!
Thanks for that, good advice.
For that amount of money though where would I even start looking for a decent wealth manager? Google?
And how would I sort the good ones from the dodgy ones?
Cheers
@EightImmortals: You could just use Google amd search for 'wealth management' or 'stockbroking' and start making a list. The results will range from local firms, to national chains with local offices, to capital city firms.
You could then also search for High Net Worth (HNW) Or Ultra High Net Worth (UHNW) wealth management and you will get a lot of international investment bank wealth management arms.
I guess then you could start making a shortlist and then interviewing them and basically go with the one you got the best vibe from.
It would be like anything. Some are very competent, some are not.
Some are very arrogant, some are not.
My advice would be to get proposals from all of them and then use the proposed fees/perks offered to play them all off against each other.
Or even better, when you get down to the last 3 or 4, tell them you are going to be conducting a tournament and give them all an equal share of an initial investment and tell them whoever has the best net returns and service after 12 months will then be getting the management rights moving forward.
Your quarterly review appointments would be hilarious.
@EightImmortals: If you did google those things, you would get a lot of results from accountancy and financial planning firms, which I personally wouldnt go with, as they usually will just invest your money in managed funds which you could just do yourself.
A proper broker/investment manager will do direct investments with their own/independent research backing up all recommendations.
Divorce Lawyer? Don't need a wealth manager, that's what ozb for.
Not you local Dennis Denuto type lawyer.
Dennis Denuto won his most famous case, as I recall.
Put in a 5% saver account and spend the 200k a month I would get off the interest. 🥳🥳
Although this sounds smart a few issues
If the bank ever defaults you're only covered up to 250k
Most savings accounts have max interest amounts like 200k
If the dollar tanks you're screwed
All good points. I guess I have never looked into it that closely.
Car (walking to the dealership ask for most expensive car then ask for best price)
50 escorts
So 2 packs?
At least you'll be able to afford having that many w/e - project cars & the storage.
Pay off my homes first.
Then wines and hookers.
no idea why you got negged…
If I had to guess, it's because they admitted to being a home owner and someone got jealous.
The Wife.
Well technically not yet, they still need to pay it off…
My guess is the plural use of home…
Because the “hookers and cocaine then waste the rest” joke is old and stale
While I appreciate you offered a negsplanation, a very very similar comment is just 2 comments below this and has 6 upvotes.
a beer down at my local
Why not the 'local' ?
Just buy the local tbh
Hookers and blow
Let me guess, the rest you'd waste.
"I spent a lot of money on booze, birds and fast cars. The rest I just squandered." - George Best
I'd stop buying home brand bread.
Too many carbs anyway.
you can stop buying it while you are poor you know.
You can make your own bread for a third of the cost.
We used to make our own bread but don't have the time anymore.
Takes 5mins to put ingredients into bread maker.
@Breno785au: The point at which the money you spent on the machine is offset by the money you saved on buying bread
@Diji: You can buy them for $50-100 on marketplace. I think we got ours for $60 second hand 5 years ago?
@Breno785au: Interesting, thanks for the response. My comment was just meant to be a bad pun though :P
@Breno785au: :) What kind of bread do you make in your machine? Do you go for a standard white loaf or have you tried sourdough loaves/using different types of flour?
@Diji: 99% standard white. We make burger rolls and hot dog rolls from a slightly different recipe and we also use it to make pizza bases.
Speaking of sourdough, we've got our first starter working now which would be ready at the weekend. However, I most definitely think that would be exclusively hand made. Haven't looked in the recipe book if it handles sourdough.
@Diji: Same, you have prompted me to making more wholemeal and even rye bread if the maker handles it. Much prefer rye over white.
Change name to Max Power
Alternative names include
Rembrandt Q. Einstein
Handsome B. Wonderful
Hercules Rockefeller
Max Power - I got it off a hairdryer
You going to marry Chesty Larouge?
I met a guy named Very Impressive
What were your thoughts on him?
I spoke to him when I worked at a call centre. Couldn't believe it till I saw his ID on file.
was he pinoy ?
Get divorced - lose $25 million
Acquire Mail order bride - lose $12.5 million
Wallow in my loneliness, priceless.
There’s always mrs palmer and her 5 daughters :)
She has an AVO out on him already
In that situation, you could pack a small bag, move to the Bahamas or some other low tax paradise, setup a trust to buy a mansion where you live rent-free; have say 52 live-in girlfriends (one for each week of the year). If any of them ditches you, they can only take at most 1/52nd of the money in your bank account.
Quit OzBargain.. probably?
Or, buy Ozbargain
Let people edit their comments even after 5 minutes of posting them.
@ the one who won $50M at NSW Lotteries — please contact me and I have a website to sell you :)
@Fredfloresjr can you tell me which facebook group ?
I'd finally be able to buy a high yield investment car like a mercedes.
An expansive awesome rural house with rolling green grass views.
Then cars
Cars, lots of cars.
I didn't even know you could post to FB anonymously
If I had $50m I would spend it as follows
$1 million - get about a dozen hang-gliders. Sort of top of the line ones, I figure that's about $70k each and you should be able to get fairly good ones for that
$5 million - crypto
$5 million - NFTs
$19 million - buy retirement homes for parents, spouse's parents, various in-laws (sole condition: allowed to store a hang-glider in the garage)
$10 million - convert to ten coin coins and drop them off a skyscraper onto a homeless person just to finally outrank Mr Beast on a YouTube video
$10 million - replacement crypto
$10 million - replacement NFTs
$20 million - Seinfeld re-union series, but they have to read scripts from Friends (I will be Pheobe and Chandler)
$10 million - replacement crypto
$10 million - replacement NFTs
$2,000 - financial adviser, then complain he doesn't do anything and it's a rip-off and it's his fault most of my money is already gone
$1 Cherry Ripe (half-price at Woolies this week)
The rest: replacement crypto/hang-glider accessories
$1 Cherry Ripe (half-price at Woolies this week)
Get the Aldi one.
What's the point of hitting the jackpot if I can't indulge myself?
I don't think you know how to count to 50
Yeah, it's that shoddy so-called financial adviser's fault
I think he's done a good job, he's doubled your $50m to $100m.
@onetwothreefour: Yeah and charged me a bleeding $2,000 for the "privilege"
they don't know anything mate they just push their own products and they're all in each other's pockets anyway
On reflection though it's clear I wouldn't manage $50m well so, you know what, I am glad that I lost
He used the $50m as collateral to borrow another $50m
Keep some aside for a therapist.
Lmao this guy hang-glides
what is the very first item you will buy if you win this much $$$?
A bigger wallet.
happiness
They say money can't buy happiness, but it can buy a jetski. I've never seen anyone unhappy on a jetski.
They all only got unhappy once they got off :P
only the people around when it's used.
my son was pretty unhappy when he came down off a very small wave, the bounce caused him to smack his face into the handlebar and he broke his front tooth off.
People who say money can't buy happiness, just didn't have enough.
no can do
Little does the winner know that it's probably the worst thing that'll happen to them…. As said by someone that didn't win, me.
Lawyer and wealth manager.