There’s an interesting thread on HN on what to do in the event an exit results in a life changing amount of money. https://news.ycombinator.com/item?id=18600220 … My general recommendation would be “Avoid major changes to your life in the short term.”
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Boring and straightforward problems dealt with, you then get to deal with the messy, rewarding, still quite complicated business of figuring out life.
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Such a great tweet.
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I have found fee-based financial advisors useful as long as you avoid the investment function. A high-quality financial planner can be the hub for your tax accountant, estate lawyer, insurance agents, charitable planning, and more. Just don't use them as an investment advisor.
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Another approach is fee based financial advisors. Their take is a percentage of your gross, so it is in their interest for your accounts to do well. Equity trades ~$6. I bake cookies for mine. I dropped the reins in 1996 and am still smiling.
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That’s the same approach Patrick was referring to. My general rule of thumb is that paying more than 0.2% of your net worth in fees per year is too much. Fees (and the missing gains) otherwise compound quite quickly!
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Not to mention that financial advice is a classic example of the pricipal-agent problem: the advisor wants to steer you towards investments that pay the advisor the greatest commission/kickback.
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I would add: I think some people like to have someone else to blame when shit goes down. Your therapist might not be the best scapegoat.
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