can I just use a regular brokerage like Schwab if I won the lottery and had 100mil to invest?
I’m a simple guy, if I won $105 million in the lottery I would probably buy a 500k-1.5 million dollar house in the suburbs of a major city in a gated community and 2-3 30k-100k dollar cars paid off. Probably a couple small things as well such as giving money to family included within that 5 million. That would leave me with over 100 million to invest. I like investing and like doing it myself, I wouldn’t want financial advisors having a say or meddling with what I’m doing.
Can I just hypothetically just put it in Schwab and put 90-95% in ETF’s and the other 5-10% in volatile stocks that I can trade and invest casually and check it on my app every now and then and just take out money normally if I need it? I was thinking if this is how minimalist tech bros do it, the ones who have successfully exited from a company for millions of dollars who just want to live a relaxed lifestyle do it? ideally I would want to have 1 residence and 2-3 cars paid off and have a couple hundred K in a bank account and live my life using a high limit credit card and then only selling stock when I need to replenish my checking accounts.
The only money I see myself spending would be for traveling and experiences. Essentially just a couple months out of the year living like a digital nomad and then the rest at my house. The only tax I see myself having to worry about would be property taxes and then capital gains every couple years because I would plan on selling rarely. Just taking out enough to have to last me a couple years in my personal accounts and then selling again when those accounts start getting low. $AMC Entertainment(AMC.US$ $S&P 500 Index(.SPX.US$ $Nasdaq Composite Index(.IXIC.US$
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T800 :
rennymc : Congrats on winning 105mil!!
TacticalYoda rennymc: If you won the lottery, telling people is a HUGE mistake. Furthermore, historically, the overwhelming (and I mean really overwhelming - like 98%) of winners are less than broke with ruined lives within a couple years, no matter how much they won. You can spend it all, and then some.
For your sake, I hope you didn’t win and are just trying to make people think you did (which isn’t really wise either)
rennymc TacticalYoda: I’m not the one who made the post