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Old 04-08-2008, 09:34 AM
 
48,516 posts, read 83,901,398 times
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If you are cashing out and have not had a plan before this;get a good financial advisor because otherwise a huge chunlk of that is going to be gone when the feds get through.
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Old 04-08-2008, 04:44 PM
 
Location: home...finally, home .
8,235 posts, read 18,509,075 times
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Make a check for the whole amount to normie, c/o city-data. I'll take care of it for you.

You stole my idea, normie. Let's go halves.
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Old 04-08-2008, 06:55 PM
 
Location: Lake Norman, NC
7,185 posts, read 11,226,137 times
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Congratulations on your hard work and accomplishment. I too recommend talking to several financial advisors and taking the best advice each one has to offer.
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Old 04-09-2008, 11:31 AM
 
16,092 posts, read 36,568,487 times
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I believe you are going to have to have a significant proportion in stocks to make the 4-6% withdrawl rate work without running out of money. Scott Burns says no more than 4.5% -- I think if you are a single man you might be able to get away with more, single ladies, less.

I would buy Dow Blue-Chip dividend-paying stocks for that portion - or a similarly stuctured mutual or index fund.

Of course, I believe Ross Perot put his billions into tax-free municipal bonds and very little else...
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Old 04-10-2008, 11:02 AM
 
Location: Londonderry, NH
41,492 posts, read 51,361,282 times
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lets see - 2x10^6 / 5x10^4 = 4x10^1 or 40 years. So get an old ammo box and fill it with $1,000 bills. Take out 50 grand each year. Should last about 40 years.
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Old 04-10-2008, 11:38 AM
GLS
 
1,985 posts, read 4,846,113 times
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Quote:
Originally Posted by GregW View Post
lets see - 2x10^6 / 5x10^4 = 4x10^1 or 40 years. So get an old ammo box and fill it with $1,000 bills. Take out 50 grand each year. Should last about 40 years.
Please direct message me. We rent storage facilities for ammo boxes filled with $1000 bills. Trust me....
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Old 04-10-2008, 02:09 PM
 
Location: Home is where the heart is
15,400 posts, read 25,819,531 times
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Quote:
Originally Posted by GLS View Post
Please direct message me. We rent storage facilities for ammo boxes filled with $1000 bills. Trust me....
LOL, too funny. That deserves a rep point... but I gotta spread some more around first.
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Old 04-10-2008, 02:14 PM
 
Location: Happy wherever I am - Florida now
3,359 posts, read 10,908,364 times
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If you go to a financial advisor make sure it's one who works on a fee basis. There are many more who call themselves financial advisors and make their living by selling you insurance with big yearly handling costs (ie, annuities). They will end up making more money on your money than you do.

Make sure you are covered in some way for medical insurance if you're before 65 even if it has to be a high deductible. One problem and you could lose it all.

Don't give a broker free reign to make trades for you or you might find him unnecessarily 'churning' your account to make commissions. Having money may be a tad less work that owning a business but it sure carries a lot of responsibility in understanding what is going on. Until you become comfortable the staggered CD plan isn't a bad one. Later, what you'll want will be some low commission, safe stocks and municipal bonds that pay a dividend for you to live on with some liquid money in a money market acct. Don't get into anything fancy like margin accts or short trades which can get you into trouble fast.
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Old 04-10-2008, 03:25 PM
 
Location: Oxygen Ln. AZ
9,321 posts, read 16,575,490 times
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I agree with the above post regarding financial advisors. I think if it were mine, I would purchase a few very nice rental homes, live off of the income they would produce and put the rest in very safe money mkt accounts. I would not risk the money in the stock market. So, basically, I would retain a few of the homes and sleep very well at night. Good luck
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Old 04-10-2008, 03:42 PM
 
28,905 posts, read 46,717,705 times
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Solid blue chips, T-bills, and play with about 10%. Reduce your expenses to a minimum.

Oh, hell, why are you asking us? Why not find a really good financial planner?
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