Best Way To Invest Millions – Managing seven currencies in today’s volatile market requires strategy and finesse. How can you ensure that your $1 million not only grows, but remains safe in the face of financial uncertainty?
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Best Way To Invest Millions
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How To Invest $100,000 To Make $1 Million
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They say your chance of winning the lottery is something like 1 in 10 million.
Today is my lucky day because I just won – yes baby! Well… maybe I didn’t win.
A client once asked me, “Jeff, if you had a million dollars, how would you invest it?”
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The truth is that there are tons of different strategies that I personally use to invest $1 million and help that initial investment turn into more money over time.
If you have a million dollars to invest, or somewhere close to it, the following strategies can help you grow your money for life.
As a child I used to imagine that I was a man and that the big cardboard box in our basement was Grayskill Castle. “I have power!” Guys, don’t pretend you don’t remember this! Hahahaha…
But those days of “doing it” are long gone… until today. Today’s post is just for fun. I act like I hit the jackpot and leave with a cold wish.
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For the purposes of this hypothetical, let’s say I get a million dollars and invest it all. To be clear, this is not financial advice, so don’t take it that way. And if that doesn’t make sense, read it here. Consider yourself warned.
Financial and investment decisions should be made only after a thorough analysis of your financial situation and goals. I also strongly believe that a financial advisor is worth the money because they can guide you on your way.
That being said, it is also important to recognize the big difference between being wealthy and being rich. For example, many people make a million dollars a year or every few years, but spend it all trying to keep up with the Joneses.
While I’m doing these pretentious things, remember that I’m acting like I have a million dollars to invest. I will try to help you as if you won the money again. At least at first. After the first few steps, it’s all up to me. Let’s begin…
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The big day arrives, and you finally get your check—a big, fat $1,000,000. You’ve never seen a bigger check in your life.
You take a moment to catch your breath. You want to whisper to check nice things, like “Oh, check, you’re so amazing.” Don’t worry, no one is watching you. I will probably do that too. 🙂
Did you know you can retire on $1 million? Although it is better if you have time to invest the money instead of using it for retirement, leaving your job with this money is a reality for many people. Take a few minutes to read my article here:
Even after reading this, you may be wondering if $1 million is enough to retire on. However, the people in this study did some things that helped them. You may be thinking, can you retire on $2 million? Well, I also wrote the article.
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After reading these articles, you’ll understand why it’s important to make sure you’re investing to keep up with inflation—especially if you’re far from retirement. You’ll also want to learn about other ways to reduce your risk. . . More on that in a bit.
According to Credit Suisse’s Global Wealth Report, about 8 percent of American adults have enough wealth to eventually qualify as millionaires. There are about 20 million people who have less than $1 million, although we all know that many of them have more.
However, before you plan to invest $1 million, you need to have a plan in place. The financial advisors I spoke to on this topic agree, and here’s what some had to say about the importance of investing with a plan or goal in mind:
It’s a good idea to have a financial plan before you start investing outside of your 401k/403b. What I have seen from do-it-yourselfers, especially in the last few years, is that they often have no experience and are just throwing money at the market. A lot of people mess with money that they know they will need in the next year or so. And then they decide that they don’t want to be investors. Without a plan, gamblers often get burned.” – Financial advisor Stephanie Jenkin: “Investing without a written and clear financial plan is like saying you want to go on vacation and your destination is a gas station.” Money should be a means to An End – Financial Advisor Ron C. Bullis of Lifeworks Advisors “Just like you can’t walk without a road map or build a house without a map, you shouldn’t invest without a financial plan. The plan that takes into account all your hopes, dreams and aspirations should dictate your investment decisions. Not the other way around. – Theresa Arrigo Mali of GenWealth Financial Advisors
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So, what steps should you take as part of your plan? Not only do you want to invest so that your millions of dollars turn into more money over time, but we also want to keep up with inflation.
Well, if you want to make $1,000,000 (or a lot of money for that matter), here’s the first thing you do.
Stay there for at least three, preferably six months. This is the best advice I can give for any large amount of money, even if you are asking what to do with $500,000! Sit there and save the money while you think about what to do next.
People tend to make hasty decisions when faced with unexpected costs. For example, we all know that many people who file their tax returns get fired before they even get a check in the mail. We don’t want that to happen with $1,000,000.
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So where do you park all that money so you don’t do anything with it? Certificate of Deposit (CD)
The first place I put money is a certificate of deposit (CI). Choosing a CD helps put a barrier between you and the wrong choice, because you are penalized for removing CDs before they mature.
A certificate of deposit (CI) is about the safest and most guaranteed investment you can make. You will have a lot of time to decide where to invest your money later, but at the same time, you can make a profit while choosing where to spend a long time and count your money.
Another safe place to put your millions of dollars is an online savings account. An online savings account gives you more flexibility than a CD, however, allowing you to withdraw money to splurge.
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You can get a very competitive interest rate by opening your savings account or CD with an online bank like Capital One 360, CIT Bank or Save Better (which pays 5.26%). (And since they’re online, you should have them in your bank regardless of where you live. Or wherever you want to buy your big house.)
When I was a financial advisor, I was once referred to a family that received 1.5 million dollars. I told them the above instructions.
In the first three months after receiving the money, they bought a new house and 2 new cars, donated 50,000 dollars to their church (I’m fine with that and you’ll soon see more) and donated several different cars. Family members $10,000 each unfortunately they also fail!
I was very disappointed and we cannot do what the family did. Investing small amounts requires more thought than investing with $1,000 or what to do with $20,000!
Here’s What You Should Do With $1,000, $10,000 Or A Million Dollars
There’s nothing like the guaranteed security you get with a CD or online savings account—even if you’re just freezing your money in those accounts for a while.
You
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