re: What to do w/ $500,000

quote:

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Is a FA recommended for pretty much any time you receive a lump sum like this? What if you have some basic knowledge?

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It's a really tough question because no one knows your financial literacy, and I think outcome wildly varies based on your advisor. There was the guy about two weeks ago that had an advisor recommending him some insane insurance products in his youth or something.

If I got half a million I think I'd know most of what I wanted to do with it and would probably go to a forum to bounce ideas and sanity check myself. I don't think I'd rely on an advisor at my age with my knowledge level. Maybe a consult with someone who could potentially minimize tax burden.

If I were 55+ I'd probably want a professional's take on how to maximize that for the next few years in line with whatever strategy was already laid out.