Most people would probably lose it over the long term, because most people don’t understand that money is nothing more than a tool to enable to make more money that you can live off of.
I wish I could millions of dollars like this, because my first act would be to open an investment account to dump it into and then live off of that.
Few things are as important as money management yet it is not taught in public schools. It has always amazed me. Not even the basics are taught and never has been. If a kid knows what an escrow account is he didn’t learn it in school.
“I wish I could millions of dollars like this, because my first act would be to open an investment account to dump it into and then live off of that.”
Most “investment accounts” go broke.
Would do something similar.
Rob Gronkowski put every penny he was paid through his contracts into investments. He lived off of his endorsement money. Plus he made a ton flipping houses.
Pretty smart guy.
If it were that easy everyone would do just that. Investments do go south, more often than they go north.
That’s good advice.
I recall I saw an interview with a sports agent some years ago, and he dealt with some players and multi-million dollar contracts.
He said he also was something of a financial advisor for these guys. And his advice which helped a lot of his guys was to make sure that they took half of the money they got and invest that and save it so that they would have money to live on in retirement.
Hel said he advised them to have some fun take the wife or girlfriend on A cruise , buy a luxury condo, buy their mother a house ,and do different things like that , but only do it with half of the money they got.
This guy advised his players that professional athlete careers are relatively short , and then when that time is done you still have the rest of your life to live.
And then if you have stashed away half of the multimillion dollar paydays you’ve had you still will have plenty of money to live on for the rest of your life after Sports