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The maintenance sounds annoying..Investment property
In what?I'd invest roughly half of this, so around 500k, and just let that grow.
In what?Invest it and live off the interest.
Can you give a few stocks or REITs? The investment property sounds like a head ache with maintenancePay off debt (Car, student loans) = $20,000 (roughly)
The rest I would invest in:
1. Stocks with dividends (reinvested) for asset appreciation; index funds, REIT's, mid-and large cap stocks, etc.
2. Investment property (cash flow and asset appreciation); Houses, Buildings, Land that are undervalued
3. Small cannabis business (cash flow and tax benefits)
How can you guarantee the money is safe off shore?If they don’t take out the taxes before I get the full million in my hands, it’s going to an offshore account right away so they can’t touch it. If I have to pay the taxes before I get the rest, I would spend it differently but I’d invest at least half of it.
The maintenance sounds annoying..
Can you give a few stocks or REITs? The investment property sounds like a head ache with maintenance
How much do you think the cannabis business would cost to set up and how would you go about it? Is it low maintenance business?
How can you guarantee the money is safe off shore?
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I've looked into this route and couldn't find benefits on filing S-Corp for a small operation. It seems to only benefit towards the big guys. eg. In Delaware, you'll get access to a special court system that fast lanes business related issues instead of sharing time slots with criminal and civil cases. But that's only really useful if you're in court regularly (implying you're big enough for to staff a legal team).Start working for yourself as an LLC, and set up as an S-Corp. Tax savings go through the roof.
I've never filed as an S-Corp or any other business type entity for tax purposes. I've only filed with W-2 wages as an employee. I learned this in a Corporate Tax class when I was in college. Also, I work for a small HVAC business where they set up as an LLC/S-Corp. The primary benefit would be higher cash flow (generally more so than as a sole proprietor or C-Corp.). Basically, you save more by setting up this way, which as a cost of doing business, is more cash going back into your pocket.I've looked into this route and couldn't find benefits on filing S-Corp for a small operation. It seems to only benefit towards the big guys. eg. In Delaware, you'll get access to a special court system that fast lanes business related issues instead of sharing time slots with criminal and civil cases. But that's only really useful if you're in court regularly (implying you're big enough for to staff a legal team).
What benefits have you gotten out of the S-Corp filing?
BTW, I see no reason NOT to file as an LLC instead of sole proprietorship for a one man startup. SP will put you personally in danger of lawsuits while the LLC shields you. You can still file taxes as a "single member LLC" with the protection active. It's mostly the same as 1099 filing except you can add more deductions to it. If you go this route, you must keep everything as separate as possible at all times. eg. Set up your business account to pay you through ACH every two weeks, never directly take from it. If you get in legal trouble, the other guy can issue discovery on your bank account, prove you used it for personal reasons through a couple grocery store payments, and then sue you as an individual person instead of suing the LLC (meaning, you as a person are on the hook for debts instead of the business entity). This is known as piercing the corporate veil. Don't be victim to it.
Someone instantly at $1 million NW with no experience should avoid Angel Investing. They're competing with much higher NWs who have greater experience in a market that isn't very clear. Higher NW with more experience (esp running their own business) is a different story.If you have any debt that isn’t working for you, pay it off first. If there’s anything left toss it in high yield savings for now, till the house of Saud calms the hell down again, approach a small group of angel investors that are successful and looking for capital.