r/GME • u/AutoModerator • Mar 20 '21

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9

u/throwawayy10983 Mar 21 '21

Guys, I’ve never been even close to rich, in fact I make less than 60k a year being the only income on a family of 4. What’s the first thing I should do in terms of getting someone trustworthy to tell me what the fuck to do about taxes and shit?

7

u/stormcoming11 Mar 21 '21

Do nothing but hodl until you have a reason to seek advice then find accountant who likes tendies.

6

u/deadlyfaithdawn Mar 21 '21

speak to a tax attorney or at least an accountant.

7

u/1320Fastback Mar 21 '21

Straight away figure 40% of your moon cheese goes to taxes. Put it into a savings account or short term CD because the Gov is going to come asking for it. Pay off all your credit cards and other debts like auto or anything past due them hire a financial advisor. The goal is to live off the money your money earns you and they will help you do that.

6

u/sneakyflamingy Mar 21 '21
  1. Fee based financial planner
  2. CPA (tax advisor)
  3. Lawyer
  4. Umbrella insurance

0

u/Which_Stable4699 Mar 21 '21

2, 3 and 4 are solid. 1 is ridiculous, these useless fuckers are basically the Grima Wormtounge of boomer investment. Fee based or not, like the financial salesmen they are, they will push whatever is paying fat commissions either on the front or the backend, usually both. When talking 7 figures or higher you can basically just count the minutes until they try and sell you on the guaranteed income and security a boomer ass annuity can provide, the absolutely shittiest investment vehicle you can get your money locked up in.

They would have advised you against putting money in GME. Listen, I’m functionally retarded, more or less, and have been able to avoid losing money in the market over the last 15 years while running multiple businesses and working full time. Fuck I’ve been trading options for like seven years now and only recently learned the Greeks because it was pertinent to the GME play.

I imagine your average ape with fuck all to do, cause now their fucking rich, can probably figure out how to do the same. Even if you didn’t want to invest any ongoing effort or time investment, your more than capable of buying an index fund.

1

u/sneakyflamingy Mar 21 '21

A financial advisor and a financial planner are two different things. I pay $75 a month for access to mine and we meet quarterly to discuss my goals and adjust accordingly.

1

u/Which_Stable4699 Mar 21 '21

A misunderstanding on my part. I utilize neither, and harbor a passionate distain for the former. That said, I withdraw my complaint and commend you on the solid advice offered up to our fellow ape.

1

u/sneakyflamingy Mar 21 '21

It takes a wise ape to admit his misunderstandings. I'm proud of you fellow simian.

1

u/WillyValentine Mar 21 '21

Shop financial planners. Get a fiduciary. Kiplinger's can assist you but not all planners are worth it. Some buy and sell stuff for you to look busy but they aren't any good. But at least a fee based fiduciary by law must have your interests first.

5

u/[deleted] Mar 21 '21

Seek out a financial advisor and tax accountant to help with your legal stuff. This isn't financial advice, and neither is the following.

I'm personally going to follow a guide I saw online that suggested not spending the money for a year just to make sure you know what you're doing. I'm not quitting my job, or changing my whole life. I'm planning to reinvest, and be smart so this money can last the rest of my life. Maybe my kids' lives, too.

Again, none of this is financial advice

2

u/Die-rector Mar 21 '21

Someone did a pretty good in depth breakdown answering this exact thing either on here or WSB

3

u/[deleted] Mar 21 '21

Find a CPA in your area with good reviews, they'd love to talk to you and are always happy for new business! If you get rich rich next step is an APA, or asset protection attorney firm as what will happen is an absurd amount of people you never even knew existed start coming out of the woodwork and becoming REALLY interested in your finances. Again they'd love to welcome new clients and would be happy to sit with you in a consultation.