Suppose you win 100 million. What do you actually do with it? Banks only guarantee 250,000. Do you have to invest it? Is there anywhere you can just let it sit and draw interest?
Suppose you win 100 million. What do you actually do with it? Banks only guarantee 250,000. Do you have to invest it? Is there anywhere you can just let it sit and draw interest?
Here in Norway you are legally required to attend a few sessions with financial advisors(a protected title here, so they will actually be qualified), before you are able to recieve your winnings.
The rough thoughts I have had about being in such a situation is to allocate maybe 10%-20% as “fuck you money” to have fun with, and the rest to follow all their advice with
That’s a really great idea! More places should do that. Maybe then there’d be a lot fewer people losing all their money within years.
In addition to major prize winners, it should also apply to people who have just started earning a massive income. Eg, professional athletes.
FWIW, the NFL does actually have financial literacy classes for players. It’s definitely a start
France does that too. It’s not a legal obligation, just something the local lottery does, presumably to avoid bad publicity of winners going on a tasteless spending rampage.
I think in the US, a similar title would be a “fiduciary”. Ie. Someone who is supposed to act in your best interest.
No, it’s more like doctor or engineer where it’s a protected profession that’s criminal to imitate.
That’s good knowledge, maybe people who are doubtful of financial advisors in their country can visit Norway