Have over 800k to invest, what should I do?

[miamiboy86]

So through the miracle of my job, I have gotten in contact with a gentlemen in his late 60's who struck up a conversation regarding the current economic climate, the government, and investing. Within 45 minutes, we had scheduled a time to meet to go over potential investments for him, as he has almost 1 million in cash to invest. He came to me wanting to invest in CD'S or Money Market accounts, but he wants a slightly higher return than 1%...Obviously I do not want to steer this potential client in the wrong direction, and while gambling with a potential bankroll near 7 figures could be potentially lucrative, I think he is going to look for more of a "safe" and "traditional" investment.
He wants to invest in real estate in bumblefuck, Florida, which I have talked him out of for the time being, until I come up with something better...anyone have any suggestions????

 

[wiesman02]

So through the miracle of my job, I have gotten in contact with a gentlemen in his late 60's who struck up a conversation regarding the current economic climate, the government, and investing. Within 45 minutes, we had scheduled a time to meet to go over potential investments for him, as he has almost 1 million in cash to invest. He came to me wanting to invest in CD'S or Money Market accounts, but he wants a slightly higher return than 1%...Obviously I do not want to steer this potential client in the wrong direction, and while gambling with a potential bankroll near 7 figures could be potentially lucrative, I think he is going to look for more of a "safe" and "traditional" investment.
He wants to invest in real estate in bumblefuck, Florida, which I have talked him out of for the time being, until I come up with something better...anyone have any suggestions????

It sounds to me like you're a financial advisor. Kind of ironic asking a bunch of gamblers how they'd invest 800k, huh ?

You want something safe and traditional ? Bet against the Vikings if Favre plays.

 

[OnWisconsin]

yeah. bet against first year head coaches at non bcs schools when they face a team from the bcs.

seems like a guy that old and with that much cash should know a little about mm's and cd's to begin with....you might be able to talk him into a joint, no risk (for you) partnership this football season.

 

[ProPokerPlayer]

He's in his late 60's and wants to give 800K to someone he's known for 45 mins who doesnt have a clue what to do with it......That pretty much cuts out futures and series wagers. Id probably want to stay away from a 4 hour game too and put him strictly in halftime/5 inning wagers..

 

[Betsmart]

crazy stuff

 

[michael777]

crazy stuff

sure is

 

[miamiboy86]

crazy stuff

I totally agree...I'm 23, and while I was dressed in a suit (wiesman is indeed a wise man lol) I don't know if he would be truly interested in "investing" what is probably his life's savings in a gambling fund...While I have gone through many a change since I became a member of the RX (and someone here i'm sure read my "I'm quitting gambling" rants a while back) I am still trying to find reasonable avenues to help this guy make a higher return than what I can personally offer him, at least professionally.

Note: we spoke at great length about the abomination of the government (his words, not mine) and how the stock market is essentially run by the big-wigs (again, his words)...so I think trying to get him to invest in the stock market, even mutual funds or relatively non-volatile tradtional stocks are out of the question....

 

[Sammy439]

He's in his late 60's and wants to give 800K to someone he's known for 45 mins who doesnt have a clue what to do with it......That pretty much cuts out futures and series wagers. Id probably want to stay away from a 4 hour game too and put him strictly in halftime/5 inning wagers..

 

[basesAREloaded]

1% per annum as opposed to monthly makes for a better sleep.

 

[gtc08]

lol. miamiboy is the biggest liar on this forum. he cant help himself.

 

[miamiboy86]

Fair enough...even though this is a gambling forum, thought I could get some decent advice from this section of RXers...perhaps that was a bit of a stretch

hno:

 

[OnWisconsin]

invest in ABK. they're in runoff mode right now, but goddammit, they used to trade for a $100. tell him to buy a million shares at market price first thing tomorrow...

 

[gtc08]

why would you post this on a internet forum.

you also were the one who said you were in 20k of credit card debt due to gambling, say you would quit, then show up 2 days later asking for people to help you.

now you say a millionaire is going to let you manage his money.

you cant even manage paying your credit card bill on time, what the hell makes you think anyone would give you 100 dollars, let alone a million.

 

[Sammy439]

Fair enough...even though this is a gambling forum, thought I could get some decent advice from this section of RXers...perhaps that was a bit of a stretch

hno:

I wasn't laughing at you man, just his advice was funny and actually fit the client with the short term vs. long term investing/gambling advice.

Obviously the guy needs to have his money in mostly safe things like money market, treasury bills and bonds, maybe a well diversified mutual fund of large caps, and maybe some local stuff because a lot of local bonds are very tax friendly. To take it from here I would have to know the clients risk tolerance and how much money he needed to have available in short notice.

I'm sorry if I offended, it was not meant to offend you.

 

[miamiboy86]

why would you post this on a internet forum.

you also were the one who said you were in 20k of credit card debt due to gambling, say you would quit, then show up 2 days later asking for people to help you.

now you say a millionaire is going to let you manage his money.

you cant even manage paying your credit card bill on time, what the hell makes you think anyone would give you 100 dollars, let alone a million.

Not that you care, but I paid off all of the debt already (finally made some good financial decsions), I voluntarily stopped gambling due to my girlfriend's request to do so, and I didn't say this guy was GIVING me his money, he has merely asked me to help him find a place to invest...and NO, I haven't asked for a penny (nor do I plan to ask for anything) for my advice...but thanks for your two cents, glad to see you enjoy trolling around the forums!

 

[Mindware]

So through the miracle of my job, I have gotten in contact with a gentlemen in his late 60's who struck up a conversation regarding the current economic climate, the government, and investing. Within 45 minutes, we had scheduled a time to meet to go over potential investments for him, as he has almost 1 million in cash to invest. He came to me wanting to invest in CD'S or Money Market accounts, but he wants a slightly higher return than 1%...Obviously I do not want to steer this potential client in the wrong direction, and while gambling with a potential bankroll near 7 figures could be potentially lucrative, I think he is going to look for more of a "safe" and "traditional" investment.
He wants to invest in real estate in bumblefuck, Florida, which I have talked him out of for the time being, until I come up with something better...anyone have any suggestions????

:lol: I'm taking a HUGE educated guess and assuming you're some type of financial advisor and you're asking a forum full of degenerates to give you professional advice on how to do your job? U can't be serious. No wonder why this country's economy's in a shithole. In case you haven't noticed, any time these types of threads pop up on "what should i do w/ my money", etc. you're only gonna get replies telling you to "bet on team x, or parlay A, B, and C". And say you really don't have a clue on how to do your financial advising job and you'd like to seek some sound investing ideas online. Do you think this is the right forum to ask? There's tons of financial forums out there and gambling forums are the last place i'd ask for investment advice.

 

[djmatt]

Anyone know where that thread went about the proper way of eliminating old medical debts from credit reports? I thought if it went to the collector there was a different route then paying the hospital????

 

[miamiboy86]

:lol: I'm taking a HUGE educated guess and assuming you're some type of financial advisor and you're asking a forum full of degenerates to give you professional advice on how to do your job? U can't be serious. No wonder why this country's economy's in a shithole. In case you haven't noticed, any time these types of threads pop up on "what should i do w/ my money", etc. you're only gonna get replies telling you to "bet on team x, or parlay A, B, and C". And say you really don't have a clue on how to do your financial advising job and you'd like to seek some sound investing ideas online. Do you think this is the right forum to ask? There's tons of financial forums out there and gambling forums are the last place i'd ask for investment advice.

your absolutely right, sometimes i think there are some intelligent posters here, but apparently i chose a bad night....it was worth a shot at 12:30 am, but mods please delete this thread ASAP, its a waste of time

 

[Scoops]

I have some great tips for you.I will send you a PM tomorrow.If I happen to forget then just send me a reminder.Goodnight

 

[OccamsRazor]

miamiboy you're 23? From your previous posts I had you pegged at 14.

First I'd fire you for incompetence then I would have you arrested for fiduciary abuse of the elder, but is obvious you don't have a clue.

You're a tool young man, going to a gambling forum to ask for financial advice, give me a break.