Now that you’re a millionaire, your probably thinking, “What next?”
Paul Buchheit has some advice. Who is he? He’s the man that came up with Google’s “Don’t Be Evil” slogan, was lead developer on GMail, and managed to sell his startup FriendFeed.
In blog post titled, “What to do with your millions,” Paul lays it all out. Here’s his financial advice:
- Don’t hire a financial advisor. They don’t know all that much, and they’re mostly interested in bilking you out of your new money. (Paul recommends reading what Warren Buffett has to say about these people.)
- Read up on the topic of money management, talk to some advisors, and put your money in liquid, short term investments. Paul suggests a fixed-income investment like a short term CD, and spreading money across various banks.
- Do not invest much money in startups. You’ll probably lose it, and it will be locked up for a long time. Long term, this might interest you, but Paul suggests taking time to figure out a long term strategy.
Here’s Paul’s personal advice:
- Unless your life stinks now, don’t bother shaking it up just because you became rich. So, don’t quit your job and move to a new city where you won’t know anyone.
- If you do get a sudden burst of free time, pursue new fulfilling activities, stay in touch with friends. Don’t get hooked on video games. Paul suggests going for a walk in the park from time to time. And pursuing something “remarkable.”
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