ACT II - "The Foundation"
The next day, we'd meet with my preselected group of financial planners, lawyers, real estate brokers, stock broker, a CPA (possibly Sharon Lecter, she is Robert Kiyosaki's CPA), and we'd map out a 5 year investment plan which would cover real estate investments, business ventures/investments, and paper asset acquisitions. The amount dedicated for this would be $13 million.
(Thats $3 million for the house and those 3 cars so far; $16 million)
These investments would guarantee me infinity returns on some of my investments, and excellent returns on the others. $10 million of the $13 million would be used for real estate, and $1.5 million for the other two asset classes.
Next, I would take $5 million and split that between 12 of our closest family members and friends which would leave us with $14 million. Next, i'd set up two $2 million dollar trust funds for each of our children which would leave us with $10 million.
Next, i'd set up a lifetime bills/expenses fund in the highest interest rate bearing account that I can get (probably around 4.5%). I'd put $2,090,000 (the extra $90k would be to cover the first year of interest that we would spend) into this account and it would be used solely to pay bills, auto gas and maintenence, taxes, utilities, and for food. This would be enough to cover all our expenses to last a lifetime. This would leave us $7,910,000.
I would take $4,910,000 and put that into a high interest bearing savings account and wouldn't touch that. This would leave 3 million bucks. I'd then take $2 million and open up two high interest bearing savings accounts, one for me, and one for my wife. These would be our lifetime spending accounts. I'd put $1.5 million in my account (since i'm the bigger spender lol) and $1 million in her account. The remaining $500k would go into another high interest bearing savings account which would be used for home purchases and stuff for the kids.
And there you have it! Our financial foundation is set for life! We would have all bases covered plus hundreds of thousands, if not millions of dollars of passive income coming in every year (of which 10% would be donated to various charities).
Our various spending and savings accounts would be constantly replensished by our income received from our investments. We are covered for life! Of course we would give our top 12 family and friends more money lol!
End of ACT II "The Foundation" To be continued in next post...