Just took off, where do I go for advice

redwings0921

redwings0921

New member
Apr 2, 2009
699
13
0
I just had something take off and am making good money. I dont want to get into specifics, but it is more then I could have ever imagined making. Who do I go to help me decide which business option would be the best tax wise? I wasn't sure if it was a lawyer, accountant, etc. And do you guys use anyone to help you invest your money? I dont want to be a jackass with this money and plan on doing things right. Thanks
 


Depends on what you mean by serious money- that's relative to a persons expectations and experience. If you're talking a mil or better a year, go with an experienced combo Tax Practice Attorney/CPA to advise you. Under that, a competent CPA should be fine.

Biggest thing is don't get "Hillbilly Rich" and blow it all- take at LEAST half of it and put it somewhere hard to get at, like an investment account, even if it just sits in cash. And DON'T order checks. Forget it's even there.

Then think about it, and educate yourself on the best place to park it long term. My fave is Swiss or Austrian Annuities, and bond funds right now.
 
First I would go to a Accountant, talked to them about what is going on. They may refer you to a lawyer but I doubt it they, should be able to help you. If you are looking to invest it I would think about getting more items to run the business you have more smoothly and efficient. The faster you get work done the more work you can take on etc.
 
I would get many researches on the net, when I would have some clear idea, than I'd go to an Accountant.
 
galacon said:
Depends on what you mean by serious money- that's relative to a persons expectations and experience. If you're talking a mil or better a year, go with an experienced combo Tax Practice Attorney/CPA to advise you. Under that, a competent CPA should be fine.

Biggest thing is don't get "Hillbilly Rich" and blow it all- take at LEAST half of it and put it somewhere hard to get at, like an investment account, even if it just sits in cash. And DON'T order checks. Forget it's even there.

Then think about it, and educate yourself on the best place to park it long term. My fave is Swiss or Austrian Annuities, and bond funds right now.
Click to expand...

Thing is im nearing 5 figures a day, which means it has the potential to hit 1mil, but at the same time it could die any second
 
Get a mentor man, They have money everywhere. It also depends what you want your level of input to be.
 
Good for you :)

First time it happened to me I was lost too. You should seek info from various sources close to you and in person. Talk to at least a few of each:

* Tax advisors (not an accountant, important to note the diff. if you're in Canada I hook you up).
* Commercial Accountants (Will give you the pro's/cons to the various setups re your biz)
* Others W/Money (You'd be surprised how welcoming someone w/money can be when someone else approaches them and instead of saying "how can I be like you and bank big?" you ask "I made it, what did you do when you were in my shoes and what would you do the same/different?". I know I am more receptive to the latter when ppl come to me with something similar).

* Don't invest yet. If you're admitting it could die any second, I would simply bank/scale/duplicate/repeat as much as possible. Re-invest and scale like mad until you milk it, if it's this good there's even more chance it fizzles out on you or you get found/diluted (you should check your logs lol, ppl here can be quite resourceful).
 
Use some of the cash you are making to go talk to an business accountant.

Also before you go all nuts and set up your corp make sure you get paid. I make no major moves until cash is in the bank.
 
Fatbat said:
Seems I've given out too much rep in the last 24 hours so I'll just say +rep.
Click to expand...
Got him for you. Best advice in the thread.

OP, regardless of whom you talk to, make sure you interview them first. Ask them what types of clients they have, the net worth range of those clients, age, how much cash they've had to manage.

Just because some passed the bar, the CPA exam or "has been a wealth manager for 20 years" doesn't mean dick. Make sure you aren't their first client with your type of situation.
 
You must log in or register to reply here.
Top Bottom