It’s time for another edition of Dollar and Cents. This is where I answer one of your questions.
I have a question about my doctor friend who is in a financial fix. He is a full time cardiologist with no life. He works his butt off 7 days a week but I believe it's not worth working so hard cos he still is confused about where to invest money so that he can work only 9-5.
He has a couple million dollars but doesn't know what to do with this hard earned money. Well I thought buying mutual funds with his bank will be good but he wants to open a business. I don't know.
Do you have any suggestions on how to use 1-2 million dollar by someone from the medical field. someone who has no experience with stocks and shares?? it's too risky to buy shares. What's the safest business ?
With each Dollars and Cents video we want to provide some follow up links where you can get some additional information on the topic. If you are interested in learning more on how to invest a million dollars, how to diversify your investments, and how to talk to a financial advisor, here are some good reads:
More from GFC, Below
- How to Invest a Million Dollars – If I won the lottery and someone handed me a fat check for $1 million, this is exactly what I would do.
- Best Online Stock Broker Sign Up Bonuses – Don't be confused, your friend can get mutual funds and ETFs with these stock brokers as well. He's going to want a diversified portfolio, and he is one of the few people that can actually enjoy some of the massive bonuses available for large accounts.
- Reviews of Lending Club and Prosper – Peer-to-peer lending is a great way to help someone out while also earning some fantastic returns. I wouldn't dump all of my money into P2P lending, but a significant chunk would go this way.
- Get Out of Debt – If I had $1 million handed to me the first thing I would do would be to pay off any of my debt.
- How to Choose the Right Financial Advisor – There are great advisors out there and there are shady folks that will scam you out of your money. (Hi Bernie Madoff!) You need to know what to look for.
- 7 Financial Advisors I Would Like to Punch in the Face – I don't usually punch people, but when I do, it's these guys.