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Community Comment: "Wealthy people invest their initial profits. The first person they hire is a financial advisor. The second...is a tax professional"
This is not what you do with your initial profits. What you do is construct a financial fortress by setting up an ASSET PROTECTION PLAN! Lawsuits, taxes, and probate, are the wealth killers... Failing to set up an asset protection plan will almost guarantee that you will be sued. There are people who make a living seeking out the wealthy and then suing them. The first person you seek out is an asset protection professional of which there are few.
1% of all attorneys hold themselves out as AP specialists. After the RV, they will be booked up solid for months. Your AP specialist will have the proper CPA's to maintenance your wealth protection structure. The average CPA doesn't even know how to file the proper forms for a Charitable Remainder Unitrust report for the IRS. So, hire your AP professional...
stay away from Financial Advisors who push foolishness like Muni Bonds, IRA's, 401K's. Mutual Funds, and other worthless paper-based assets. Certified investors have access to high-yield investments the common folk do not. Those are your path to multi-generational wealth.
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