What To Do if You Win the $550 Million Powerball Jackpot
On the subject of investing, consider that the Securities Investor Protection Corporation only insures your brokerage account up to $500,000. That means you'll need to take extra care in choosing where you park your money before you even think about what to invest in.
Also, your new-found riches may immediately elevate you from the 99% to the 1%, or quite possibly from the 1% to the 0.1%. If the fiscal cliff didn't mean anything to you before, perhaps it will now.
TheStreet has reached out to our stable of money managers, contributors and market experts for insight on how to invest a multi-million dollar windfall.
Here's what they had to say in their own words.
Marc Courtenay, Advanced Investor Technologies:
Finding a brokerage-house/steward that can handle investments in the hundreds of millions of dollars:
My suggestion would be to find one that isn't publicly traded and has a stellar reputation for customer service and not putting pressure on the customer.
An example would be Fidelity Investments. They have conveniently located offices that are pleasant to visit, and they will offer you a generous number of free trades when you open a large enough account.
Where to invest money with respect to today's political and financial climate?:
Begin with the stocks or preferred shares of the biggest, best-of-breed U.S. companies. They should pay at least a 2% dividend yield. I would suggest they subscribe to a respected investment educational service.
Also invest at least 10% in physical gold (or use a physical gold publicly traded fund like the Central Gold Trust (GTU) or the SPDR gold shares (GLD) and 10% in physical silver (or ETFs like Physical Silver Shares (SIVR) ).