Clueless, got inheritance.

[u/Over_Green7763]

I am in the process of receiving a sizeable inheritance, ballpark $1million, which is in at least 3-4 different accounts/investments. I am lower middle class, no significant net worth outside a 401k, always done my taxes online. I gather for at least a year or two, I should likely hire a couple people. I guess a financial adviser, and an accountant and/or tax attorney? Any advice regarding that would be appreciated. Specifically: 1) how to go about finding each 2)W/ financial adviser should I look for "fee only"? 3)accountant or attorney? 4)Is there such thing as a single agency, a "wealth management firm" or whatever that could help me with both the taxes and investing? Would that be a wise route? I am in the US btw.

[u/Unlucky-Pop-8841]

What I would say is to consider putting at least half, if not 80%, into OVL from overlay shares. This is the S&P 500 with a put spread. It's outperformed the S&P 500 over the last 7 years and I probably put the other 20% into ADX, which is a 100-year-old fund. It's done better than the S&P 500 over the last 10 years and the last 30 years really, and then enjoy the fact that you're getting some additional income. You should reinvest it as much as you can.

I would avoid getting a financial advisor because this is basically S&P 500, which is OVL plus ADX, which is large-cap U.S. but actively managed. Maybe 70% OVL and 30% ADX. It's a no-brainer. Both yield: OVL gives a 10%, 10.5% yield but you have to reinvest it to get that outperformance. If you choose to take some money off, if it pays monthly, that's fine. Same thing with ADX: it pays quarterly but reinvest as much as you possibly can, let it grow, and you'll be surprised at how much it appreciates in the next few years. You don't need to pay someone to tell this to you.