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You should hopefully have a salary from the previous year, maintain that by calmly staying at your job.The Truth$2.3 is only the value of several of the upper managers decade long salaries and/or investing in a 401k.You're not rich. But in 20 years, you could be….Getting the Money/Lotto CheckWith an LLC, or a trust, you might get your taxes down from 50% to maybe 25%.Lets be optimistic and say you walk away with $1.6 after taxes.Go to work, you're not rich.$40k a year x 40 working years is $1.6 million.From your job, immediately change your 401k to the max of $18k a year, say 30% or more of your salary.A separate checking account that deposits into a Roth IRa. $100,000. You never touch the account. You calculate money market interest and maybe add another $5000 to float the account. You will never touch this account, this is one of your retirement accounts.You've spent only 100k.Go to work.Now, do something completely un-American, illogical to your family, friends, coworkers.Learn What Money IsTake weekend or night classes in becoming a certified financial planner.You do not have to become what you receive an education in. But you'll get an acceleration in finance. You'll enter the top 10% of Americans understanding money.NYU has a professional class, 6 classes, less than $1000 a piece, 6 months. Taxation, insurance, investment, math. If your city doesn't have a class do it online. I've taken the NYU classes, they're fantastic!While a home is not an immediate asset, it can be used as leverage. Keeping your job gives you income history so that you don't have to use cash. Your home should be 7 times your salary of the job you still go to. Lets call that $250k with you spotting 20% on the down payment from your winnings. Know that this is your first house/condo that you're going to occupy for five years and rent out when you leave. Your future tenants will pay off your home, your job will pay off your home.You will have paid say $50k off of $250k, $200k is the balance or $1200 a month.Your $1.6m, now 1.450$ million is just sitting in a money market account. Interest rates are 3%.That's about $50-60k in just interest.Lets call it $$43,500 in interest a year----that's your mortgage payments, the interest.Even at 1%, it is still $14,000, so you'd have to add $500 a year from your $18k lowered salary.You're probably taking home $1000 a month from your job so money market interest, not principal covers your living expenses.Which is why you don't chunk invest the amount, you need the bits of interest it sloths off as you invest small slices.Your first job around your money is to make your money make more money.First the classes teach you what money is.Second I would shop for a basic business. Chinese restaurant, grocery store, gas station. Nothing exciting.Don’t Do ThisI know this one personally: My mother ventured from a modeling business and shows to a boutique. In a strip mall. In the mountains of a seasonal tourist community....next to a a fish, bait and tackle store.Lingerie, massages, etc.Closed in 3 months.I was a college sophomore so I didn't understand what a mistake it was but now I understand not to buy from glitter dream businesses.Martha StewartMartha Stewart catered for years after addicting the town to her pies long before the books or show or home-style lines.Go to work.Small Business Silent PartnerAs you look for a small business to silent partner in or own and hire an experienced manager. No relatives. Give wonderful recommendation letters but refrain from giving them jobs directly. Gift money but I wouldn’t gift more than a months’ salary to friends/relatives (max of three). If a month’s salary can’t solve their problems, they are the problem. Also this will probably be under $10k which means it won’t trigger a taxable event for them. People shout about giving away money—-hundreds of thousands of dollars and then the IRS taxes the recipient at their tax rate of 35% to 50%. lol It would’ve been faster just to write the check to the IRS.Become A Business Owner—-Lite and SmartGo into the simplistic, repetitive, turnkey business that is unsexy.Have you ever seen a Chinese restaurant go out of business?Ads in local Chinese papers, let loan officers at Asian banks know you're looking to silent invest.I'm brown as the floor.I wouldn't open a soul food restaurant. I'd approach the corner Chinese spot about expanding, putting in some tables and staying open later.$50k would be my max.An Idea I’m ExploringHere in Manhattan, there's a pizza place, maybe 20x20 for sale for 35k. I've thought about buying it and converting it to a hot and cold 24 hour spot---coffee, breakfast, sandwiches, soup, roast chicken, turkey, meatloaf, burgers, salads. Prepped meals. $7-10 for a meal and drink .Why there?Big police precinct 6 doors down, new apartment complex across the street, banks, train, etc .. I'd rename it the Blues Light, put up some blue strobes and give everything with a badge 25% off. 200 plus people work at the precinct. I'd give a sampling of three days to the precinct shifts, the building and nearby middle and high schools.A 10k food investment the first week and it would be a great little engine of return on 35-50k for the rest of my life.All I would need is $35-50k in profit salary, I'd immediately deposit 18$k in that LLC's 401k and use the rest to buy the building above it and charge my own store rent from one LLC to the other.Still got a job and still got at least $1.4 million. ($40k in interest a year)The goal is to use the money as springboard.Going to work every day keeps you grounded.Food and the FutureI would set up another account and automate Fresh Direct, one to pack my pantry/house basement with a couple of years of staples. Water, rice, juices, chips, cookies, favorites, etc. Freeze meats, sauces, etc. Shop in your home. Done right your could splurge and have $50k over 5 years, which lowers food costs for the next 20 when you have a pantry. Only buy fresh seafood, vegetables and fruits as you slowly build out a garden in your backyard on a community space. You’re long term lowering your expenses and improving your health.Car or SUV or RVI live in NYC. I'm currently torn at buying a car. I'm looking at a mini SUV to travel for a book tour (a Bronco II I had one in college and loved it to bits)---I priced a rental at $25k a year but all problems are on Avis or a used one for $2400, both I can purchase through my company. Maybe NYC dampens the American car obsession so while I've owned cars I don't link them to my manhood, freedom or convenience. Though I have started looking at RVs. I wrap that up by saying you see how much I would spend to own a car right? I’d only spend higher than maybe $10k if I could take it as a deduction against one of my businesses. Used. Deduction. Functional. If you want to buy a car that should be your mantra.Real Estate PortfolioI would take real estate investing classes and buy 1 property for every 10 I like of 100 I see in multiple cities. Detroit, Charlotte, Newark, san Diego, I'd make that my weekend job and give myself a LLC for investing with 400k in it. My goal would be a portfolio of 100 properties with a value of 10 to 25 the cash. That challenge would take learning and skill development.Still $1 mil in the bank.I'd show up at work and have great weekends and a mini suitcase for my trips.Askers for Money?No.NOPeriod.Complete sentence.That's how you deal with people.And get the fuck away from my desk at work. I'd walk you into a senior managers office and tell you to ask for some of their 401k, stock options.If I'm not interested in giving, know you're going to get your feelings hurt.Retirement? What FORM of Retirement, You DecideDepending on how long it took to learn finance, real estate and then scope out deals, 2.3$ million after taxes means you have to work at least 3-5 more years at your job. But done right, you could leave at the end of 5 years with a multi million dollar portfolio and a minimum of $100k a year in passive cashflow salary. That would be my goal and still have a million in cash just sitting in another account, not to be touched until a well vetted medium to big deal comes along, like a multi unit apartment building with immediate cashflow.The Plan in a NutshellUnderstand (learn, formally) money.Make money make money.Legacy money.The Future and Giving, Getting Rid of This Huge Nest EggThen I'd start a family trust for educational tuition (grade dependent) and home buying down payments (within their current salary range of 7x). Perhaps for children max out gift giving at $11k a year into something that would accrue to half a million or more in 25 years.I'd slowly drain out my cash and transfer LLC shares to family, children and charities over 25 years, past 20 years from receiving $2.3m, to avoid estate taxes upon my death.I'd insure myself up the whazoo for maybe $10 million to cover my own paper debts and to give children cash so they wouldn't need to legacy liquidate portfolios and they could replicate this process at the next level.#KylePhoenix , author of several books.#TheKylePhoenixShow , host and producer available online.

I was catching up with an old college buddy today. He’s a car salesman at a high grossing car dealership near Westwood, California.Anyways, he told the dozens of times he’s encountered a financially troubling situation like the one below:A married couple in their late 20s and early 30s each with at least a $100,000 annual salary (with bonuses flirting $250k annually pre-tax)Anywhere from $60–$100k in student debt—granted such debt typically necessary for a high grossing careerAfter hearing this, it’s clear to me that accumulating student debt is one of the biggest personal finance mistakes a young professional can make. The interest rate on a subsidized federal loan is 6.8%. Let’s say you rack $20k of debt each year. You’re coming out of college with at least $80k in loans at a pretty painful interest rate that you cannot file for bankruptcy on. Ever.The other that I see so many young people love to do—especially in sprawled out Cali— is buy a lease/buy a new car. If you don’t have a car and absolutely need one I get it. But if you already got one and simply crave an upgrade to appreciate your ‘status’ appearance, you’re bleeding cash monthly with a fat liability on your hands. $450/month for example: $450*12= $5400. And let’s not forget that $3.59/gallon 87 gas in Cali rn, :/Consistent drinking, smoking, and/or partying. While I do not dismiss any of these behaviors, everything in proportion is healthy to keep in mind. It’s easy to rack up $200 monthly on just going out—thats $2,400/year in post tax dollars.Buying things you don’t need. It sucks. You buy socks on Amazon Prime and now FB somehow knows that Nike make you’ve been eyeing from a FB Messenger chat 3 months ago. Big Data is everywhere and knows everything about you. AMZN Prime and other big subscription services make it so easy for us to pump money into things we don’t need—fragrances, watches, a pack of fidget spinners, an extra iphone charger because you’re too lazy to take the one out of your car—the list is longer than Santa’s.Heavy credit card use. Why do credit card companies keep that debit account fresh without taking any $ out of it until the month following the month of expenditures on that credit card? Because they know that if you see $2500 in your debit account as opposed to the $2100 you actually have due to $400 of credit card liabilities that you’ll spend more. My advice: just pay it off immediately so you can visually see how much money you have in your debit account. If you think the interest rates on college loans are bad: try paying off a compounding liability of 16% every month. On the other hand, if you have the discipline, credit cards can be very valuable—but this post is asking about poor financial choices.Not exposing themselves to capital markets. If you take the extra half decade in your mid 20s to invest long term in the stock market in a Roth IRA and/or 401k, you can accumulate thousands and thousands of dollars over the next 3–4 decades. The market will look like pennies in 4 decades.Not allocating 15–30% of their savings to riskier investments. When you’re young and you don’t have a family that depends on you, you have more liberty to take financial risks. Obviously, you can make the money back. I personally believe it’d be in every young person’s best interest to allocate 1–10% of their money into some of the main cryptos like bitcoin and/or ethereum—can’t hurt. Well, it can, but no pain no gain buddy. The other 10–20% can be allocated to other stocks you should hold for the long term to capture dividends on.Not taking taxes seriously enough. If you’re an employee that drives to different locations for consulting-related work or have your own LLC, there are dozens of write offs you can personally account for to bring home additional cash every April.Remember one thing from Robert Kiyosaki’s Rich Dad, Poor Dad series: “It’s not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for.” Trivial purchases today catalyzed through poor financial decisions as a young buck will always keep you a step back from long term, sustainable wealth.I truly have a passion for personal finance and making good choices with the money you have. If any of you need advice with your personal finance, please message me. I am happy to get on a phone call try answer some of the questions you may have about money and decisions you plan on making with the money you have. This is completely free. I’m not some famous person leveraging some giant social media brand to puppet cash out of followers. I genuinely would love to help and connect with new individuals.Sincerely,AD

Welcome to Cannes (14–25 of May, 2019) :Quentin Tarantino's "Once Upon a Time in Hollywood" will have its premiere.An icon of American independent cinema, Jim Jarmush, opens the festival on May 14th. With his new film, The Dead Don't Die, the director presents a not-so-serious zombie movie. Billy Murray and Adam Driver play an offbeat cop team, dealing with lots of bloody undead. Tilda Swinton and Danny Glover, as well as music veterans Iggy Pop and Tom Waits, are also in the satirical horror flick. With so many big names, it's sure to be busy a busy premiere on the red carpet.Twenty more films compete for the top Golden Palm prize. And as always, the festival is packed with stars, including regulars from previous years and some newbies. Spain's master director Pedro Almodóvar presents a new melodrama, as does two-time Belgian winners Jean-Pierre and Luc Dardenne. From Great Britain comes veteran Ken Loach, while the US is represented by Terrence Malick, and Canada by prodigy Xavier Dolan. French films on offer, with the exception of Abdellatif Kechiche (Blue is the Warmest Color), are made by lesser-known names. The competition is topped off by films from China and South Korea, Brazil and Palestine.Only a few days before the beginning of the festival, the organizers were proud to announce the long-awaited film by star director Quentin Tarantino. His new flick, Once Upon a Time in Hollywood, was finished right in the nick of time – fortunately for the Cannes audience. Leonardo DiCaprio, Brad Pitt (pictured above in a still from the film) and Margot Robbie are the protagonists in this drama set in the late 1960s as the hippie movement grips Hollywood.It hasn't been easy for Germany in recent years. German directors are rarely invited by Côte d'Azur festival organizers, as is the case for 2019. Yet, Germany's money is represented, with four co-productions receiving German funding. There is also some German-language presence, with the Austrian Jessica Hausner invited to the competition for her film Little Joe. In a side event, Werner Herzog's new film Family Romance, LLC, which he filmed in Japan with amateur actors, will also be presented.A new film about musician Elton John will premiere out of competitionEach year, the honorary award of the festival goes to a worthy actor or actress with years of success behind them. This year, it goes to iconic French actor and screen idol Alain Delon. Born in 1935, the actor has worked in cinema since the late 1950s, having appeared in over 80 films. Considered one of the greatest actors of European cinema, his biggest successes include films like Purple Noon, Le Samouraï, and The Leopard.Closing the festival is a film by successful directing duo Olivier Nakache and Éric Toledano, Hors Normes (The Specials), and it is likely to be met with great interest. Telling the story of an autistic youth, the comedy features acting greats such as Vincent Cassel and Reda Kateb, and also features plenty of fresh talent. The directors' biggest hit was "Untouchable” in 2011, while their lively wedding film "C'est la Vie!” was released two years ago.Cannes 2019: Ten films to watch - BBC CultureTerrence Malick may be one of the most revered of all US filmmakers, but recently that reverence has come from an ever-diminishing group of devotees, while everyone else has been content to ignore him. His spiritual new period drama, A Hidden Life, should reverse that trend. It may not have the stellar Hollywood casts of his last couple of films, but it has the driving sense of purpose which those films lacked. It even has a proper screenplay, instead of hours of sleepy improvisation. The fact that it is gorgeous to look at is a bonus.Cannes Palme d'Or 2019 goes to Bong Joon-Ho's 'Parasite'.Other awards of Cannes 2019 :Grand Prix — French-Senegalese director Mati Diop for "Atlantique"Best director — Belgian brothers Jean-Pierre and Luc Dardenne for "Young Ahmed"Best actress — British actress Emily Beecham for "Little Joe"Best actor — Spanish actor Antonio Banderas for "Dolor Y Gloria"Best screenplay — French screenwriter Celine Sciamma for "Portrait of a Lady on Fire"Special mention — Palestinian director Elia Suleiman for "It Must Be Heaven"Camera d'Or — Cesar Diaz for "Nuestras Madres"