Bit of a long story, but I have a friend with extremely wealthy parents, I mean EXTREMELY.
She's been receiving 5-6 figures of annual handouts from her folks for years, blowing it all, investing nothing. Her primary circle of friends are in identical situations, so she's been far removed from reality, but since we've become friends I've set her straight and she's keen to invest. Big time. She's working on changing her $1000-$2000/week recreational spending habits. Long process, but she's making progress.
So, with access to at least $1000-$2000/week, forever, and NO CHANCE of falling behind on a single loan (parents will step in if ever needed):
1. How would you proceed in terms of investing? (All asset classes)
2. How can I assist in the process of financial rehabilitation to give some perspective to someone who hasn't needed any to help quell some of the ludicrous spending habits that are so engrained?
3. What professionals should be engaged to ensure the optimal outcome?
She's been receiving 5-6 figures of annual handouts from her folks for years, blowing it all, investing nothing. Her primary circle of friends are in identical situations, so she's been far removed from reality, but since we've become friends I've set her straight and she's keen to invest. Big time. She's working on changing her $1000-$2000/week recreational spending habits. Long process, but she's making progress.
So, with access to at least $1000-$2000/week, forever, and NO CHANCE of falling behind on a single loan (parents will step in if ever needed):
1. How would you proceed in terms of investing? (All asset classes)
2. How can I assist in the process of financial rehabilitation to give some perspective to someone who hasn't needed any to help quell some of the ludicrous spending habits that are so engrained?
3. What professionals should be engaged to ensure the optimal outcome?