Submitted by Slide_Slicky t3_yuy90r in personalfinance
HI, I recently won a settlement ($840K), and sat down to meet with a financial advisor last week to discuss the best ways to invest that money and make it last. I told her I planned to buy a house and to gift my parents money (my dad is getting antsy, as he has plans to use the money soon), so that would bring me down to around $600K. She advised to invest into a mutual fund (moderately) and that I'd get around $2K a month off of that.
She also told me to possibly gift my parents less, as this would ultimately affect how much I'd get back a month if I planned to make this money last for a long time. Did she give me solid advice/good plan? Or should I see another advisor/do other things to maximize my money?
Edit: I lost my leg in a work accident, Incase this changes your strategy or advice for me.