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For everyone saying do it yourself I think it may be relative to how much money you have and how much time you have.
If you are running two businesses and working 16 hours a day making 4 million a year, you may just want to trust someone to manage your money if you want to make real money off of it. Just one example.
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I kind of see your point.
But.
I've been in business all of my life. I haven't met a business owner yet, in that circumstance that can't think of a million ways to put that money into his business or semi related type business and have a much better return on cash.
Usually just the tax implications alone would dictate some heavy investment back in the infrastructure of his business.
Obviously there will always be a place for such a devil, but I feel like it would be very very limited if people educated themselves. A guy in that spot will likely have some investments but usually it's much much less than a layman would reckon.
Disclaimer - My opinion may be skewed because I work in a high overhead industry. 4 million in profit isn't much and could be wiped out pretty quick by a market down turn. 4 million is "pay down the loc and get ready to weather a bad year" type of money. Not shrimp and lobster money. And most of the banks have limits on how much you can take in distributions anyway so you might make 4 million, but you ain't touching much of it. It will go to service debt or expand.