Diversify.
Be very careful, don't follow any advice, including any of this without triple checking.
And remember that what 5 million today will buy you is a significant multiple of what it will buy you in 20 years.
Inflation is hard on money that you've got, simply maintaining purchasing power is already an issue.
Saying that you shouldn't hire a professional to create a suitable strategy for you and maintain your wealth doesn't sound right.
It all depends on which professional and there are plenty of shysters in that world. A fool and his money are soon parted, and there are people that have turned that sort of thing in to a career.
Case in point, a friend of mine did pretty good, had a good sized IT business and a sizeable nest egg. Enter the investment advisor. 15 years later, and a lot of bullshit stories he's down to roughly 15% of what it was when he started out.
Finding people you can trust with your dough is very hard, learning how to do so yourself is not easy but if you fall you hopefully won't fall too far.
Coming in to some money without having earned it is harder still, it means that you don't have money managing skills that would have gotten you to that height in the first place.
It's a very tricky position to be in, best described as a goldfish landing in a shark tank.
> Saying that you shouldn't hire a professional to create a suitable strategy for you and maintain your wealth doesn't sound right.
Is a strawman, I didn't say that you shouldn't hire someone to create a suitable strategy, I said 'Definitely don't put it in the hands of third parties', in other words, maintain control of your funds at all times.
Advise is fine, but a third party managing your funds for you in a 'hands off' mode is most likely not. It's your money, when it gets moved you should be the one to make the call, not some broker. Their interests are not aligned with yours.
And brokers are not investment advisors. They are in the business of selling stuff to you. So if you are saying don't give money to brokers to manage then I agree :). When you hire an advisor you agree on a strategy beforehand and the advisor makes trades to keep certain averages in your account. This industry is pretty regulated and advisors know they are liable if they divert from an agreed-upon strategy.
You're isolating yourself from a bad egg. The point is to insure yourself against utter crooks/total screwups.