This content is rated TV-MA, and is for viewers 18 years or older. Are you of age?
Sorry, you are not old enough to view this content.
CNET News Video: Tips for newly minted Facebook millionaires
About Video Transcript

CNET News Video: Tips for newly minted Facebook millionaires

1:37 /

Congratulations, you're officially rich. But before you splurge on a winter getaway in Aspen or some sporty wheels, take a breath. CNET's Sumi Das speaks to a financial expert who says the best thing to do is follow three simple steps.

Speaker 1: So, your company have gone public or been acquired, now that you've added some zeros to your bank balance, what's next? Expert say newly minted millionaires should follow three simple steps. Speaker 2: Plan, diversify and take a very close look at taxes. Speaker 1: Uncle Sam is going to want his cut. Just ask Facebook co-founder Edwardo Saverin, who's getting hit for renouncing his US citizenship presumably to avoid hundreds in millions of taxes. Speaker 3: You have savings bond in two different places? speaker 1: Don't run for the border but seek a tax expert who can help with some common sense legitimate strategies. Next remember lessons learned from the first dot com boom and the recent financial down term. Speaker 2: You know, it goes back to the importance of diversification. Making sure that no matter how hopeful or depressed you are about the prospect of both Silicon Valley and investing in general, that you make sure you ride a middle ground. Speaker 1: Finally, be prepared for ambulance chasers. Your phone will buzz with calls from people wanting to manage your money. You wanna take a financial adviser over a broker. Speaker 2: If you're a broker, you're a salesperson. You are paid to sell whatever that firm wants you to sell. You push products. If you are an adviser, you have a legal duty of (adetiary?) obligation to your client to act in their best interest not in your own. Speaker 1: You should bet anyone you're considering hiring early. In San Francisco, I'm (Simi Das?) CNET.com for CBS News.

New releases

More tech ideas for Halloween
0:58 October 23, 2014
Halloween is right around the corner. Whether you're looking for a sweet or scary way to celebrate, CNET's...
Play video
Tomorrow Daily 074: VR moon tours,...
25:03 October 23, 2014
On today's show, we discuss virtual reality tours of the moon using Oculus Rift, all the crazy things we spotted...
Play video
iPhone 6 You Up - The Music Vi...
2:55 October 23, 2014
We celebrate the launch of the iPhone 6 with "iPhone 6 You Up". All night.
Play video
Facebook Rooms joins the anonymous-chat...
2:54 October 23, 2014
A new app from Facebook puts a twist on anonymous messaging, Apple stores still see long lines for iPhones,...
Play video
Microsoft's Chromecast competitor...
1:39 October 23, 2014
This little dongle sends your screen from your Windows machine (and some Android devices) right to your T...
Play video
Take a look at the Windows 10 Start...
1:21 October 23, 2014
Windows 10 has revamped the Start menu; let's check it out.
Play video
Marantz SR5009 receiver: Stunningly...
1:44 October 23, 2014
The Marantz SR5009 looks and feels more upscale than the competition's receivers, and it follows through with...
Play video
Apple Pay vs. Google Wallet vs....
2:14 October 23, 2014
Sharon Profis compares the security, ease of use and availability of some of the most popular mobile payment...
Play video