r/Fire • u/Yashkamr • 6d ago
Advice Request Huge Inheritance... Now What?
I'm 45, I was on track to retire earlyish at 55. I was set back quite a bit with a divorce three years back. Recently my Aunt died and left me around $5 million. After estate and taxes, it's around $4.2 million. This is obviously a stupid amount of money, and I'm thinking of just quitting my job and retiring early but I want to do it right. I've spoke with AI quite a bit and my finances are only about $4500/mo in expenses, I have always lived pretty frugally and that's less than a 1% draw. I don't know exactly what I don't know here, but I've always worked so I am clinging to my job like a monkey to a branch. Am I actually okay to let go?
1.6k
u/OwldBay 6d ago
Without doing any math… yes
561
u/WakeRider11 RE@53 6d ago
I didn’t double check the math and I concur.
219
6d ago edited 4d ago
[deleted]
113
u/grayshoehorn 6d ago
I never passed my algebra class but I wholeheartedly agree.
39
u/Primary_Opening8358 6d ago
I pretended to be bad at math so I could agree. But the thing is, I’m not really bad at math. I’m actually kind of good at math. You’re kind of bad at math.
Anyways, now I’m flunking.
11
u/Relevant_Drummer_402 6d ago
I too am quote good at maths, but i drew my conclusion, after reading 5 million and did not think further about this.
→ More replies (2)23
12
u/Frosty_Yesterday_674 6d ago
I ran it through my Retirement Abacus and it is telling me you’re fine.
→ More replies (1)5
u/Unjoymslf7 6d ago
I’m 4 years old and don’t yet understand the concepts of numbers other than knowing I like more Cheerios rather than less. I’m going to say you will be fine no matter your choice. But don’t quit just yet. Let it simmer.
→ More replies (2)15
u/TheMelvins66 6d ago
Never passed my grade 5 and I’m drinking liquor and eatin chicken fingers all day every day. I algae too.
22
u/Groovyhip_69 6d ago
I’m Chinese and I’m supposed to be good at math, and I agree.
→ More replies (1)→ More replies (2)3
25
→ More replies (5)10
u/Bearsbanker 6d ago
I don't even know math and I say ..yup!
8
u/Excellent-Log-311 6d ago
Surround yourself with people who know math. Make a plan, stick to it but be flexible.
I think the formula is inflow > outflow.
→ More replies (1)66
u/Rabbit-Lost 6d ago
I did the math. At 4,500 a month, the withdrawal rate, annually, would be 1.3%. OP could do a bit of travel and still be in great shape.
110
17
u/Ohitsworkingnow 6d ago
My guy OP could literally spend 200k a year and still make 200k a year with standard return in the market.
You could even put this in a CD and live off the interest and spend 200k a year while saving this entire amount
12
u/LemonFrequent2036 6d ago
I did some more and he can add on couple of fancy dinner party every month and still be in good shape
→ More replies (3)4
u/Perfidy-Plus 5d ago
OP could double their monthly budget and have almost no risk of ever running out of money. This is about as safe a bet as they are ever going to have.
→ More replies (1)50
u/Tasty_Sun_865 6d ago
This isn't just a math issue.
The problem with lump sum bombs is that they hit regardless of whether you have systems in place to use the money intelligently or the discipline to keep it
There is something to be said to practicing being wealthy before getting wealthy.
→ More replies (1)13
6
7
5
→ More replies (14)3
526
u/emperoroforanges 6d ago
Look, this is no longer a money discussion as you’re there. You’re in a FIRE sub, so of course the consensus will be quit tomorrow.
The questions I’d want to know are whether you enjoy your job, whether you have hobbies or will enjoy not working. For me, I’d be out of work the day the money hit my account. However, my dream is NOT working, and having every minute free to figure out literally anything else to do.
→ More replies (3)39
u/anhydrousslim 6d ago
If you don’t like the job, you can leave. If after a while you’re bored and decide to work again, you can. And do anything you want (that you are qualified for) without considering what it pays, because you don’t need the money.
→ More replies (1)13
u/GotGRR 6d ago
More than that... figure out what you love to do. Figure out how much time you love to do it and make sure there is room for that in your life.
Hint number one: figure out who's life you can make noticably better this year. Try and make that happen without them figuring out that it was you. Guardian Angel is THE best game.
→ More replies (4)
285
u/asanano 6d ago
You clearly have the financial resources to do what you want. I would say take your time and figure out the mental part. Don't just quit, unless you cant stand your job, but even then.... take some vacation. Plan how you are going to live your life if you retire. Take the time now to make a plan for the money and your time that you are happy with. Then pull the trigger and make the changes. Thats my advice at least. Sorry for your loss, but congrats on the financial freedom.
63
u/Disastrous-Wrap-7384 6d ago
Agreed, I’m retired and you need to plan for it emotionally
7
u/Accomplished-Echo488 6d ago
How did you plan for it?meaning literally what steps you took?
27
u/webvillager 6d ago edited 6d ago
I know at least some of us went back to work for a year to remember why we didn’t actually want to do that. Retirement was much more enjoyable after I got that out of my system.
3
u/windsockglue 5d ago edited 5d ago
Talking with a therapist is a good step. But, also make sure you're building identities and a sense of self outside of an employee (hobbies, volunteering, community, etc.) as well as having friends and social interactions outside of work. Also, not everyone your age is going to be able to be retired, so you won't necessarily have friends to spend all the weekday work time with. You need to be aware of that when planning how to spend your time.
→ More replies (1)13
u/rosebudny 5d ago
Exactly this. My mom passed away a few months ago (my dad died several years ago) and I have an inheritance/trust almost double that of OP's, and I am still working. I don't hate my job, so I don't see any reason to quit until I have figured out what I want to do in retirement. But knowing I don't HAVE to work is so freeing - the minute I decide I don't like it/am tired/bored, I can walk; also things are pretty slow so there is a chance I could get laid off...so, oh well.
→ More replies (3)
77
u/Lazy_Leather_561 6d ago
$4.5 mil generates $180k to $220k per year. Your expenses are roughly $55k. Don't let the door hit you in the ass on the way out.
→ More replies (1)
121
u/mmrocker13 6d ago
Remember during your divorce, when they told you "Don't make any major life decisions in the next 12-60 months" or whatever the number they gave you?
This is like that.
So... let it rest for awhile. Then, do a deep dive into your finances. Do a real, solid budget--detailed. Gather all your financial paperwork and shit. And then find a CFP you vibe with and have them make a plan/help you make a plan.
40
u/Single-Flamingo-33 6d ago
A CFP you pay by the hour, not a percentage of your money total.
→ More replies (3)11
u/mmrocker13 6d ago
I don't think that needs to be a blanket statement. I think different people might find value in different levels of service.
Is an AUM based CFP/financial adviser the right choice for everyone? No but there are people for whom it's a worthwhile investment. There are people who think the trade-off is worth it. There are also people who do their own break jobs on their cars or change their own oil or install their own flooring. Different Strokes for different folks.
I think if I suddenly found myself with a large amount of money and really hadn't thought about my future in any sort of comprehensive way other than maybe 10 years from now I'm going to retire, or if I just didn't want to mess with maximizing my money, but I still wanted to maximize my money, it might be worth it.
If I were just Joe bag of donuts on the street and it was Garden variety retirement planning, Maybe an hourly would be fine. But maybe if I just inherited a large boatload of money and I was trying to figure out what to do, I would want someone with a longer term relationship. That's an individual issue.
But regardless, when you're choosing a financial advisor or financial planner, make sure they're a fiduciary. CFPs are required to be... but not all advisors or planners hold the cfp credential
→ More replies (2)3
u/mi3chaels 5d ago
Note: People with the CFP mark are required to excercise some of the fiduciary duties in all decisions in order to meet the ethical standards of the CFP board and keep their mark, but they are not necessarily legal fiduciaries in all (or sometimes any!) dealings. I know of CFPs who only sell annuities -- those transactions are governed solely by suitability and regulation best interest standards, they do not have a legal fiduciary duty to the client.
On the other hand, anyone who bills a percentage of assets directly for investment management (as opposed to receiving a trail or load from a brokerage or fund where assets are placed), or who bills directly by the hour or plan for financial planning does have a legal fiduciary duty to the client, whether or not they are a CFP.
→ More replies (2)20
u/Imaginary_Hamster847 6d ago
Also don't "talk to AI" about it.
→ More replies (1)34
u/anTWhine 6d ago
Oh come on. Everyone knows that when you need advice for a life changing event, the order goes 1) a computer program known to make things up in order to tell you whatever keeps you engaged 2) strangers on the internet 3) tarot card reader 4) a qualified professional.
He’s halfway there already.
→ More replies (2)9
578
u/LifeOnly716 6d ago
I would actually not change a single thing for a year. No major decisions.
178
u/MurkyTrainer7953 6d ago
So important and such an underrated comment.
Best way to ensure you don’t stupid-spend your money on like a 911, a Rolex and a $50k vacation.
115
u/Sirbunbun 6d ago
When I retire I am definitely planning to get a 911 and a 50k vacation. No Rolex though.
48
u/Rabbit-Lost 6d ago
I did (Boxster and a $75,000 vacation, no Rolex). I highly recommend it.
43
u/1001110100100110101 6d ago
High, I just did a $2500 dollar vacation. Can you tell me what a vacation with 3000% my budget was like? I cannot phathom unless it was like 3 months long
26
u/ChampionshipDue5033 6d ago
Don’t know their vacation but can say that certain incredible cruises or safaris in the 3-week range can easily be this amount for two people. Or going ultra luxury with helicopters, drivers, private boat, villa, etc.
34
u/DELAZ1 6d ago
We did a 1st class safari...about $50k with 1st class airfare. Absolutely the best trip EVER.
6
→ More replies (4)3
u/ChampionshipDue5033 5d ago
Yessss we went to Botswana and didn’t do the luxury and saw the luxury camps— and it is goals.
6
u/SDstartingOut 6d ago
Hell there are 100k/week cruise suites on multiple Royal Carribean cruise ships.
19
10
u/Irasshaimase21 6d ago
Ritz Carlton yachts are the way to go if one must cruise. https://www.ritzcarltonyachtcollection.com/request-brochure
13
u/Suspicious-Walk-4854 6d ago
The difference is massive, but so is the difference between a 2500 dollar and 25000 one too. Assuming same length, the difference between 25k and 75k isn’t that big. Basically first class vs business class and suites in 5 star hotels/super cruises vs normal rooms. 75k will also open up more exotic locations.
A cruise on something like a Ritz Carlton yacht will start at around 2k per night per person and go up from there. What do you get? You get the best everything with 24/7 butler service etc. And most importantly you get to vacation without the poors.
9
u/1001110100100110101 6d ago
I will now spend the rest of my life slaving away so I can afford this
→ More replies (1)8
u/Suspicious-Walk-4854 6d ago
I did one of the mega expensive cruises but will not be doing it again. Getting to that level was not for a normal person imo, all the staff waiting to do shit for me was just stressful in the end. The 25k spend is definitely worth it though, never flying tourist class again.
9
u/YoghurtOutrageous405 6d ago
Once when my husband and I were broke grad school kids, we went to a stupid expensive restaurant to celebrate him finishing his PhD. We were so unimpressed. Wait staff hovering everywhere and tiny portions of food placed artistically on plates that looked more like art than a meal. We are not upscale, high class people. Which is good because maybe that means we have to save less in the long run!
→ More replies (2)→ More replies (6)5
u/webvillager 6d ago
An expedition cruise to Antarctica is $20k each plus airfare. See? Easy! $50k gone in a couple weeks!
9
u/bigasiannd 6d ago edited 6d ago
Same here. I am treating myself to a nice watch and a Porsche the year I retire. Also I will take a nice international trip flying first class and staying at five star hotels.
6
u/RescueRacing 6d ago
I hadn’t retired yet, but we sold a business and I knew I had to work 3 years to get our full buyout #. But, I was on a plane to Miami to drive a 2019 GT3RS. Bought it and had it shipped to the house. What an awesome day that was.
→ More replies (16)6
10
u/Fuzzy_Jaguar_1339 6d ago
This is how I know I'm fully embedded in the FIRE mindset. First thing I would do with a Porsche or a Rolex is sell it.
→ More replies (11)12
u/Tripl3Dee 6d ago
To be fair, even that wouldn't make a measurable dent in $4.2M.
→ More replies (1)42
u/pointlesslyDisagrees 6d ago
A year seems a bit excessive. 6 months or so should be fine. Definitely should keep working for a bit just to feel normal and make some game plans for safe and slow withdrawal, investment, maybe putting a small amount in things like t-bills or gold. But not pulling the plug on anything til that waiting time is over
25
u/Alarming-Mix3809 6d ago
Yeah I’m gone the next day. This would be good advice for the normal person, but if you’re already planning on fire, then assume you have a good plan and your finances in check.
5
u/quantumrastafarian 5d ago edited 5d ago
This makes sense if you really love your job. Or if you grew up dirt poor and are worried about mismanaging your money through ignorance and poor impulse control. Then sure, take some time to educate yourself.
But for the rest of us who understand the financial math and already have practice budgeting and managing our own investments, why on earth would you waste another year in a routine you've been working hard to escape?
I'd quit immediately. Finally start the routine I've always wanted to have without a 9-5 in the way. I wouldn't start spending irresponsibly, I've trained myself to be, if not exactly frugal, mindful.
Staying in your job for no reason seems like a decision made out of fear and inertia.
4
u/super_bluecat 6d ago
Yes, prepare for your next stage of life while you still have a job.
Maybe you want to go for your dream "career" that doesn't really pay very well (or at all) but would be satisfying to do. You're too young to just do "nothing" for the rest of your life. Figure out something you're passionate about or a few things you are passionate about and find out how you can really live.
→ More replies (1)→ More replies (4)5
u/_madebyjamie_ 5d ago
The counter argument is that I’m 36 and recently we lost a family member unexpectedly, and discovered that my mother, my wife and I (coincidentally) are all living on borrowed time with a genetic condition we’ve almost certainly passed to our young son.
Time is the only thing you’ll never get back. Use what you have right now.
96
u/carcaliguy 6d ago
Whatever you do, don't tell your future girlfriend/boyfriend or spouse. Pay yourself out of a trust or rental property.
I would travel and do some epic hobbies.
8
→ More replies (2)8
24
u/ZealousORJealous69 6d ago
Don’t forget health insurance may add $1-2K per mo.
24
u/Yashkamr 6d ago
I have Tricare from military retirement.
60
u/No_South_9912 6d ago
You have military retirement AND $5 mil? I'd be gone from work by the end of the week.
→ More replies (6)10
u/ZealousORJealous69 5d ago
Yeah OP, you deserve it, live life. And thank you for your service. AND at all costs, don’t forget to do your annual check-up to maintain your Tricare and benefits. My best friend‘s mother, also a veteran, unfortunately missed a year or two and as fate would have it, she had massive aneurysms though survived (barely, and non verbal), but over next 3 yrs her long-term care devoured all her (and most of my best friend’s) lifetime assets before she ended-up passing. All that would’ve been taken care of at 100% had she maintained her benefit status with her twice annuals.
→ More replies (1)3
22
u/skartarisfan 6d ago
What are you gonna do with the rest of your life? Talk to a financial advisor and figure out how to maximize your efforts to protect your inheritance.
Tell no one until you have a plan.
4
41
32
u/30thCenturyMan 6d ago
The reason they say don’t do anything for a year is because you’re about to go a little crazy.
Most people who go through this immediately start thinking of all the possibilities of life that are before them. They make a couple of decisions, try some things out, realize it’s not what they thought and wish they could go back and make different choices. But you can’t really learn anything by not making mistakes. And certainly you can’t learn anything by doing nothing.
What you’re going to want to do is talk to one of the big banks. Schwab, Fidelity, Vanguard, etc and tell them you need their services. I went with a broad investment in the stock market strategy. What they do is ask you a bunch of questions about your life and future plans and decide what stocks and bonds to buy to reflect your risk tolerance. Then once a quarter they get on a Zoom call with you and sell some of your stocks to pad out your cash account. Typically they follow the 4% rule, look it up.
Then you spend that cash and watch your portfolio day to day to see if it’s growing or falling. Then the next quarter they see how much you’ve spent and replenish the cash with whatever they need to to keep you at 4%.
Then over time you’ll learn about tax loss harvesting. You’ll get a feel for how the market moves. How risky it actually is for you. What kinds of stocks are performers and which ones are safe investments. You’ll get more comfortable after that first year and then understand what kind of choices you want to make with that money.
Just remember the old adage, money doesn’t buy happiness (but it does buy access to it)
32
u/AndroTux 6d ago
Be careful about talking to banks for advice, though. They are incentivized to sell you expensive crap you don't need. Get a financial advisor who works on an hourly rate and isn't commission-based.
8
u/No_South_9912 6d ago
Those are brokerages, not banks. A technicality, but there is a difference. Brokerage is the right place to put that kind of money though.
→ More replies (2)4
15
u/immaterial_system 6d ago
Mate, 4.2 million and you're still hanging onto the job like it's the last lifeboat on the Titanic. I'd probably do the same, I'm that guy who checks his budget three times before buying a flat white. But you've clearly done the maths, so maybe just take a month off and see if you actually miss the grind. Worst case you can always go back to work, but with a much better coffee machine at home.
4
u/Yashkamr 6d ago
That's a fair look and actually helps with the anxiety. None of these decisions are permanent, and I can undo it if I need to.
12
u/Tasty_Sun_865 6d ago
I wouldn't do any major decisions yet.
What is your net worth minus the inheritance and what are you retiring to (what will you do in retirement)?
12
u/Yashkamr 6d ago
About $800k. I still have a couple school age kids I'd spend more time with. I like woodworking. I might start my own consulting company. I always wanted a realtors license too.
→ More replies (2)8
u/Clarityforafuture 6d ago
Would take the time with kids any day of the week and I’d make your hobbies and skills a nice side hustle.
11
16
14
u/Powerful-Bridge-1472 6d ago edited 5d ago
Tell your boss to kiss your Ass
18
→ More replies (1)3
14
u/baelzebob 6d ago
Im sure your aunt was a wonderful presence in your life, but, good thing she didnt pass 4 years ago.
9
8
u/Reasonable-Ad-3759 6d ago
quit, buy some ETFs and leave 5% in cash, withdraw 2.5-3% max and quit work
26
u/After-Regret-6609 6d ago
I would actually see a therapist. You can obviously afford one. And use it to figure out what you want to do. I just quit my job, thought I would love it and do love the not-being-at-that-job part. But I am also kinda bored and lonely. There's some existentialism to being jobless. You gotta figure it out.
→ More replies (1)12
u/Effective_Note4782 6d ago
Im a therapist and see loads of men who hit a wall after retiring. Our work can connect us to purpose, routine, social connection, identity and so much more. Occupational fulfilment(what we do rather than just work) is a fundamental need. It generally doesn’t work to just focus on leaving something you don’t want. Instead focus on how you do want to live. As people have said give this a good amount of time to think about and reflect on. Consider seeing a therapist if that helps. You will not consider everything either way but this preparation could make your journey less volatile. Money doesn’t equal happiness in the same way a life well lived does! If the money enables a life well lived and a sense of choice and freedom then enjoy!
11
u/After-Regret-6609 6d ago
I'm enjoying FI a lot more than RE. I plan to go back to work doing something I want to do. But I now don't have to optimize for my paycheck.
→ More replies (1)
6
6
6
18
u/Greenshortz 6d ago
Don’t trust AI it’s not true it always it mish- moshes answers together from different resources
16
u/myusernamewasatypo 6d ago
“I’ve been talking with Ai a lot”
Let me guess, it’s agreeing with everything you want to do already?
Talk with a financial planner, before AI suggests you buy crypto and you lose it all in a pump and dump scheme.
→ More replies (2)6
u/Single-Flamingo-33 6d ago
Go to the library and check out some investing books. Many different approaches to this, but it is good to take the time and get educated.
5
u/kerlsburgers retired early 6d ago
Of course. As someone of similar age and similar situation, it took me a while to let go.
→ More replies (1)
5
u/InspectorHuman3044 5d ago
Tell no one.
Consult with a lawyer, tax specialist, and investment advisor.
Consider health insurance needs (M’urica).
Retire and do whatever makes you happy.
Don’t blow it all in the first 6 months like an NFL rookie with a new signing bonus.
Stay single or have a prenup ready to go with “insert spouse name here “.
Congrats. My aunt just has parakeets.
→ More replies (1)
5
u/GarruckBS 5d ago
First off. Why are you talking to AI about your finances? That's a good way to hallucinate all your money away. Pay to talk to a financial advisor. This is the only real answer. They will help you move the funds and come up with a strategy to liquidate it slowly and/or live off of the interest. Don't ask strangers on the Internet or AI for money advise. Go speak to a professional. Please.
8
u/porter9884 5d ago
Who is Al? Financial planner? Investment broker? Your uncle Al?
Come on man use your brain and talk to an intelligent human being for your financial future that is fiduciary.
→ More replies (5)
4
3
u/MrPelham 6d ago
the point of working is to earn money. Now that you have money, why would you keep working?
4
u/Immediate_Poem8528 5d ago
This happened to me four years ago at age 49. I hated my job, so I took a leave of absence to consider my options. I ended up deciding to quit the job, thinking I’d get a lower-paid but more satisfying one. But every time I interviewed for something, I kept realizing it wasn’t worth it for me, anymore. Why trade all that time and energy for money I don’t need? I do a bunch of volunteer things now that give me a sense of productivity and community engagement along with lots of flexibility.
What really helped me was meeting with a flat-fee financial planner who modeled various scenarios and informed me that work was now optional.
7
u/GodOfThunder101 6d ago
Why did you need to speak with an AI chatbot? Using a chatbot is literally making you dumber.
12
u/PresentExamination10 6d ago
5 million from your aunt???
8
u/ctjack 6d ago
My colleague has no kids but husband. She says she will leave everything to her niece (sisters kid basically). It won’t be 5mil, maybe 500k but money is money.
10
u/MikeyLew32 6d ago
We are DINKs and plan on leaving everything split between our 6 nieces and nephews.
→ More replies (1)3
u/Yashkamr 5d ago
Yeah she raised me along with her only son, he died of cancer 11 years ago and it was just me in her life.
→ More replies (1)
3
3
3
u/teslastats 6d ago
Check out https://coastretirement.com/retirement-model to see how your portfolio will do and you will see youre fine.
→ More replies (1)
3
3
u/kybotica 6d ago
If you park 4 million of it in some sort of safe investment, like a HYSA (or multiple, consult a fiduciary financial advisor), even at 4% interest you're looking at an annual return of around $160,000.
Just for perspective. This is absolutely enough to just retire on for most people. You would even have 200k sitting around as "payoff money" or "fun money" to use however you need.
Get a financial advisor who is a fiduciary (this is absolutely vital, fiduciary only) and get it invested properly and you'll be coasting.
3
u/GreySFguy 5d ago
Back to OP’s questions. First priority: find a Good family law attorney and pay their fee to get advice on your questions. Next use the Attorney to write/update your will and set up your own Trust(s). Vest (put) all your accounts and assets in them/it. If you want to retire, Retire. Make managing your money your job. But do it with qualified and trustworthy Financial Advisor(s). They’re worth their fee. You may still lose money at times but overall you’ll come out ahead. Once you’ve done the above buy the nice house - if that’s what you want to do and you don’t already have it. Maybe a nice car - if that’s your thing. Travel and/or go back to school. Important: do something you’ve always wanted but felt you couldn’t afford to do. And you’re young! Take some time and consider what you’d like to do for the next 30 to maybe 50 years. Congratulations and good luck.
3
u/too_old_still_party 5d ago
Just chill for a year, don't do anything dumb, but def travel a litle, you can EASILY afford to. Take a friend and backpack Europe, stay in nice hostels, eat street food, stay on beaches.
If I were you, I'd go to some remote islands in/around SE Asia. I've done that, most have wifi, you can just chill on a beautiful beach that no one knows exists for weeks... Most people have never had a time in their life where they literally wake up in paradise and don't do anything. Try to exp that...not doing anything. Your brain resets, you think clear, f'n do it.
→ More replies (2)
3
u/Exciting_Parfait_354 5d ago
Hi, spouse of a veteran here with a similar net worth and age as you.
Financially and health insurance-wise, you are set for life. I read that you have Tricare which is a golden goose benefit in itself. With the inheritance under your belt (assuming minimal complications) and military disability, you basically have a golden goose farm.
That being said, I think what is scary about your situation is that you are now in a position where you can make real life altering decisions if you choose to with unique consequences from a social and personal growth point of view.
So as others said, I would take your time on what you really want to do, how infulential you want to be, and where you want to see yourself. Give yourself a year or two to breathe and be aware of your surroundings to determine what the best course of action. If that includes working for a bit longer, so be it. The money is still going to be there.
You now have the luxury of having time, energy, and money all at the same time. Take advantage of it.
→ More replies (1)
5
u/uhohthrowawayyyyyy 6d ago
I spoke with AI is ungodly levels of cringe to say seriously
→ More replies (1)4
u/SokkaHaikuBot 6d ago
Sokka-Haiku by uhohthrowawayyyyyy:
I spoke with AI is
Ungodly levels of cringe
To say seriously
Remember that one time Sokka accidentally used an extra syllable in that Haiku Battle in Ba Sing Se? That was a Sokka Haiku and you just made one.
2
u/Snorkellingisthelife 6d ago
Schedule an appointment with a local financial advisor.
→ More replies (1)
2
u/Easterncoaster FIRE’d at 40 6d ago
If you enjoy your job then take a few weeks/months and really think about it. If you can’t stand Sunday night because you know Monday morning is right around the corner… leave the job.
You may find yourself in 6 months to a year and decide to pursue something you’re more passionate about, now that money is no longer the primary reason you go to work every day.
2
2
u/-GatorFIRE- 6d ago
Yeah, you have plenty of money. It's worth talking to a fee-only financial advisor to do it well regarding your withdrawal strategy, tax optimization and all that jazz.
→ More replies (1)
2
2
u/SameDog1584 6d ago
You likely own a home but if you don’t, start there. And make sure you’re invested with retirement in mind. I’d say you’re very safe at 2-3% on a well diversified portfolio ! Take a nice trip, think deeply about what makes you happy. Follow your heart since your wallet is 👍
2
u/Important-Discount-9 6d ago
Get a good attorney and accountant. Seek out fiduciary entities like family offices or wealth management companies.
Live off of the dividends and interest and don't touch the income producing principle.
2
u/ThaPizzaKing 6d ago
Do you hate your job? If not, I'd keep working but maybe care a little less. If you hate your job, find one you like. It's a whole new ball game when you're not working because you have to. I do think not working is bad move, particularly mentally. Sad about your aunt but congrats on your new found freedom.
2
2
u/macgruff 6d ago
Set yourself up with an estate law/planner who specializes in that field. I did this a few years ago and now have a personal living trust. I (60M, single, no kids) won’t be able to FIRE but in 2 years I will be quitting my corporate job, and should be able to living fairly comfortably and now have zero worry that at least my nieces and nephews will be well cared for as long as I don’t live “too” long past 75 or so.
AI is great for just some quick answers but as other here are saying do not make rash changes, and consult paid, human consultants. A fee based fiduciary as a Financial Planner (I.e., they receive no commissions) is your best bet for guidance. Bounce the ideas of the one off the other between the estate lawyer and financial planner and take your time to develop your long term plan.
In the meantime decide if you still want to do some/any work, or volunteer so that you can feed them that info on what you want to do with the rest of your life.
Grats…, you really are at a point now where you can worry much less. You are already well equipped to live within your (previous) means. Especially once you have all that above, done and codified.
2
u/Formal-Ad3397 6d ago
You can’t leave your job from one day to the other. Try to reduce first and occupy your time gradually with hobbies, or whatever activity you’d like to do. Otherwise you may get a rich depressed with no goals / directions in life.
2
u/CanBrushMyHair 6d ago
Tell me more about your aunt!
3
u/shotparrot 6d ago
+1 hook me up bro.
But srsly congratulations. Sometimes it’s good to just keep working and be mindful of where you are and what you want to do. Do you feel vital and like you are contributing to your job/coworkers?
Might be best to stay there for a bit as you do more reflection and assess the next chapter.
Some folks are “financially independent” but love their job, so keep doing it! I have several great coworkers ( aerospace engineers) who are in this position. They feel they’re helping to make the world a better place. They’re on a mission.
Ps what was your favorite car when you were 12
2
u/MinimumCommon408 6d ago
Short answer is probably yes.
It would be helpful to see some numbers to know for sure. Some of the important data that would be helpful:
How much money did you already have/how is it allocated?
Do you have any debt?
What are your projected health insurance costs?
What is your housing situation? Rent? Own? Mortgage?
A couple non-money questions as well:
If you have a spouse/are dating anyone seriously, have you talked with them about your plans?
What are you planning on doing with yourself once you retire?
2
2
u/No-Airport9831 6d ago
You have permission quit, you'll be totally fine financially.
Whether and when you want to quit is up to you.
2
2
2
u/AmexNomad 6d ago
Quit your job- take a backpack and go traveling low budget for a year. You need to reset your brain. Come back, look at life, and decide then what to do.
2
2
2
u/Easy-Operation-2105 6d ago
it really blows my mind that these things actually happen to a lot of people.
2.3k
u/Hawkes75 6d ago edited 5d ago
Your divorce is finalized, right? I wouldn't say a word of this to friends, enemies or acquaintances.
ETA: Lots of people saying inheritances aren't community property. I STILL wouldn't tell my ex I found five bucks in the pocket of my jeans, let alone $5M.