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If you inherited a sheet load of money... - Page 4

post #46 of 54
I had a situation somewhat like that (except I was JUST graduating from college and had never made more than 6,000 or so per year prior). It wasn't FU money, but certainly more than 99.5%of my friends and family would ever have at once. I was able to put a down payment on a home, pay off some student loan debt, and finance my current educational endeavour. I realized that the money was sufficent to increase my style of living for a period of time, but not enough to really ever live off of, so I took some to provide a means for sustaining an increasing quality of living for life (increased education credentials, better work experience). Of course, I've used some for stupid stuff and for paying for some things I probably wouldn't have been able to afford otherwise. I still have a decent portion invested or otherwise saved up, and I plan to maintain some of it to give my retirement savings a boost (I'm in my 20's, so even high 5 figures is a good jumpstart). One of the greatest perks came about a year ago. I had found a good job (not high paying but decent, interesting and with great benefits) straight out of college and had planned to stay there while working through a master's program and eventually working my way up in the company. It paid most of our bills, even before my wife's work authorization came through. Unfortunately, lay offs came just a couple of weeks before I was planning to apply for school. I was given the option of leaving the company in search of something else or taking a factory job with the same company (entry level, no responsibility, longer hours, same pay but no more raises). The schedule for that job would have meant no more school. Thanks to a small severance and some savings I've been able to take on a lower-paying job with a non-profit agency that has been very rewarding and allowed me the opportunity to take on MUCH bigger responsibility and develop greater skill sets without worrying as much about paying my basic bills. I'm doing something I love that develops my resume and allows me to go back to school. Ultimately, the money would never have been enough to change my life if I just spent it. Sure, I could have bought a car, taken bigger vacations, and partied pretty hard for a couple years, but it would have run out very quickly. I decided I could, instead, take steps to secure the sort of lifestyle I wanted long-term through investment, education, and paying off debt. I feel that my life will have changed when, at 30, I have no more student loans, my mortgage is at least 80% paid off (if not entirely), I have a modest amount of retirement savings beyond what my paltry current salary would allow me, and my new degree allows me a career in a field with many more opportunities and a starting salary roughly twice what I make now (and a chance for MUCH higher numbers long term). It may not be exciting as non-stop partying and 5-10 of the exact same car (a high school friend went that path), but I've been given the rare chance to re-do some of the ill-advised college and career choices I made at 18, live somewhat comfortably while serving the community, and after graduation I'll be set up for a very comfortable lifestyle well into retirement.
post #47 of 54
I recently found out through some unfortunate circumstances that I will be coming into a modest sum of money through inheritance. Unsure what the total amount will be but I do know at least part of it is quite a few shares of stock, some CDs and bonds, and a house I need to sell that is in very bad shape but very desirable lot. The circumstances as to why I am inheriting anything sucks (my father died and his parents will was worded that if any of their kids die before they do, their heirs receive their share). The first world problem part is I looked at the stock value over the last 5 years and it went from 60/share in 2007 to 13/share now. ffffuuuu.gif The thing that is actually going to be a pain in the ass with this is that my late father's brother inherited half of the house too and he is letting emotions cloud his judgement about how to handle it. My brother and I can already see this is going to be a big problem and we are not wanting to have an empty house on our hands for a long period of time while he blocks the process. I'm not sure what the best option in that regard is.
post #48 of 54
Speak to your uncle in a few weeks. Of course emotions are going to drive what he wants to do right now.
Is he living in the house?
post #49 of 54
Treat yourself a little
Save save save.
Use that cash to borrow against it for some real estate investments.
post #50 of 54
Pay off all debts and then look for a new job!
post #51 of 54
Quote:
Originally Posted by dragon8 View Post

Pay off all debts and then look for a new job!

Paying off debt is a good idea. Nothing felt better than paying off my student loans ahead of time. You get your freedom back.

post #52 of 54
Quote:
Originally Posted by Shoe City Thinker View Post

... what would you do now that your net worth is more than what you made in salary in the past 4 years? Take a new career direction? Go on sabbatical?
well considering that amount is not even in the millions, i would probably just invest 90% of it and keep my day job...
post #53 of 54
My net worth already is more than I made in salary in the last 4 years, so this windfall wouldn't really change much. I'd probably upgrade from a condo to a house, give a nice chunk to our favorite charity, gift some of it to my nieces and nephews' college accounts, and invest the rest. My mortgage rate is so low it would be silly to pay it off, I'd be much better off investing the money (assuming I can do better than 3.5% after taxes).

When I was a kid everyone in my family received legal notice that we were to receive an inheritance from a distant and very wealthy relative. Nobody in my generation had even heard of him, let alone met him. The terms were that the money would be used to support his surviving child, a woman who was severely retarded and institutionalized, and that upon her death the remainder would be divided among the surviving heirs. 35 years later, that was the last that I ever heard of it; apparently her care eventually used up every penny. Either that or the executor fucked us all. It's also possible that she is still alive and one of these days a certified letter will arrive in the mail.
post #54 of 54
Quote:
Originally Posted by imatlas View Post

My net worth already is more than I made in salary in the last 4 years, so this windfall wouldn't really change much. I'd probably upgrade from a condo to a house, give a nice chunk to our favorite charity, gift some of it to my nieces and nephews' college accounts, and invest the rest. My mortgage rate is so low it would be silly to pay it off, I'd be much better off investing the money (assuming I can do better than 3.5% after taxes).

When I was a kid everyone in my family received legal notice that we were to receive an inheritance from a distant and very wealthy relative. Nobody in my generation had even heard of him, let alone met him. The terms were that the money would be used to support his surviving child, a woman who was severely retarded and institutionalized, and that upon her death the remainder would be divided among the surviving heirs. 35 years later, that was the last that I ever heard of it; apparently her care eventually used up every penny. Either that or the executor fucked us all. It's also possible that she is still alive and one of these days a certified letter will arrive in the mail.

Well, if the executor screwed you all then I'd send him a copy of your avatar.icon_gu_b_slayer[1].gif
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