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If you inherited a sheet load of money...

Valproate

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Originally Posted by tonylumpkin
Much of this, I would think, is the result of always having had money. There is a massive difference between growing up with everything you need, and suddenly acquiring the means to have everything you've ever wanted.

This is right on the money, so to speak. A lot of folks who got rich fast (think China right now) and were poor too long (China, again) are now buying up LV and Gucci as fast as they can. Those who got rich slow and over time don't need to show off.
 

Shoe City Thinker

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My situation:

I'm in my late 30s. I inherited 1/3rd of my father's retirement portfolio. Not going to post the exact amount but it's more than enough for me to live off of for a year and a half if I didn't work. Right now I'm in between jobs and this windfall has changed my job search strategy. If I'm not 169% jazzed up about the opportunity, I'll decline to take the job if offered. What's the rush? I have my severance, inheritance, and weekly UI checks coming in. I could go back to school and get some sort of Master's degree (MIS or MBA). Or I could make a real honest go at IT consulting (not some sort of half-assed in-between gigs sort of thing, a real consulting business). Much to think about.

For now it's going to stay 100% invested until I figure this out.
 

CouttsClient

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Originally Posted by Valproate
This is right on the money, so to speak. A lot of folks who got rich fast (think China right now) and were poor too long (China, again) are now buying up LV and Gucci as fast as they can. Those who got rich slow and over time don't need to show off.
The NR (new rich) have to catch up to the old rich. There's no need to go on a spending spree if you already own multiple homes, and all of the other creature comforts you want. So you tend to spend less if you've had money for a long time. There are fewer things to buy
 

Joe Cool

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I can't believe no one else has gotten on board with my 2 chicks at the sime time idea
 

Fraiche

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Originally Posted by Joe Cool
I can't believe no one else has gotten on board with my 2 chicks at the sime time idea

That might be because if they knew about your inheritance money, you may have an extra 2 potential people you're forced to share the money with if things went south...
 

calisanfran

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I would give up working for someone else (i.e. corporate america) and look to start a business / do something of my own. Its a lifelong dream to have my own business but the opportunity cost of giving up my current job with stable (and sufficient) cashflow is too big a hurdle to overcome right now.
 

NorCal

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Depends. If you're still young take the chance and do something that normally you really could not. Like learn to sail and then sail around the globe or spend six months on a Moto going from SF to Paris.

Take a small % and just blow it with no regrets.

Pay off debt and invest what's left.
 

Piobaire

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I would just complete the planned house build that the RE meltdown has caused me to delay a few years.
 

Steve Smith

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I would begin construction of an underground lair, probably inside an inactive volcano.
 

Michigan Planner

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We already know that we will be looking at a substantial inheritance when my wife's parents are no more - likely in the low-to-mid 8 figures. She grew up always having everything she needed though and has no debt and she has a great job currently. I don't have debt anymore (we've paid off the last of my loans from grad school earlier this year) and have a job I really enjoy (but the pay is awful). When we get to the point where we inherit a bunch, we would both like to quit working full time and spend more time with our daughter. Luckily, we both work in fields where freelancing is pretty common so if we get tired of each other, we can find something else to occupy our time without getting too involved in it.

Actually though, her parents are both extremely healthy and will likely outlive us both making any of this irrelevant.
 

SkinnyGoomba

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The cash flow you are currently earning is worth more than 4x your salary invested at the risk free rate. So unless you plan to dramatically reduce your income it would be best to simply continue working.

IMO, learn the ins and outs of investing smartly, without relying on other people, and take baby steps. I've been entirely unimpressed by the advice offered by financial professionals, most of it seems very self-serving.

I'm glad i decided to start building a portfolio years ago and have continued at working on it every chance I get. I was mentally prepared to handle my grandfather's estate when he passed and have helped my family with financial decision making.

Respect that the money you've acquired is someone's life's work.
 

akatsuki

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Most people who come into a windfall handle it poorly. Get real advice on how to make your life a bit easier over the long haul versus blowing it on stupid crap.
 

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