If you inherited a sheet load of money...

Prada_Ferragamo · Dec 23, 2010

Originally Posted by jenlain

I work at a company that is primarily controlled by one family. Several of our employees are members of the founding family and they individually own stock worth 9-10 figures. They show up every day and work their asses off (they are also pretty normal and live fairly pedestrian lives). It is pretty inspiring and has convinced me that a large inflow of cash probably would not cause me to change my life too significantly.

The phrase is financially responsible.

Valor · Dec 23, 2010

Hookers and Blow.

tonylumpkin · Dec 23, 2010

Originally Posted by jenlain

I work at a company that is primarily controlled by one family. Several of our employees are members of the founding family and they individually own stock worth 9-10 figures. They show up every day and work their asses off (they are also pretty normal and live fairly pedestrian lives). It is pretty inspiring and has convinced me that a large inflow of cash probably would not cause me to change my life too significantly.

Originally Posted by Prada_Ferragamo

The phrase is financially responsible.
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.

CouttsClient · Dec 23, 2010

Originally Posted by jenlain

I work at a company that is primarily controlled by one family. Several of our employees are members of the founding family and they individually own stock worth 9-10 figures. They show up every day and work their asses off (they are also pretty normal and live fairly pedestrian lives). It is pretty inspiring and has convinced me that a large inflow of cash probably would not cause me to change my life too significantly.
Let us be clear. This is not cash. I have a situation that is similar although I sell down when possible and prudent... Having a large share of stock in a family run business doesn't = cash. I have several friends in a situation like that and they struggle to pay rent like so many others. I think about money often but not in terms of buying things with it. I don't usually buy anything that hasn't been carefully considered. I spend most of mine on travel because I like to do it in a particular fashion. If I was in the situation provided by the OP, my life wouldn't change at all.

MrGoodBytes · Dec 23, 2010

Originally Posted by tonylumpkin

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

agreed, I took a nice inheritance a few years ago. It was enough to pay off my immediate debt, put a nice down payment on a condo, rehab said condo... and experience a certain level of social lifestyle that was beyond my means. The problem is being able to ramp down that living when the bulk of the money is gone. I don't regret being somewhat careless with what I was given, but I didn't really gain anything out of it (at least not until the housing market turns around)

sho'nuff · Dec 23, 2010

lock it up in some assets that cant be liquidated and keep your azz workin like there is no money. that's what i do.

P-K-L · Dec 23, 2010

Originally Posted by Shoe City Thinker

... 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?

I would not change much for i.e. 300.000 Euro - buy some nice things but in general I would continue as before...

Lane · Dec 23, 2010

donate it to charity

jenlain · Dec 23, 2010

Originally Posted by CouttsClient

Let us be clear. This is not cash. I have a situation that is similar although I sell down when possible and prudent...

Having a large share of stock in a family run business doesn't = cash. I have several friends in a situation like that and they struggle to pay rent like so many others.

I think about money often but not in terms of buying things with it. I don't usually buy anything that hasn't been carefully considered. I spend most of mine on travel because I like to do it in a particular fashion. If I was in the situation provided by the OP, my life wouldn't change at all.

It is a publicly traded company and there are willing buyers for their stock. They could liquidate tomorrow. The point is not the mechanics, but the behavioral lesson.

CouttsClient · Dec 23, 2010

Originally Posted by jenlain

It is a publicly traded company and there are willing buyers for their stock. They could liquidate tomorrow. The point is not the mechanics, but the behavioral lesson.

Trompe le Monde · Dec 23, 2010

i dont have debt and i already travel a ton, so i would blow it on a fancy car

random-adam · Dec 23, 2010

We would own our house outright instead of being on payment 1 of 360 and the lender would be kinda cheesed off at being unable to collect more interest over the 45-day life of the 30-year loan.

Such outlay would require, almost precisely, the entire value of 4x my annual salary + bonuses (not including my fiancee's pay). So... we'd proceed to live in a paid-for house at the age of 30. Not bad.

Freed up monthly income would split evenly three ways: enhancing our standard of living, cranking up our contributions to a Vanguard 401k, and throwing money at whatever charities/causes we think are worthy.

ama · Dec 23, 2010

Didn't we just have this threak?

CouttsClient · Dec 23, 2010

Originally Posted by ama

Didn't we just have this threak?
Seems like 2 per week...

Dashaansafin · Dec 23, 2010

Yea congrats. 4x your salary. So even if you are making 250k a year its still only 1m. And if you were making 250k I hope you aren't asking such as stupid question. Unless you are a 23 yr old who inherited upwards of 10m just pay off your debt and put the rest into an index fund.

Dont take a vacation when you are 22. Unless you worked some hardcore hours throughout your life until now, your life has been pretty easy. Taking a long vacation now will screw up your resume and piss off your current employer.

If you inherited a sheet load of money...

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