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re: You inherit $5 million tax free, what changes?
Posted on 2/21/18 at 12:00 pm to GEAUXT
Posted on 2/21/18 at 12:00 pm to GEAUXT
I'd sell my current house and upgrade a bit, still no more than 900k or so. I'd quit my job. I'd talk to my wife and see if she still wants to work. If so, we'd start a multi-specialty clinic that we've talked about in the past. If not, we'd probably buy this interior design shop that she previously worked at. The rest would be invested (thinking 3M or so depending on the route we'd take).
0
Posted on 2/21/18 at 12:00 pm to ntgreek00
quote:
Agreed, I would probably get a fishing camp and keep working and then retire at 60
I’m retiring at 55 without 5 million given to me.
Posted on 2/21/18 at 12:01 pm to GEAUXT
I would invest most immediately. Then, I would work a part time job that I really enjoyed and take vactions more often. I would probably own a very nice but reasonably sized house in Louisiana and one close to the beach in Florida. No super fancy cars or bullshite like that. Probably just a nice truck and a sunday cruiser.
Posted on 2/21/18 at 12:04 pm to GEAUXT
I would pay off everything....maybe buy another camp with 2 more boats. I would like to think I would continue working but I doubt I would work M-F I would probably say my schedule is Tues -Thurs take it or leave it.
Posted on 2/21/18 at 12:09 pm to GEAUXT
Let wife quit job and do something else. Pay off mortgage. Tell kids they can go wherever they want for college. Buy a small beach house for about $500k. I would keep working.
Posted on 2/21/18 at 12:11 pm to GEAUXT
House wouldn’t be completely paid off, high school and college for my two kids taken care off, and I have at least two more little ones. That is really all that would change for me
Posted on 2/21/18 at 12:14 pm to LSUbase13
I would pay off the current house that we just bought. I would then buy a nice cabin in the N GA Mountains or Gatlinburg and rent it out and then purchase a modest lake house. I would then quit my job and find something else less stressful and invest the rest of it.
Posted on 2/21/18 at 12:14 pm to GEAUXT
I would buy a trailer park and invite all my friends to come be my neighbors for free
Posted on 2/21/18 at 12:14 pm to GEAUXT
quote:my address and phone number
You inherit $5 million tax free, what changes?
Posted on 2/21/18 at 12:15 pm to GEAUXT
My dad could retire with $1 M. As for me, I would invest the rest somehow. Maybe buy a busines franchise with part of it.
Posted on 2/21/18 at 12:17 pm to GEAUXT
quote:
You inherit $5 million tax free, what changes
My investment strategy, lawyer, finance manager, and house.
Posted on 2/21/18 at 12:18 pm to GEAUXT
Retire instantly
Posted on 2/21/18 at 12:18 pm to GEAUXT
I retire right now
Posted on 2/21/18 at 12:19 pm to Lazy But Talented
quote:
3. Trading camry for 4runner
Since you don't have to worry about gas prices...go ahead and get the Land Cruiser.
Posted on 2/21/18 at 12:21 pm to ellishughtiger
quote:
$5million tax Free would be less than ive already inherited. I would have to cut back on some lifestyle choices.
That isn't how math works.
Posted on 2/21/18 at 12:31 pm to GEAUXT
I am already retired, I have done about 95% of my bucket list, have no mortgage or debt, no interest in vehicles or toys, and my kids are all college graduates with no student loan debt. Based on all of that,
1. Create education trusts for future grandkids.
2. Help my kids with down payments for houses, they all live in expensive cities. You always value more what you worked to achieve, so I want them to have skin in the game with a mortgage.
3. Buy a modest beach or lake house somewhere in the U.S. that all the family can share.
1. Create education trusts for future grandkids.
2. Help my kids with down payments for houses, they all live in expensive cities. You always value more what you worked to achieve, so I want them to have skin in the game with a mortgage.
3. Buy a modest beach or lake house somewhere in the U.S. that all the family can share.
Posted on 2/21/18 at 1:32 pm to GEAUXT
The amount of money in my bank account? $5M is just enough to frick up financially, in the long run, if you don't make a plan...
I wouldn't want a bigger house or anything. I think I would immediately take $2.5M and put it in safe investments. One thing I would is donate all the stuff I have now, clothes, computer, tools, etc and buy all new shite.
I wouldn't want a bigger house or anything. I think I would immediately take $2.5M and put it in safe investments. One thing I would is donate all the stuff I have now, clothes, computer, tools, etc and buy all new shite.
Posted on 2/21/18 at 1:34 pm to GEAUXT
I'd move to Colorado and buy a house.
Posted on 2/21/18 at 1:35 pm to GEAUXT
New house, pay off car, figure out a plan to quit my job eventually and start my own business
Posted on 2/21/18 at 1:57 pm to GEAUXT
Buy a new truck. New house. Boat. Camp. Condo.
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