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re: What to do when you are officially a multi-millionaire?
Posted on 7/17/24 at 10:58 am to kjp811
Posted on 7/17/24 at 10:58 am to kjp811
quote:im 58
That said, he only got to experience a few years of retirement until he passed away so I do wish he could've enjoyed the fruits of his labor a little longer.
will retire next april with about 3MM
I have no idea whether that’s enough but we can always curtail our elective spending
no debt and only household and insurance bills
Can’t take it with you and can’t buy more time
2
Posted on 7/17/24 at 11:00 am to cgrand
quote:
im 58 will retire next april with about 3MM I have no idea whether that’s enough
Posted on 7/17/24 at 11:07 am to jafari rastaman
Imo
1. Get on the internet and find a part time job that you will actually like. Everyone I no that retires goes insane. So a part time job that you love doesn’t really pay any bills but funds fishing and hunting trips.
2. Talk to the wife and set up a monthly allotment for her to spend like crazy and when it’s gone she has to wait till next month.
This is what I would do goal is to be happy and quit the job you don’t enjoy. But you need to keep working and staying busy imo, sometime at a job you like is a must. Maybe start your own business that just breaks even or something
1. Get on the internet and find a part time job that you will actually like. Everyone I no that retires goes insane. So a part time job that you love doesn’t really pay any bills but funds fishing and hunting trips.
2. Talk to the wife and set up a monthly allotment for her to spend like crazy and when it’s gone she has to wait till next month.
This is what I would do goal is to be happy and quit the job you don’t enjoy. But you need to keep working and staying busy imo, sometime at a job you like is a must. Maybe start your own business that just breaks even or something
Posted on 7/17/24 at 11:10 am to Giantkiller
Liquor store is a great investment but a really good store from what I have seen is like a million just in inventory. But once it’s invested and you have the inventory it pays for itself from what I have seen
Posted on 7/17/24 at 11:32 am to jafari rastaman
I’ll ask my butler.
Posted on 7/17/24 at 11:36 am to jafari rastaman
quote:
mid 40’s
quote:
I was told $2,000,000 was the goalpost
If you plan to retire soon, you better save some more..
Posted on 7/17/24 at 11:38 am to jafari rastaman
That's a "every situation is different" type of deal. I would dial back on working and travel and make the most of my time, or I would really grind for the next 5 years eyeing an early retirement.
Posted on 7/17/24 at 12:11 pm to VABuckeye
quote:
You haven’t been able to save or invest any money for years, as your wife spends every paycheck
Makes zero sense.
Inheritance is the only thing that makes sense how this is possible. Lucky SOB of that's the case.
Posted on 7/17/24 at 12:26 pm to jafari rastaman
Plenty of advice here about finding another job or hobbies for purpose. Sadly, almost no mention of the value of focusing on raising your family. You will never get this time back and can always go back to work later (perhaps your earning potential will shrink but so what if you already have enough.)
I retired 2 years ago mid 40s to focus on family. Never bored and still feels like insufficient time for hobbies, travel etc... I havent gone crazy yet (at least I dont think so.)
Talk w the kids about the choice to retire early and spend time w family. So far, they agree having me around more is better than more/nicer stuff.
I retired 2 years ago mid 40s to focus on family. Never bored and still feels like insufficient time for hobbies, travel etc... I havent gone crazy yet (at least I dont think so.)
Talk w the kids about the choice to retire early and spend time w family. So far, they agree having me around more is better than more/nicer stuff.
Posted on 7/17/24 at 12:32 pm to jafari rastaman
Keep working. If you were older you could retire on $2 million. In your 40s that money has to last a long time and inflation and medical insurance will eat it up. Get a financial advisor,
Posted on 7/17/24 at 12:41 pm to jafari rastaman
Grow some balls for starters. Get this "wife", (no pics btw) to stop spending all the money!
Posted on 7/17/24 at 12:44 pm to dukke v
quote:Let's all pause for a minute to imagine Peej as a Financial Consultant.
Money is way down on my importance list.
"My best guess is that in a year the market will be....."
I would simply reflexively bet against whatever he chose.
Posted on 7/17/24 at 1:08 pm to jafari rastaman
I'm "multi" technically.
I don't feel "rich" or "set." I plan to keep working, at least until 62 which is 10 years from now. I'll see where I am. Trending towards 3, 4 is certainly doable by retirement. 5 may be a stretch possibility.
I drive a base trim Tacoma. And wear a Casio G-Shock (splurged a little and imported a Japan version...200 bucks).
I live in the same house and basically live the same lifestyle I did when making 75k and had a sub-six figure net worth.
I do splurge on travel, concerts, grandkids and experiences now.
But still pretty much buy only clearance shoes.
I don't feel "rich" or "set." I plan to keep working, at least until 62 which is 10 years from now. I'll see where I am. Trending towards 3, 4 is certainly doable by retirement. 5 may be a stretch possibility.
I drive a base trim Tacoma. And wear a Casio G-Shock (splurged a little and imported a Japan version...200 bucks).
I live in the same house and basically live the same lifestyle I did when making 75k and had a sub-six figure net worth.
I do splurge on travel, concerts, grandkids and experiences now.
But still pretty much buy only clearance shoes.
This post was edited on 7/17/24 at 1:09 pm
Posted on 7/17/24 at 1:10 pm to jafari rastaman
quote:The first thing you should do is not tell anyone, except a financial advisor. I have been with T Rowe Price for over 20 years and I am very pleased.
What to do when you are officially a multi-millionaire?
Posted on 7/17/24 at 1:24 pm to jafari rastaman
Considering your age, that is not close to enough IMO. Half of your money is tied up in retirement accounts and safe investments only have about 4% returns or so so you are talking about living on $40k a year before taxes if you don't touch your principal. Obviously there will be better years but you can't count on it.
Posted on 7/17/24 at 1:32 pm to jafari rastaman
Just carry on as usual but keep posting about it
This post was edited on 7/17/24 at 1:33 pm
Posted on 7/17/24 at 1:49 pm to MasterJSchroeder
1. What skills do you have? What’s kid of job do you have now? You should continue working and saving but with a job you love.
2. Get your wife under control or divorce her.
2. Get your wife under control or divorce her.
Posted on 7/17/24 at 2:48 pm to jafari rastaman
quote:
essage What to do when you are officially a multi-millionaire?
Cocaine n’ whores
If you aren’t already
Posted on 7/17/24 at 2:54 pm to Krane
quote:Why is that funny?
quote:
im 58 will retire next april with about 3MM I have no idea whether that’s enough
Posted on 7/17/24 at 3:28 pm to jafari rastaman
Sounds like you need to get control of your wife first
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