How much net worth would you need, at what age, to feel "set"?

[Anonymous]

Anonymous wrote:My understanding is that inherited $ is not joint $. It's the sole property of the person inheriting it.

This, but only if you don't comingle it with marital assets or place it in an account with both spouses' names.

I'd consider myself set. I'd keep working, let the money grow, and plan a nice, long, and well-funded retirement.

[Anonymous]

So if you win the lottery. You'd have to split it.
If you invest in a winning stock in your IRA, you have to split it.
If you found treasure at the beach, you have to split it.
If you inherit money, you can keep that to yourself.

Is that right?

[Anonymous]

I think it depends on the state but generally yes

[Anonymous]

Anonymous wrote:

Anonymous wrote:The more interesting question for me is how do you share this with DH? Does he get to quit too? Will you just set it aside? Does he have an equal right to spend it? Do you live it up and go to the spa every day while he is at work? This attitude would ruin a marriage.

On the other hand, if you share everything, you may regret it later. The divorce rate is quite high, even for people who are happily married in their 30s.

+1

I inherited $150K from my mother last year. It remains in my sole name. She left it to me, not to DH and me.

some fucked up shit right there /\

[Anonymous]

I would not work if I had kids. thats foolish.

[Anonymous]

Anonymous wrote:

Anonymous wrote:The more interesting question for me is how do you share this with DH? Does he get to quit too? Will you just set it aside? Does he have an equal right to spend it? Do you live it up and go to the spa every day while he is at work? This attitude would ruin a marriage.

On the other hand, if you share everything, you may regret it later. The divorce rate is quite high, even for people who are happily married in their 30s.

+1

I inherited $150K from my mother last year. It remains in my sole name. She left it to me, not to DH and me.

wow. just wow.

I inherited 600 k and I shared it.

[Anonymous]

Anonymous wrote:I'm in a unique situation - inherited about $5mil, for a total net worth of about $6mil at 35. DH and I both work, HHI about $200k including bonuses and mandatory inherited IRA distributions. Our house is paid off ($1mil, included in the net worth) and in both our names, but the majority of the additional money is in mine alone (inheritance from my family). We have two very young kids.

Would you feel "set" with this amount, assuming it will increase substantially over our lifetimes? I really hope this doesn't come across as bragging - it was some serious family health horrors that got us here - but it's not the kind of thing you can talk about with friends. Would appreciate any thoughts.

Yes, with $5M plus a paid off house I would feel "set." I would probably still work, at least PT, but would feel comfortable spending all new income without additional savings. I would not spend the principle except in desperation.

[Anonymous]

Anonymous wrote:

Anonymous wrote:My understanding is that inherited $ is not joint $. It's the sole property of the person inheriting it.

This, but only if you don't comingle it with marital assets or place it in an account with both spouses' names.

I'd consider myself set. I'd keep working, let the money grow, and plan a nice, long, and well-funded retirement.

Yes, for example, you could not user he money to remodel the kitchen in the marital home. That would be co-mingling the money and it would become fair game.

[Anonymous]

I would feel set in terms of not having to worry about saving for retirement, long term care and so on, assuming you invest wisely.

To me, that kind of money might give freedom to make different career choices. I make around $120K but the line of work I'd like to be in would likely only be about $80K. Yes, $80K is a good salary but would be a major change in cost of living for us. But, if I had a paid-off house and millions in the bank, we could afford to make up that $40K/yr differential.

So sorry for the losses that brought this sum to you.

[Anonymous]

I'd say that you are pretty set. If you earn 4% on that money, you can recreate your $200,000 income. Plus, your house is already paid off, which is pretty rare at your age.
I'm sorry for your losses.

[Anonymous]

Anonymous wrote:So if you win the lottery. You'd have to split it.
If you invest in a winning stock in your IRA, you have to split it.
If you found treasure at the beach, you have to split it.
If you inherit money, you can keep that to yourself.

Is that right?

Yes, as long as you keep it in your name alone. If you put it in a joint account, it's fair game.

[Anonymous]

Wow, if you dont place any value on being home with kids when you are financially set, then I feel sad for those kids.

[Anonymous]

Anonymous wrote:Wow, if you dont place any value on being home with kids when you are financially set, then I feel sad for those kids.

Huh? My kids will be off at college by the time I'm financially set.

[Anonymous]

Anonymous wrote:Wow, if you dont place any value on being home with kids when you are financially set, then I feel sad for those kids.

What are you talking about?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Wow, if you dont place any value on being home with kids when you are financially set, then I feel sad for those kids.

What are you talking about?

The OP has very small children and five million. Yet she has not interest in being with them.