Did you inherit a large amount of money (>$2 million) mid-career?

[Anonymous]

Anonymous wrote:
My wife inherited about a million last year.

We had previously been somewhat obsessive savers while DINKs and had another million from savings / investment returns.

I am still a senior associate at a law firm. Don't quite know why.

Either they will make me partner very soon or I will peace out and do something else with my life.

My job is hella stressful but I am less stressed about the partnership chase. It probably has sapped my motivation a bit. I do very good work and the firm is quite busy but I think the managing partner would like it if I put in more hours. But I have two little kids and don't want to, money or not.

Maybe that's a good thing. Who knows. Time will tell I guess.

Because 2 million is great but still not enough . . .

[Anonymous]

I would have but our greed-based medical system sucked up my parents savings, despite having excellent health insurance. (none of which covered home health or nursing home care).

[Anonymous]

Anonymous wrote:I would have but our greed-based medical system sucked up my parents savings, despite having excellent health insurance. (none of which covered home health or nursing home care).

Well then your parents wouldn’t have had significant savings. Most countries with great end of life care have more of a cradle to grave system where you receive a nice pension but don’t typically have significant private savings.

[Anonymous]

Yes, DH recently quit a job that was really rewarding for a long time but has been soul-sucking lately. We are about to move out of the area to a small town on the other side of the country where we have wanted to live and have family. Not sure what we'll do when we get there but we'll figure it out - we have college and retirement funded and do not need to make much money anymore. FWIW, DH has always put his inherited $ in a joint account -- I'm not sure I'd be so willing to pick up and go, and leave the DC area where I built my career, without it being our money.

[Anonymous]

We just inherited 1M. It's all gone. 500k to the kids education, 500k invested. Absolutely no lifestyle change. Still getting ready for work and scrambling to get dinner on the table with 2 working parents.

[Anonymous]

I inherited about 1.3 million almost three years ago from an aunt. My mother had one younger sister who never had any children. My aunt had an irrevocable trust that went to her sister (my mom) with the ultimate beneficiary being me and my brother. My mom passed three months before her sister, so my brother and I inherited everything. My mother also has a smaller trust (worth about 500K today) that will eventually be split between my brother and myself when her husband passes.

We haven't done anything radical. I am 54 and we have 3 teenagers. I was a SAHM for several years and have worked very part time once my youngest started school. We were basically living pay check to pay check prior to the inheritance. We did splurge and took our first really nice vacation a year after we inherited the money. We have the money invested and do use the dividends to help make life a little easier. But we haven't touched the principle. I hired a cleaning service to come twice a week. We did a couple of wish list items on the house. The stress of not worrying about bills has been great. We now know that if my husband loses his job, or we have some major medical expenses, we aren't in a financial crisis.

I'm still very emotionally tied to the money (it was extremely painful losing both my mom and her sister so close together) that I can't do anything to risk losing the money.

[Anonymous]

Anonymous wrote:Yes. I inherited about 5 million approximately eight years ago. It is now closer to 7. I’m 40.

I left my corporate job and now work at a nonprofit. I actually still make a decent salary (95k) but do not worry about money. I am a diehard WOHM and believe that every educated woman without major health issues and/or other debilitating situations should work. I’m aware that I am lucky to work at a flexible job that pays decently and make you feel good about what I contribute to the world. That said I did not earn this money and would not quit to rely on it.

My husband and I bought a $1 million house in cash and have comfort in the fact that our retirement and children’s college funds are completely funded.

These two statements aren't entirely congruent. You believe that everyone should "work," but, well, if they happen to inherit a lot of money, then it's cool to give up something more remunerative and work a more modestly paying, presumably more rewarding or fun job.

If you're good with that, then why would it not be OK to SAH/volunteer/pursue even more-rewarding hobbies? Or are you just one of those people who thinks that the only correct path is exactly what you have chosen at this point in time, for now, and everyone else is wrong?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Yes. I inherited about 5 million approximately eight years ago. It is now closer to 7. I’m 40.

I left my corporate job and now work at a nonprofit. I actually still make a decent salary (95k) but do not worry about money. I am a diehard WOHM and believe that every educated woman without major health issues and/or other debilitating situations should work. I’m aware that I am lucky to work at a flexible job that pays decently and make you feel good about what I contribute to the world. That said I did not earn this money and would not quit to rely on it.

My husband and I bought a $1 million house in cash and have comfort in the fact that our retirement and children’s college funds are completely funded.

Why should you work? Wouldn't the world be better served by you volunteering? Or by you donating your full salary to charity each year, at least? Or letting someone who needs the money have your job instead?
What about uneducated women? Why don't they have to work?

Because it is what I believe. My parents paid for my education and I believe in using it to better the world. As I mentioned, I work at a nonprofit with a phenomenal mission that helps tens of thousands of underprivileged kids every year. And I do donate - especially to causes like Circle Camps for Grieving Children - which helps children who’ve lost their parents young - As well as to the medical causes of what took my parents. I believe in showing my children the value of hard work and would like them to see mommy and daddy as equals as opposed to daddy earning the money and mommy taking care of them. It is what I believe and it has worked for us.

Back to the original question. It does create a bit of inequality in the marriage in that the inherited money is in my name only. I did buy the house with my husband - essentially gifting him $500,000 - and paid off his school loans. In my will the majority of it goes directly to my children. He totally understands and agrees with that.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Yes. I inherited about 5 million approximately eight years ago. It is now closer to 7. I’m 40.

I left my corporate job and now work at a nonprofit. I actually still make a decent salary (95k) but do not worry about money. I am a diehard WOHM and believe that every educated woman without major health issues and/or other debilitating situations should work. I’m aware that I am lucky to work at a flexible job that pays decently and make you feel good about what I contribute to the world. That said I did not earn this money and would not quit to rely on it.

My husband and I bought a $1 million house in cash and have comfort in the fact that our retirement and children’s college funds are completely funded.

These two statements aren't entirely congruent. You believe that everyone should "work," but, well, if they happen to inherit a lot of money, then it's cool to give up something more remunerative and work a more modestly paying, presumably more rewarding or fun job.

If you're good with that, then why would it not be OK to SAH/volunteer/pursue even more-rewarding hobbies? Or are you just one of those people who thinks that the only correct path is exactly what you have chosen at this point in time, for now, and everyone else is wrong?

I mention that I am lucky to be able to pursue a job that pays less and is more flexible than what I had before. Not sure why you’re being so cruel when this is in fact about people have lost parents or people close to them. There’s a time and place. My believes are valid to me.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Yes. I inherited about 5 million approximately eight years ago. It is now closer to 7. I’m 40.

I left my corporate job and now work at a nonprofit. I actually still make a decent salary (95k) but do not worry about money. I am a diehard WOHM and believe that every educated woman without major health issues and/or other debilitating situations should work. I’m aware that I am lucky to work at a flexible job that pays decently and make you feel good about what I contribute to the world. That said I did not earn this money and would not quit to rely on it.

My husband and I bought a $1 million house in cash and have comfort in the fact that our retirement and children’s college funds are completely funded.

These two statements aren't entirely congruent. You believe that everyone should "work," but, well, if they happen to inherit a lot of money, then it's cool to give up something more remunerative and work a more modestly paying, presumably more rewarding or fun job.

If you're good with that, then why would it not be OK to SAH/volunteer/pursue even more-rewarding hobbies? Or are you just one of those people who thinks that the only correct path is exactly what you have chosen at this point in time, for now, and everyone else is wrong?

I mention that I am lucky to be able to pursue a job that pays less and is more flexible than what I had before. Not sure why you’re being so cruel when this is in fact about people have lost parents or people close to them. There’s a time and place. My believes are valid to me.

Yikes, don’t know what happened to the grammar there.

[Anonymous]

Anonymous wrote:We just inherited 1M. It's all gone. 500k to the kids education, 500k invested. Absolutely no lifestyle change. Still getting ready for work and scrambling to get dinner on the table with 2 working parents.

I wouldn’t say investing 500,000 and putting the same amount towards kids education is “gone.”

On the poster who is now worth 7 million. We also have two working parents and scramble to get dinner on. It’s just life at this point!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Yes. I inherited about 5 million approximately eight years ago. It is now closer to 7. I’m 40.

I left my corporate job and now work at a nonprofit. I actually still make a decent salary (95k) but do not worry about money. I am a diehard WOHM and believe that every educated woman without major health issues and/or other debilitating situations should work. I’m aware that I am lucky to work at a flexible job that pays decently and make you feel good about what I contribute to the world. That said I did not earn this money and would not quit to rely on it.

My husband and I bought a $1 million house in cash and have comfort in the fact that our retirement and children’s college funds are completely funded.

These two statements aren't entirely congruent. You believe that everyone should "work," but, well, if they happen to inherit a lot of money, then it's cool to give up something more remunerative and work a more modestly paying, presumably more rewarding or fun job.

If you're good with that, then why would it not be OK to SAH/volunteer/pursue even more-rewarding hobbies? Or are you just one of those people who thinks that the only correct path is exactly what you have chosen at this point in time, for now, and everyone else is wrong?

I mention that I am lucky to be able to pursue a job that pays less and is more flexible than what I had before. Not sure why you’re being so cruel when this is in fact about people have lost parents or people close to them. There’s a time and place. My believes are valid to me.

Yikes, don’t know what happened to the grammar there.

$ tends to do that

[Anonymous]

Anonymous wrote:I did. I took advantage of it and took 11 years off to raise my three kids from birth till late elementary, being able to savor every moment with them, to show them daily how they are more important to me than making money I don't need. I am going back to work now, to show them what it means to have a healthy work/life balance. I take exciting trips and have them fully funded for college. I buy the best produce. Nothing much else is different about my life than most anyone else who is UMC, I'd bet. Nobody knows.

Nice little dig there on moms who work because they enjoy it.

[Anonymous]

DH inherited about $4 million from his mom. He had about $3 million before that. He is 56 so he quit his job and is finally enjoying himself after years of hard work. We still buy used cars and live in the same house we bought 20+ years ago. I teach at a public school. We are taking my parents on a nice European trip next fall, and don't have to worry about college costs. We are truly lucky.

[Anonymous]

Anonymous wrote:

Anonymous wrote:
My wife inherited about a million last year.

We had previously been somewhat obsessive savers while DINKs and had another million from savings / investment returns.

I am still a senior associate at a law firm. Don't quite know why.

Either they will make me partner very soon or I will peace out and do something else with my life.

My job is hella stressful but I am less stressed about the partnership chase. It probably has sapped my motivation a bit. I do very good work and the firm is quite busy but I think the managing partner would like it if I put in more hours. But I have two little kids and don't want to, money or not.

Maybe that's a good thing. Who knows. Time will tell I guess.

Because 2 million is great but still not enough . . .

Yep, I'm aware.

I could fund our lifestyle on a less intense job but given current spending patterns we are still not FI (e.g., our investment returns are not sufficient to cover living expenses) though we could be there in about 10 years depending on savings or market returns.

I also actually bizarrely like my job just not the intensity. I would be fine doing it 40-45 hours a week for less money and less deadlines but that's just not what's on offer.