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

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

"My beliefs are valid to me" is nonsensical because your beliefs inherently involving hectoring / judging others than that disagree with you. My wife has a degree from Harvard, no major health issues or debilitating conditions. She's currently a SAHM. Apparently you find something wrong with that, but then when called on it (not by me, by other posters) then you call people cruel and say it's just about your own fulfillment. If so you should have written your original post differently.

Perfectly said. Sadly, that poster continues to be tone deaf.

I'm 'that poster' and this thread isn't about what I believe. Who was I 'hectoring'? I enjoy working and believe it's an important message to send to my kids, especially considering the wealth they will likely come into. People asked how people's lives were changed mid-career. Your wife's situation is of zero relevance to me, or to this thread. You are all SO defensive, it's telling.

That you needed to disparage the choices of others is also telling.

[Anonymous]

Dude, PP, give it a rest.

[Anonymous]

NP. Seriously. Give it a rest. You are like a dog with a bone. Sometimes people do things differently than you. It's okay.

Can we please get back to the thread?

[Anonymous]

I did after the untimely death of my parents.

Used it to start my own company. I could take on the financial risk of failing at that point, which was a huge gift. I used some portion (not all) as seed money and didn't take a salary for years. I already had a wife and kids. She had a stable job the whole time.

Ultimately sold the company for 10x what I originally inherited and I'm set for life as are my kids and grandkids. I could have been set for life with just the inheritance at a much lower standard of living. But it was important to me to do something transformative with what I'd gotten under fairly crappy circumstances.

No regrets.

[Anonymous]

Anonymous wrote:I did after the untimely death of my parents.

Used it to start my own company. I could take on the financial risk of failing at that point, which was a huge gift. I used some portion (not all) as seed money and didn't take a salary for years. I already had a wife and kids. She had a stable job the whole time.

Ultimately sold the company for 10x what I originally inherited and I'm set for life as are my kids and grandkids. I could have been set for life with just the inheritance at a much lower standard of living. But it was important to me to do something transformative with what I'd gotten under fairly crappy circumstances.

No regrets.

wow, very interesting. what kind of business was it?

[Anonymous]

Anonymous wrote:

Anonymous wrote:I did after the untimely death of my parents.

Used it to start my own company. I could take on the financial risk of failing at that point, which was a huge gift. I used some portion (not all) as seed money and didn't take a salary for years. I already had a wife and kids. She had a stable job the whole time.

Ultimately sold the company for 10x what I originally inherited and I'm set for life as are my kids and grandkids. I could have been set for life with just the inheritance at a much lower standard of living. But it was important to me to do something transformative with what I'd gotten under fairly crappy circumstances.

No regrets.

wow, very interesting. what kind of business was it?

tech company

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I did after the untimely death of my parents.

Used it to start my own company. I could take on the financial risk of failing at that point, which was a huge gift. I used some portion (not all) as seed money and didn't take a salary for years. I already had a wife and kids. She had a stable job the whole time.

Ultimately sold the company for 10x what I originally inherited and I'm set for life as are my kids and grandkids. I could have been set for life with just the inheritance at a much lower standard of living. But it was important to me to do something transformative with what I'd gotten under fairly crappy circumstances.

No regrets.

wow, very interesting. what kind of business was it?

tech company

awesome. good job. any advice for someone that wants to go down the entrepreneurial route but has no tech background?

[Anonymous]

We retired

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I did after the untimely death of my parents.

Used it to start my own company. I could take on the financial risk of failing at that point, which was a huge gift. I used some portion (not all) as seed money and didn't take a salary for years. I already had a wife and kids. She had a stable job the whole time.

Ultimately sold the company for 10x what I originally inherited and I'm set for life as are my kids and grandkids. I could have been set for life with just the inheritance at a much lower standard of living. But it was important to me to do something transformative with what I'd gotten under fairly crappy circumstances.

No regrets.

wow, very interesting. what kind of business was it?

tech company

awesome. good job. any advice for someone that wants to go down the entrepreneurial route but has no tech background?

First, I think it's all about finding the thing that fills a need that isn't met. Doesn't need to be tech. But do not get stuck in this stage. I probably spent about 3 months figuring out what I was going to do and did a lot of talking to a lot of people in the industry I was targeting.

Once you are in it, I think you need to be consistent, driven, not someone prone to fits of doubt and losing self-confidence. You need to be optimistic because there will be a lot of pitfalls. It is a 365-24-7 job on some level. There are no vacations like with a regular job where you are employed by someone else. Can you mentally do that? Also, are you comfortable selling. From what I see, this is a stumbling block for many people. Business development and sales is critical and it's hard. Lots of rejection. Lots of trying 10 times to get to someone and you keep going. Do you have the stomach for it?

[Anonymous]

No but for it to happen I need a new set of parents! Anyone out there want to adopt me?

[Anonymous]

Anonymous wrote:No but for it to happen I need a new set of parents! Anyone out there want to adopt me?

Be thankful you still have your parents.

[Anonymous]

Anonymous wrote:

Anonymous wrote:No but for it to happen I need a new set of parents! Anyone out there want to adopt me?

Be thankful you still have your parents.

Or maybe the PP has already lost their parents and didn't inherit a bundle from them.

[Anonymous]

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?

Why shouldn't she work? Why shouldn't she get paid for her time, her talents, her expertise, her work product? Salaries are not need-based, you know.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:No but for it to happen I need a new set of parents! Anyone out there want to adopt me?

Be thankful you still have your parents.

Or maybe the PP has already lost their parents and didn't inherit a bundle from them.

From her post it didn’t sound like that. I think you know that.

[Anonymous]

We haven't inherited it yet, but have known since I was out of college that I'd be inheriting a large life-changing chunk of cash from my parents at some point. Probably be $5-8m. My sister doesn't have kids and isn't a big spender, so my DS will certainly end up inheriting millions from her too. We have received various gifts amounting to around $700k over the years from my parents (law school, houses). We're in our mid-40s now, and by all outward appearances have not made any changes to our lifestyle based on this money. We always bought houses that were *very* comfortable for our incomes -- but without mortgages. We drive cars that are old and much less than our peers. We have both worked hard and been exceedingly successful in our careers (big law partner, and financial exec).

Under the surface, however, I'd say that both of us have taken risks or attitudes in our jobs -- knowing that we have that cushion -- like asking to work from home PT when that's not the corporate culture, or my DH says he takes positions at work or pushes back on colleagues sometimes because he knows I have a good job and the house is paid for. Incidentally, he'd say those risks have helped his career. Those risks were probably less because we knew money was coming from my parents, and more because both of us had good jobs and we could easily live on one income.

Once we hit our 40s and we'd been working for 15+ years of highly successful dual income insanity, and we had a young kid in the mix with special needs, we probably let my parents' money enter our calculus for the first time. We still both work a lot and make good money, but we decided to say f* it and moved to a smaller town. The jobs we have here are good, but not forever jobs. And my DS's special needs have me blowing off my job alot, so that I may lose it sooner than expected. We were just at peace with maybe losing these jobs one day and having to "make due" on lower salaries. We could be at peace with it because we know we have $3m in our own assets (maybe more?) plus will inherit from my parents, and it just wasn't worth it to be so busy and stressed once we realized the extra money we are currently making is going to be inherited by our grandkids one day....