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

[Anonymous]

Anonymous wrote:

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?

thanks, PP. have you thought about being a mentor to entrepreneurs?

[Anonymous]

Anonymous wrote:

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.

PP - my comment was meant to be funny. My parents are alive and I adore them.

[Anonymous]

I know a few people who in their early 40's inherited a lot of money and decided to retire. Strangely, they don't seem very happy as they don't seem to have a real purpose or goals in life. Instead of being at the peak of their careers they live a very sedentary life style more like someone 65+. Yes, some early retirees are able to refocus their time on things they love but many just seem to drift. I'd love to inherit a lot of money but before I would retire I'd need to have a new plan in place to keep me growing and developing.

[Anonymous]

Anonymous wrote: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....

Lots of similarities between your situation and mine, though we're a bit younger/earlier career. DH and I frequently have evening conversations that begin with, "So, I said something today that might get me fired." And I think for both us, it's probably worked to our benefit more often than not (but more so for DH). I have a good job, but for a variety of reasons I probably earn half of DH and also am less senior though currently on a good trajectory if I want to stay on it. I'm not sure that I will, and that is due both to financial security from DH and also resolving myself more to my parents' eventual passing and the reality of the financial windfall that will come from it. I honestly am more passionate about work that doesn't happen to pay as well, and I'm looking into steps that might position me better to go back to that sort of work. My current financial situation and eventual inheritance mean that money is not really part of that decision like it would be for most people.

[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.

Maybe you should use some of that money to travel the world and broaden your horizons. Or like, take some time off and read some books and learn to live your own life and stop judging others.

You sound ridiculous.

[Anonymous]

Anonymous wrote:I know a few people who in their early 40's inherited a lot of money and decided to retire. Strangely, they don't seem very happy as they don't seem to have a real purpose or goals in life. Instead of being at the peak of their careers they live a very sedentary life style more like someone 65+. Yes, some early retirees are able to refocus their time on things they love but many just seem to drift. I'd love to inherit a lot of money but before I would retire I'd need to have a new plan in place to keep me growing and developing.

You have no idea who’s happy and who isn’t, as recent events make clear.

Sincerely,

Retired Young with $$ and I Don’t Do Sh*t and I’m EXTREMELY Happy

[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.

Maybe you should use some of that money to travel the world and broaden your horizons. Or like, take some time off and read some books and learn to live your own life and stop judging others.

You sound ridiculous.

LOL just came back to this thread (I wrote that initial post). I'm sure many in my position would have quit work. I did not, and stated my reasons, as requested in the OP. If someone had said, I quit to stay home, then fine! It's extremely odd that you're getting so worked up over what to this thread is a throwaway comment. And I also travel, read, and live my own life, as you suggested

[Anonymous]

Anonymous wrote:

Anonymous wrote:I know a few people who in their early 40's inherited a lot of money and decided to retire. Strangely, they don't seem very happy as they don't seem to have a real purpose or goals in life. Instead of being at the peak of their careers they live a very sedentary life style more like someone 65+. Yes, some early retirees are able to refocus their time on things they love but many just seem to drift. I'd love to inherit a lot of money but before I would retire I'd need to have a new plan in place to keep me growing and developing.

You have no idea who’s happy and who isn’t, as recent events make clear.

Sincerely,

Retired Young with $$ and I Don’t Do Sh*t and I’m EXTREMELY Happy

You must be an inspiration to your kids. "Hey Billy, what does your Dad (or Mom) do'? "Oh, they're rich and don't do sh*t."

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I know a few people who in their early 40's inherited a lot of money and decided to retire. Strangely, they don't seem very happy as they don't seem to have a real purpose or goals in life. Instead of being at the peak of their careers they live a very sedentary life style more like someone 65+. Yes, some early retirees are able to refocus their time on things they love but many just seem to drift. I'd love to inherit a lot of money but before I would retire I'd need to have a new plan in place to keep me growing and developing.

You have no idea who’s happy and who isn’t, as recent events make clear.

Sincerely,

Retired Young with $$ and I Don’t Do Sh*t and I’m EXTREMELY Happy

You must be an inspiration to your kids. "Hey Billy, what does your Dad (or Mom) do'? "Oh, they're rich and don't do sh*t."

Well based on the attacks on the PP who said she believed in continuing to work, it seems no one can win!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I know a few people who in their early 40's inherited a lot of money and decided to retire. Strangely, they don't seem very happy as they don't seem to have a real purpose or goals in life. Instead of being at the peak of their careers they live a very sedentary life style more like someone 65+. Yes, some early retirees are able to refocus their time on things they love but many just seem to drift. I'd love to inherit a lot of money but before I would retire I'd need to have a new plan in place to keep me growing and developing.

You have no idea who’s happy and who isn’t, as recent events make clear.

Sincerely,

Retired Young with $$ and I Don’t Do Sh*t and I’m EXTREMELY Happy

You must be an inspiration to your kids. "Hey Billy, what does your Dad (or Mom) do'? "Oh, they're rich and don't do sh*t."

Well based on the attacks on the PP who said she believed in continuing to work, it seems no one can win!

Different stokes for different folks. If someone is happy continuing to work, that's fine. If someone wants to "don't do sh*t", that's fine.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I know a few people who in their early 40's inherited a lot of money and decided to retire. Strangely, they don't seem very happy as they don't seem to have a real purpose or goals in life. Instead of being at the peak of their careers they live a very sedentary life style more like someone 65+. Yes, some early retirees are able to refocus their time on things they love but many just seem to drift. I'd love to inherit a lot of money but before I would retire I'd need to have a new plan in place to keep me growing and developing.

You have no idea who’s happy and who isn’t, as recent events make clear.

Sincerely,

Retired Young with $$ and I Don’t Do Sh*t and I’m EXTREMELY Happy

You must be an inspiration to your kids. "Hey Billy, what does your Dad (or Mom) do'? "Oh, they're rich and don't do sh*t."

My kids are all grown up, out of college, and gainfully employed doing what they want to do. They don’t want, need, or seek inspiration from me. And they’re happy for me. To be clear, I didn’t inherit. I earned.

I’m just betting that the PP who feels sorry for the sad early retirees is actually feeling another emotion: jealousy.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I know a few people who in their early 40's inherited a lot of money and decided to retire. Strangely, they don't seem very happy as they don't seem to have a real purpose or goals in life. Instead of being at the peak of their careers they live a very sedentary life style more like someone 65+. Yes, some early retirees are able to refocus their time on things they love but many just seem to drift. I'd love to inherit a lot of money but before I would retire I'd need to have a new plan in place to keep me growing and developing.

You have no idea who’s happy and who isn’t, as recent events make clear.

Sincerely,

Retired Young with $$ and I Don’t Do Sh*t and I’m EXTREMELY Happy

You must be an inspiration to your kids. "Hey Billy, what does your Dad (or Mom) do'? "Oh, they're rich and don't do sh*t."

My kids are all grown up, out of college, and gainfully employed doing what they want to do. They don’t want, need, or seek inspiration from me. And they’re happy for me. To be clear, I didn’t inherit. I earned.

I’m just betting that the PP who feels sorry for the sad early retirees is actually feeling another emotion: jealousy.

I thought this thread was about inheriting money mid-career (around early 40's?). You worked hard and earned it and must be older than early 40's. That's a whole different story.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I know a few people who in their early 40's inherited a lot of money and decided to retire. Strangely, they don't seem very happy as they don't seem to have a real purpose or goals in life. Instead of being at the peak of their careers they live a very sedentary life style more like someone 65+. Yes, some early retirees are able to refocus their time on things they love but many just seem to drift. I'd love to inherit a lot of money but before I would retire I'd need to have a new plan in place to keep me growing and developing.

You have no idea who’s happy and who isn’t, as recent events make clear.

Sincerely,

Retired Young with $$ and I Don’t Do Sh*t and I’m EXTREMELY Happy

You must be an inspiration to your kids. "Hey Billy, what does your Dad (or Mom) do'? "Oh, they're rich and don't do sh*t."

My kids are all grown up, out of college, and gainfully employed doing what they want to do. They don’t want, need, or seek inspiration from me. And they’re happy for me. To be clear, I didn’t inherit. I earned.

I’m just betting that the PP who feels sorry for the sad early retirees is actually feeling another emotion: jealousy.

I thought this thread was about inheriting money mid-career (around early 40's?). You worked hard and earned it and must be older than early 40's. That's a whole different story.

Yeah, I assume big difference between retiring at 34 (which we could do now on the $1 million inherited and $1 million earned as long as we moved out of DC area and bought a townhouse somewhere cheap, e.g., NC) and like 55.

I have no interest in retiring now, I'd prefer to work for a nonprofit, but I could definitely see hanging up my cleats earlier than 65, depending on how things go.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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?

thanks, PP. have you thought about being a mentor to entrepreneurs?

People in my life (friends and friends of friends) ask me pretty regularly to talk through ideas and I'm always happy to chat. The bottom line is it's a whole lot of blood, sweat, and tears. Risk of failure is high. You have to want it. It's very hard if you have a family and you're not young and in that place where you can live and breathe work all the time. But I think a lot of people like to fantasize about it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I know a few people who in their early 40's inherited a lot of money and decided to retire. Strangely, they don't seem very happy as they don't seem to have a real purpose or goals in life. Instead of being at the peak of their careers they live a very sedentary life style more like someone 65+. Yes, some early retirees are able to refocus their time on things they love but many just seem to drift. I'd love to inherit a lot of money but before I would retire I'd need to have a new plan in place to keep me growing and developing.

You have no idea who’s happy and who isn’t, as recent events make clear.

Sincerely,

Retired Young with $$ and I Don’t Do Sh*t and I’m EXTREMELY Happy

You must be an inspiration to your kids. "Hey Billy, what does your Dad (or Mom) do'? "Oh, they're rich and don't do sh*t."

My kids are all grown up, out of college, and gainfully employed doing what they want to do. They don’t want, need, or seek inspiration from me. And they’re happy for me. To be clear, I didn’t inherit. I earned.

I’m just betting that the PP who feels sorry for the sad early retirees is actually feeling another emotion: jealousy.

I thought this thread was about inheriting money mid-career (around early 40's?). You worked hard and earned it and must be older than early 40's. That's a whole different story.

I was 50. Had gotten married young. Retired with $6 million.