Reply to All you rich folks - looks like I'm (almost) one of you. What should we do?

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Reply to "All you rich folks - looks like I'm (almost) one of you. What should we do?"

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[quote=Anonymous][quote=Anonymous]How much retirement do you currently have, and how old are you?  $500k is not very much in the long run.[/quote]

OP here.  Just re-found this thread as it was moved.

To answer the above and some other questions: We are late 30s and currently have about $120k in retirement accounts (and are adding about $14k a year).  We also have about $10k in college savings and I'm adding at least another 5k before the end of the year (it's a DC529).  One of the properties that we inherited a share of will be kept as a rental.  Our share of profits from the rental will only be a few thousand a year but we're expecting that property to increase in value so don't want to sell immediately.  About $100k was inherited in an IRA which has tax advantages if we keep it there and withdraw only the required minimum each year for the rest of our expected lifespan.

We live close-in DC, not a great school district but nearby charter schools are good.  We could build an addition (a very small one) and that's something that we're considering.

$500k was conservative and depends on the sale of the properties.  Total is probably more like $600-750k.

I like the advice about not doing anything for a while because it's all so overwhelming that feels like the right thing to do.

Can anyone walk me through a step by step of what to expect from a financial adviser? [/quote]

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