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

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[quote=Anonymous][quote=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).

[b]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. [/b] 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....
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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.[/quote]

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