Reply to Spouse inherited $3 million

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Reply to "Spouse inherited $3 million"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Thank you for the very solid comments here. I also did a double take at “income producing prostitutes.” Hilarious. I do like the idea of taking some set amount of money and deciding to spend it each year. We are financially conservative, although not for any particular reason. Like many, we have saved regularly and our investments have done well over the past two decades. We were unable to have additional children so that kept our expenses low. That said, we don’t deny ourselves anything. It would take some thought to spend an extra $50,000 a year. I think I’d like to put us on a waiting list for a new car. There are a few new electric cars coming out that interest us.

I know there are some software programs that model how much you can spend, I like to do my own research rather than hire help. My experience with hired financial advisors has not been great. [b]Our estate documents will funnel this money to our child so that has been done.[/b] Spouse is already basically retired, working one or two days a week for pure pleasure.[/quote]
If this is the case, the inheritance isn't fully commingled...just FYI.

Something about your posts suggests to me that even the amount of money you had pre-inheritance is more than you are prepared to handle, which makes me think some kind of financial or wealth management training might be of value to you even if you don't want to hire anyone. (And I agree that it's hard to find good financial planners these days, as most of them are moving away from fee-based models.) You might simply not care at all if money is wasted etc, which is fine. But you should think about it and affirmatively decide that. I wish I had a good recommendation, but I don't. I've heard "Rich dad, Poor dad" is good, but I haven't read it. [/quote]

I’ve read “Rich Dad, Poor Dad”. It’s great for inspiring people to get out of the rut of putting their extra money in a bank savings account at the end of the month like it’s the be-all and end-all of financial planning. It’s provides bupkis in the way of nitty gritty advice.

OP and spouse need to spend a weekend going through the Bigger Pockets website to decide if they want a second job as real estate investors. If the answer to that is no, then they’ll get by just fine with Bogleheads and a good Estate lawyer. [/quote]

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