Anonymous wrote:The more interesting question for me is how do you share this with DH? Does he get to quit too? Will you just set it aside? Does he have an equal right to spend it? Do you live it up and go to the spa every day while he is at work? This attitude would ruin a marriage.

On the other hand, if you share everything, you may regret it later. The divorce rate is quite high, even for people who are happily married in their 30s.

+1

I inherited $150K from my mother last year. It remains in my sole name. She left it to me, not to DH and me.

My understanding is that inherited $ is not joint $. It's the sole property of the person inheriting it.

You are financially set if you can live off $200k a year (this assumes your $5 million of non-house assets can throw off 4 percent, which is a rule of thumb).

Here's my personal flaw - I used to think "set" meant having $1 million, then it went up to $2 million, then $3 million - you see where this is going? You can be set at any of those figures - you just have to live within the "means" those figures represent.

Super conservative investments will return a low six figure income, net of taxes, even in today's ultra-low return environment. Can a family of four live on that, in a paid for house? Yes, you are set, dear.

Anonymous wrote:The more interesting question for me is how do you share this with DH? Does he get to quit too? Will you just set it aside? Does he have an equal right to spend it? Do you live it up and go to the spa every day while he is at work? This attitude would ruin a marriage.

On the other hand, if you share everything, you may regret it later. The divorce rate is quite high, even for people who are happily married in their 30s.

Unless you have a prenup isn't this money partly his if you get divorced?

I would say you have more than enough to be "set" as long as you don't spend like Britney Spears.

$6M at 35 is set. That'll be 10 to 12M by retirement - if not more. My goal is $7.5M at 60, I've got $1.5M at 33. I'd be completely devoid of any concerns with that kind of cash.

The more interesting question for me is how do you share this with DH? Does he get to quit too? Will you just set it aside? Does he have an equal right to spend it? Do you live it up and go to the spa every day while he is at work? This attitude would ruin a marriage.

On the other hand, if you share everything, you may regret it later. The divorce rate is quite high, even for people who are happily married in their 30s.

$5 million.

We have $3 million now and are in our late 40s.

It's good to keep up a career. Less anxiety about money management that way. Even if you have a lot, it's good to know that you have the ability to support yourself even if you lose everything.

You are set, in that, this amount of $ should give you the freedom to do what you like.
Find your passion and pursue it (even if that is SAHM).

You aren't "Paris Hilton" set.

Always a little more than I currently have

There is no "set", OP.
You have to oversee your wealth management consistently, otherwise all those millions evaporate - trust me, my family has been there, and it can have repercussion over several generations.

At least one of you has to continue working. But the most important thing is to invest wisely, and educate the next generation to take care of it.

if you like to work, continue to do so.
if you want to quit, you can do that too.
i would probably work part time. do some short term consulting, some volunteer work, maybe study abroad and learn a language.
$5 million is enough to replace your salary. if you do quit, you could move to a cheaper area too to ensure that the money lasts. Consider a tax free state like Nevada or Florida.

I would feel set and know that the next generation or two may be as well, or at least would be very fortunate. If you don't have extremely expensive tastes, that 6m alone would support an income of 180k/year without touching the principal.

Personally, I would continue to work at a job I enjoy with the knowledge that I can afford to make principled decisions and don't have to sacrifice flexibility and family for slightly higher pay. Start pumping as much of that money into Roth accounts and other retirement accounts. Build that number so that college costs and other incidentals don't dent the total.

Sorry for the events that led to this.

Assuming you both enjoy your jobs, I would keep working.

You never know what could happen. You could be a victim of a future madoff. Or your kid could develop a disability. Or you may need home health care for twenty years if you old age. Keep earning and saving.

I'm in a unique situation - inherited about $5mil, for a total net worth of about $6mil at 35. DH and I both work, HHI about $200k including bonuses and mandatory inherited IRA distributions. Our house is paid off ($1mil, included in the net worth) and in both our names, but the majority of the additional money is in mine alone (inheritance from my family). We have two very young kids.

Would you feel "set" with this amount, assuming it will increase substantially over our lifetimes? I really hope this doesn't come across as bragging - it was some serious family health horrors that got us here - but it's not the kind of thing you can talk about with friends. Would appreciate any thoughts.