I already told everyone back on page 75 to cut their net worth in half if they are married.
millionaires
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Last: 2 hrs ago by GeorgiAg
Marauder Blue 6 said:tejas_ayanem said:
Are you a millionaire if you have a net worth of 1 million as a couple, or do you need 2 million?
Do you also have a girlfriend, or not?
Don't include GF in calcs unless she is rich.
Everything is an asset or liability
I think rich dad said side pieces are liabilities
I think rich dad said side pieces are liabilities
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Dr T and the Women said:
Everything is an asset or liability
I think rich dad said side pieces are liabilities
What if your side piece is your employee?
He Who Shall Be Unnamed said:Dr T and the Women said:
Everything is an asset or liability
I think rich dad said side pieces are liabilities
What if your side piece is your employee?
Then it's a double liability. See the Coldplay concert CEO.
My mom died last Friday. Very sad, but she was 90 and not able to enjoy life anymore. She lived a full life so it's bittersweet.
I knew she had assets such as over 1200 acres of timberland, but I had no idea she had as much stock and other investments as she had. I also had mentally prepared myself that she was giving more to her grandchildren. I don't know why I never read the will or knew her assets. I don't think I wanted to think about that.
Each kid is gonna get like $2.4. - $3
I was informed two days ago, but it just hit me this morning and running calculations, I could retire today and have a substantial amount of excess cash each year based on how much I currently spend and assuming average returns. I already had a very comfortable retirement stashed away. I am 55. I am honestly dumbfounded. I assumed I would be working until age 65.
I need to reevaluate my life and I don't know where to begin.
I knew she had assets such as over 1200 acres of timberland, but I had no idea she had as much stock and other investments as she had. I also had mentally prepared myself that she was giving more to her grandchildren. I don't know why I never read the will or knew her assets. I don't think I wanted to think about that.
Each kid is gonna get like $2.4. - $3
I was informed two days ago, but it just hit me this morning and running calculations, I could retire today and have a substantial amount of excess cash each year based on how much I currently spend and assuming average returns. I already had a very comfortable retirement stashed away. I am 55. I am honestly dumbfounded. I assumed I would be working until age 65.
I need to reevaluate my life and I don't know where to begin.
Sorry for your loss.
Sorry about your mom.
That's quite the windfall. My immediate recommendation: do not do anything for a year. Keep on with your current life and assumptions. Give yourself time to reflect on what's important and what you really might want to do. In all likelihood, you are going to yo-yo like a m'fer over the next few months so you will need time to process and get settled with this new reality.
That's quite the windfall. My immediate recommendation: do not do anything for a year. Keep on with your current life and assumptions. Give yourself time to reflect on what's important and what you really might want to do. In all likelihood, you are going to yo-yo like a m'fer over the next few months so you will need time to process and get settled with this new reality.
So sorry for your loss. I know money can never take the place of a parent, but what a beautiful story - to live 90 years and still be able to leave that kind of unexpected financial legacy for your children. She sounds like an amazing lady.
YouBet said:
Sorry about your mom.
That's quite the windfall. My immediate recommendation: do not do anything for a year. Keep on with your current life and assumptions. Give yourself time to reflect on what's important and what you really might want to do. In all likelihood, you are going to yo-yo like a m'fer over the next few months so you will need time to process and get settled with this new reality.
Good advice. Two of my law partners are over 70, so I was already looking at firm implosion in a few years, but I just assumed I would just set up shop nearby with my other two partners for the final five or six years of the ten years or whatever. We are going to sell this building for a chunk of change soon anyway because it is double the size we need and the city wants it. We aren't hiring any new associates or trying to grow, and we were just going to ride this out for our remaining what I thought was going to be ten years.
I am not going to do any sudden moves, but all the assumptions I had as of two days ago are now wrong. Good problem to have but my mind is blown.
I'm sorry for your loss.
GeorgiAg said:
My mom died last Friday. Very sad, but she was 90 and not able to enjoy life anymore. She lived a full life so it's bittersweet.
I knew she had assets such as over 1200 acres of timberland, but I had no idea she had as much stock and other investments as she had. I also had mentally prepared myself that she was giving more to her grandchildren. I don't know why I never read the will or knew her assets. I don't think I wanted to think about that.
Each kid is gonna get like $2.4. - $3
I was informed two days ago, but it just hit me this morning and running calculations, I could retire today and have a substantial amount of excess cash each year based on how much I currently spend and assuming average returns. I already had a very comfortable retirement stashed away. I am 55. I am honestly dumbfounded. I assumed I would be working until age 65.
I need to reevaluate my life and I don't know where to begin.
Man, yeah. Sorry for your loss. I've lost both parents. You are in the daze. Its all surreal. The advice not to do anything for a year (other than talk to a financial guy about what to do with assets while you figure things out), is excellent...excellent advice.
Maybe just think like this. You don't have to change anything right now. You are now financially in a much different spot, so just keep working and learn to live with the fact your mother has passed.
That money will be waiting for you when you want to make some decisions.
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Tex117
GeorgiAg said:
My mom died last Friday. Very sad, but she was 90 and not able to enjoy life anymore. She lived a full life so it's bittersweet.
I knew she had assets such as over 1200 acres of timberland, but I had no idea she had as much stock and other investments as she had. I also had mentally prepared myself that she was giving more to her grandchildren. I don't know why I never read the will or knew her assets. I don't think I wanted to think about that.
Each kid is gonna get like $2.4. - $3
I was informed two days ago, but it just hit me this morning and running calculations, I could retire today and have a substantial amount of excess cash each year based on how much I currently spend and assuming average returns. I already had a very comfortable retirement stashed away. I am 55. I am honestly dumbfounded. I assumed I would be working until age 65.
I need to reevaluate my life and I don't know where to begin.
First and foremost, sorry for your loss. Seems like you have a good perspective on it - similar for me when my mom died a couple years ago. A good life well-lived eases the inevitable pain.
Second, while I definitely agree with the "do nothing for a year" approach, my definition of "nothing" probably differs from others. While seeking guidance from an advisor is one method to at least avoid mistakes, I'd suggest instead rolling the money into a brokerage account where you can park it, FOR ONE REASON. Various firms provide rollover or new money bonuses in the thousands of dollars for that size deposit. I have personally received such from Schwab, Wells Fargo, and Merrill, but almost everyone offers something, but you have to ask for it, pointedly. For example, if you believe Webull, they're giving 4% up to $2 million. That's $80k in bonuses - read up on the required holding period, etc., but at least check it out. You could then just stash the money in money market funds or something safe until you figure out what you want to do with it longer term. Shop around, starting with your current best banking/brokerage relationships.
Just food for thought...
GeorgiAg said:
My mom died last Friday. Very sad, but she was 90 and not able to enjoy life anymore. She lived a full life so it's bittersweet.
I knew she had assets such as over 1200 acres of timberland, but I had no idea she had as much stock and other investments as she had. I also had mentally prepared myself that she was giving more to her grandchildren. I don't know why I never read the will or knew her assets. I don't think I wanted to think about that.
Each kid is gonna get like $2.4. - $3
I was informed two days ago, but it just hit me this morning and running calculations, I could retire today and have a substantial amount of excess cash each year based on how much I currently spend and assuming average returns. I already had a very comfortable retirement stashed away. I am 55. I am honestly dumbfounded. I assumed I would be working until age 65.
I need to reevaluate my life and I don't know where to begin.
https://www.bogleheads.org/wiki/Managing_a_windfall
plarmigan said:GeorgiAg said:
My mom died last Friday. Very sad, but she was 90 and not able to enjoy life anymore. She lived a full life so it's bittersweet.
I knew she had assets such as over 1200 acres of timberland, but I had no idea she had as much stock and other investments as she had. I also had mentally prepared myself that she was giving more to her grandchildren. I don't know why I never read the will or knew her assets. I don't think I wanted to think about that.
Each kid is gonna get like $2.4. - $3
I was informed two days ago, but it just hit me this morning and running calculations, I could retire today and have a substantial amount of excess cash each year based on how much I currently spend and assuming average returns. I already had a very comfortable retirement stashed away. I am 55. I am honestly dumbfounded. I assumed I would be working until age 65.
I need to reevaluate my life and I don't know where to begin.
https://www.bogleheads.org/wiki/Managing_a_windfall
many thanks, friend. That is exactly what I need. Boggleheads is where I started reading when I first got a job and started getting retirement.
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