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Chief
Maybe talk to your wife man. She may have ideas to do something with the money SHE earned . You are making grand plans for yourself with her hard work. And that too online. Why not you continue to work and she does something she likes ? What an absurd world we live in
We are on the same line of thinking btw but there are no “grand plans for me”
This is what we both want to push towards.
(We are planning to spend about $10k on a family trip, $20k to student loans we have and $20k for some house projects but $550k potentially left over in just this 1 deal)
She absolutely loves her job and this big deal is just 1 of 3 potential other deals this size she has.
But to assume that I’m just unilaterally making decisions WITHOUT my wife’s input is a little nuts tbh. We are equals.
Keep working. You don't have any viable options to maintain your current income with the amount of money you have. If you had saved 200k/yr over 3 years you would be at 600k already. Continue to work at your career until you can determine a viable strategy.
Going out on a limb, I'm willing to bet I have a higher NW than you do at a presumably younger age. It's all tied to investment accounts. It's stress free.
I also agree with Con1.
Well we only need to replace half (or less than half in my case)
Also I am 31 - all of our $$ is tied up in indexes for the most part. We have about $250k in home equity but I don’t count that.
Can we know what does your wife do please to make this one time earnings?
Yep software sales.
Pro
I don’t have any advice, but that’s really awesome! And very cool that it’s enabling you to leave consulting and that your wife is on board with that!
Nice windfall, certainly. Life changing, maybe not considering it's less than 2 years worth of income. Invest in S&P500 and keep your head down. It will become life changing in a few years
Put it in an index fund and consider your retirement fund nicely stocked at this point
Talk to your wife
We are literally in lock step agreement and alignment.
We both want financial independence & to eventually not have to work.
A business most likely will fail, according to statistics, and real estate will never return 10% per year, maybe 4%. Before taking any risky bets, I would make sure I have a good cash reserve that is not the money you want to invest.
I mean you could, obviously you have more money than most people will ever have. But I'd personally wait until your wife closes several more deals of that magnitude. Things are different if you hate your job.
If I were you, I will continue to work and hopefully she keeps making more of this life changing money for longer so you can have more $$$$ saved before bowing out. Out of curiosity, what does she do?
Lol I know a guy at my company who closed a 1.5B deal😵 cannot imagine how much he made. And others who close 10MUSD deals almost every week. I need to move to Sales.
Percentages go down as amounts go up….quite drastically
Half of that is going to taxes. Open a business and expense those earnings and open a charity and donate the money to that charity too…then become an employee of that charity.
Congrats OP, that’s awesome.
What does she do?