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Bowl Leader
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Business as usual, but decrease my expected retirement age down to 45 from 55.
This.. but for me 55 to 50..
Leave the ad business. 2nd property as rental, travel. Do lots of yoga and maybe keep up a little business for money. I’m 58yo - come to think of it maybe I’ll just do this anyway.
Enthusiast
Do it!!!
I will be able to retire with $1.5M and my existing portfolio.
I’d develop anxiety and overanalyze if I should show up to work the next day and week. Id develop various options to leverage the $ and compare the benefits. I’d probably get constipated from the stress. 🤣
Pro
Gents and fair ladies:
Since when 1.5mm is sufficient to quit your jobs and change your life by exiting the rat-race?”
We aren’t talking $15mm, or $150mm. This is $1.5mm. Assuming you want to preserve your capital and simply buy treasurys to live off the income, @1-1.5% you are looking at $20k a year in income - gross.
After taxes and investment management fees you’d be lucky to break even. Unfortunately and sadly, $1.5mm isn’t life-changing anymore! Our average client has way more than that and they are still working every day ! For God Sakes, we even have a billionaire who is pushing 70 and still working his daily job.
I’m assuming most of us are younger on this thread. There is something called “hedonistic adaptation,” simply translated: we get used to the finer things in life. Sorry to break it to you but most of us millennials will work until we drop dead. As inflation pressures proliferate throughout the economic system, most of us will be lucky to break even.
Lol… FC1- Ok Kevin David 😂
Thank you to all that have responded. I really enjoyed reading these over the past week. Some great ideas and sound advice. With the exception of one absolutely horrible human, this was enlightening. I hope everyone has a great weekend and thanks again for the conversation.
Rising Star
Find a way to get my family US citizenship.
Buy houses for me, parents, grandparents.
Put 1 mil into a dividend paying index fund and live off of that. The rest goes into buying a home/ car for myself. If anything is left over, invest into real estate or crypto (best bet is real estate). If i can double this money, I would give a little to charity. My opinion “You shouldn’t donate if you are not already financially secure.”
Bowl Leader
I disagree with this to some extent. I think giving is a good habit even if the amounts are small. Targeted gifts can make a big difference even if not tax deductible.
In this hypothetical situation I wouldn't gift x% of the $1.5m this year but I would continue and expand regular gifting as part of my normal annual spending.
Pro
I’d walk away from my gig even if it were $750 to a million. I’d live simple for the privilege of not living my life 9-7 for the man. Early retirement to a happier more affordable country maybe. Or just freelance occasionally and not be stressed about finding the next gig.
Give it to Nigerian price to get 200% return on quarterly basis
Pro
LOL
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Quit and go to art school!
Sell my 3 acres, buy 10-20, and build our house with whatever down payment it took so that a 10 year mortgage was affordable for my current cash flow. Then invest the rest with goal to retire from corporate life at the end of that 10 years.
Pro
Assuming this is after taxes, invest $1.4M of it in index funds, and lower my retirement age accordingly (I’m not going to bother calculating exactly how much sooner I would retire, probably around 10 years though.) Donate remaining $100k to the Coalition for Rainforest Nations.
This is the way
I’d buy a modest home, help my fiancé pay off her remaining school debt (about $40K), put a sensible amount into retirement funds/long term care, and then would pay off the remainder of my parents house ($87K). Would keep the remainder in an emergency fund
Pro
That’s very sensible!
Would pay for my siblings education so my parents don’t have to worry about it & invest the rest.
Anyone that doesn't believe that $1.5million could change your life has built a horrible framework for their lives.
I guarantee that if I had $1.5 million cash I could 10x it within 2 years. Provide at least 50 jobs at minimum during that time, and change the face of several of my local non-profits.
That's because my existence doesn't cost $$$ every year. That doesn't mean I'm entirely thrifty. I get what I want. Have a 5 bedroom house (only 2 as bedrooms, 2 as offices, and 1 as a store for our supplies). Massive basement, theater room, bar room. And I still don't spend $100,000 a year on existing.
Hell, if I had $100,000 cash I could fundamentally and permanently change the nature of my economy and those around me. Guarantee I could still 10x that in 1 year.
It's a matter of time and ability. I have the ability, but without the time it's for naught.
Pro
God, there is so much nonsense on this thread it is sickening.
quit my job since that would get my right to barista FIRE numbers at the least
Find a good financial planner. Define your goals. Start executing your plan. Do not pay off any debt with under 4% interest rate.
Rising Star
That’s nonsense! I have a business loan for 130k that accrues $6k in interest a year compounded at 3.75%.
Pay off all your debt!
I’d split it all up and give some to each of you
Splurge a bit (maybe a new car and a nice handbag) then invest the rest. If we had kids, I’d put a lot away for their college.
Chief
Invest and work as usual, unless you don’t care about fatFIRE. Maybe buy a starter home if you don’t have one already.
Reclaim my time (quit my job), get rested and healthy, start pursuing meaningful (to me) work, and invest in productive assets to create multiple streams of income.