Struggling with the idea of continuing to work jobs for 60 hours a week instead of just relying on my inheritance of $2.5M, keeping my expenses below 30k/year, and working part time for less money.

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Assuming this is real (and I am a hnw estate planning attorney some of my clients kids have trust funds north of 10M each so you won’t get any judgment from me like above but I get that it makes ppl upset) I agree with directly above…you can comfortably do well more than 30k annually in very safe investments, and supplement with part time work or something you actually enjoy. Is the $$ outright or in trust?

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I have a colleague who specializes in exactly that. Feel free to message!

Just get an easier job. You can make 30k at an amazing job and live off an additional 40k distribution from your 2.5 and do the forever.

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So true… go become a ski instructor in Aspen or something (or the equivalent role for whatever you enjoy)

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…………..

likefunny

“struggling”

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4% rule says you can have $100k in expenses

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I believe you are mistaken on that one mck. The study in a nutshell was if i take 4% per year adjusted for inflation will i have >$0 30 years from now?

They then looked at a ton of different time periods and found that yes you would about 96% of the time

So yes in some of the cases priciple never would have been touched but in other, less desirable, cases it may be depleted all the way to $0. Just depends on returns in the early years

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^^^ why I hate humans

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Amazed at the bone-headed replies saying $2.5M isnt enough. Even if OP literally does nothing for the rest of their life but invest and life off this amount, at 3% withdrawal its $75k pretax per year. If you cant manage as a small family on that amount in the USA then no amount of dollars will ever be enough. I would be curious to see how many of these inane replies came from people who are even within sniffing distance of a $2.5M net worth.

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Well I’ll see you in 5 years😂

OP - As someone who was blessed with family money, I still work at Deloitte because I enjoy what I do and solving puzzles on complex advice.
I could and have considered stopping what I do BUT I didn’t even go to college until I was 21 because I thought I didn’t want to make something of myself and I realised I needed a purpose (some may look on in horror that Tax was my “purpose” but it keeps me engaged and grounded).

I think whatever you decide I wouldn’t just quit and do nothing, you’ll get bored and burn through so much money. Find what you enjoy, maybe go and work for your firm in another country for a bit.

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If you hate your job, could live off your inheritance, why on earth are you still working 60 hr. weeks?

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$2.5m won’t last in this inflationary environment. Just look at the late-60s to late-70s to understand how much that would need to grow to keep up.

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Inflation only affects people that hold cash

If inflation is 10%, it means that the stuff you hold that retains its value goes up in USD terms by 10% while technically being worth the same.

If inflation is 10% and stocks would have given you 10%, then you'd see a 20% in USD that's really a 10%. So inflation doesn't really matter much.

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$4% of $2.5m is $100k/year is good without working. If you can do an easier job, you're golden.

Congrats on your retirement!

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Exactly, drink from a fire hose until it becomes a water fountain by year ~2 and then you get tenure. Definitely not as lucrative as consulting, but a lot of consultants have already gotten over the barrier to entry with their advanced degrees and it offers great balance.

To add some fuel to this fire, I lost some people early on in life, and have lived like I don’t have this money up until this point. I don’t have many people in similar positions to look to for advice and don’t have any family to speak to. Now that I’m a few years into a career that I don’t want I feel like what I’ve been given could be more “freeing” and enable me to live easier, but at the same time it’s hard to justify leaving the grind to rely on money I haven’t earned.

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OP - I was in an accident and got $250K which has now grown to $600K. I’ve withdrawn “small amounts” to purchase a house and a few other things that have greatly improved my life and alleviated hardship/worries. The accident caused me great pain and hardship for many years, and I view that the money should be used to make my life better and happier. Money/things don’t replace people or even fully compensate for painful periods in your life. If someone had offered me $2.5MM to go through what I went through, I would turn it down. But I don’t have that option and neither do you. The people you lost would want you to be happy and use the money in a way that makes your life as full and wonderful as possible. You should live your best life.

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I will have this same problem later in life. You can always just take time off and do something else for a while. Believe it or not 60 hour work weeks will always be available to you 🤣 most people don’t work that hard.

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Ditto. My wife and I were discussing it recently. Hopefully we have 30+ years before it’s material and have built up enough of our wealth it won’t feel overwhelming.

I would be long gone

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Me too!!

🙄🙄🙄🙄🙄🙄🙄🙄

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I would roll my eyes too if I was a government employee

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If you have already banked the 2.5m then agree with others to quit and pursue your passions. If you are still waiting to collect, just tough it out

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I’d quit working tbh - find something you like to do with WLB. Stay disciplined on spending

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^^^

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I would think health insurance would take up a lot of that $30k unless you can find a part time job which has it.

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$30k/yr for one person for insurance? You're kidding, I hope? Cheaper to pay OOP for everything or establish residency in another country and pay for travel insurance or something. Oh my gosh America

But it does make sense to get a low paying part time job that offers health insurance rather than a mid-paying ($40k) job that doesn't. But at the end of the day, if OP only needs $80k to love on, investments are producing $100k, and they're bringing in $20k from a job after taxes and expenses, they should be more than fine. In fact, the $2.5 mil investment should grow to $3mil before too long.

Those aren't the only two options. Lots of good jobs/careers just require 40-45 hours a week. I know it's easier said than done to switch career paths though. Once you're on a train it's hard to hop off and roll the dice on something else. But you can afford to.

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