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Who does your taxes? Need a recommend. Thanks.
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Bowl Leader
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Anyone take SHRM? How many hours did you study?
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Best consulting firms without the massive ego?
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I purchased 12 single family homes in Wisconsin and hired a property manager when my grandfather left me $850k. Generally they’re ~$200k so I put $650ish to the purchase (25% down + closing costs) and spent $5-20k in repairs/paint per house.
Rent on average is ~$1800. I pay the property manager 10% ($180) and the mortgage is ~$1300. I only make $4k per month on the whole lot, but I do zero work and don’t have to pay taxes on it. 30 years from now when they’re paid off, I’m just going to do a cash-out refinance and take the cash for my retirement…I’m hoping that keeps me in the clear on taxable income when I’m older.
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I am paying taxes 😂 😂 😂 rental properties amortize the improvements I did over a 5-10 year period and you take depreciation of the home value + interest/insurance/property tax/property management cost. Investment properties are incredibly tax advantaged and the new laws are making them even more so.
After any big life event that involves emotions, best thing is to not make any big decisions for 6 mos - 1 year. Read some books about personal finance, get a one time fee only financial advisor, and think about your spend and goals in life. Designing your life is a good book
I like the investing of 333000 each month for a year..then do a little travelling and search for inspiration..it would be great to donate a little to a charity helping people and animals.pray for guidance and wisdom.. investing the money will ensure financial security for you and your future..
Do you like your job? If you do, speak to a monetary expert, invest your money to make money. Enjoy life a little more but you never know what can happen in the future!
Keep working wait for the next up cycle
Aka the AI cycle to actually spread for everyone.
But buying a business that can benefit from AI and not be killed from large corp also implementing AI.
Do you want to adopt me?
I agree 4m doesn’t go far. I work in PE and help in these situations and Would tell you stay very conservative with the majority which your trust probably forces, and aggressive with a percentage of your inheritance. 4m is not a lot even though it may seem so. The last thing you want is to quit your job be broke in 3 years and then unemployable. You need a consultant that’s more spot than a financial advisor. You’re considered an accredited investor now and have some unique options but really need to look at what your trust allows. Be careful be conservative. Don’t buy a boat. Zero out high interest debt then keep cheap debt like a 2% mortgage on your home and put the remaining money to work. Don’t invest in a bar or your friends idea. Don’t loan money either. 4m isn’t a lifetime of money and you have to think like that. Are you married or is that in your future, kids? There’s a lot to consider.
What an exciting, pivotal life moment. I manage a portfolio of wealth management businesses that specialize in situations just like this. I would be happy to chat or connect you to a professional.
Either way enjoy this next chapter for you!
This is definitely rage bait put on here by Fishbowl to drive engagement right?
If its real then no you should not be a lazy bum.
Can you buy me a puppy that’s a good Samaritan
Depends on how the trust is structured.
Keep your mouth shut, keep your job, get an accountant and financial planner you feel you can trust and figure out a way to quadruple that $4 million!! PASSIVE and RESIDUAL income is key! You need to be making money while you sleep!
How fabulous for you!!! Are you doing what you love? If not now there is quite a bit of resources of both time and money to provide you with the opportunity to go for it.
This was an old position I had in a retail warehouse where I had to track down every retail order or item with a problem, resolve the situation, and get the order shipped out.
It's ironic though--I have been helping people solve self-esteem problems too--for a lot more time than I was resolving retail problems.