What would you do with a large inheritance? - Ford Powerstroke Diesel Forum
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post #1 of 11 Old 10-01-2012, 06:47 PM Thread Starter
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What would you do with a large inheritance?

Ok guys and gals... If you were to inherit say 1mil after estate taxes... what would you do with it? retire?, start a business? Invest it? Blow it on a week long bender? Pay bills and take a nice vacation?

Heres the deal without getting into too much detail. My old man let me in on some family history. Long story short a family member made some good investments during the prohibition era. When he passed in 1980, the money was passed to another family member in an investment account at the time worth a couple million. Long story short my old man should be getting 1/3 of 1/2 of whatever the account is worth in the next 10 years or so.

While the money isn't mine but it got me thinking... what would you do? I'm currently 32, I don't think I could or would want to stop working. I sure would love to do something different. I'd like to own my own business. Something I could either travel (driving), or maybe soe sort of outdoors thing...A million doesn't buy what it used to but it could be a good start to something... what would it be?

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post #2 of 11 Old 10-02-2012, 03:38 PM
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That's a good question. Personally, I'm eligible for retirement from my company. If it was a post-tax million, I'd probably retire. I might take part of it to make some investments to "grow some more money" and use some to live on, travel etc.

If I were your age, I might stick some in investments, some in a retirement account so when you are eligible to retire, you'd have a good chunk to retire on.


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post #3 of 11 Old 10-02-2012, 03:40 PM
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Buy the best/biggest piece of raw fertile land I could find in Alaska. under 150,000K and move/retire.


ETA: Why 150k/Alaska? Property tax exempt, you truly own it.
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post #4 of 11 Old 10-02-2012, 03:42 PM
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I wouldn't think about it or talk about it until it's in your pocket
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.yes I just made that up ,, but like an unborn baby do not count your chickens

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post #5 of 11 Old 10-02-2012, 03:57 PM
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I would invest it and live off the returns. If you are willing to live out of the US of A you can live like a King on $50k/yr.
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post #6 of 11 Old 10-02-2012, 04:11 PM
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I'm 29, I would pay off everything my wife and I have (cars, student loans, ect), pay off any debts my parents have, my wife parents have, and my sister has. That should leave me with about $700k - $750k. I would put at least $50k into an emergency fund that I have ready access to and $50k into a play fund for anything I wanted. The remaining money I would invest and just continue to work and add to that money until I retire from the military.

EDIT: I wouldn't pay off the mortgage because of the tax deduction.
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post #7 of 11 Old 10-02-2012, 04:13 PM
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I would share some with some good ppl from powerstroke.org ga but if u get a good bit I'd look into some investments nothing like turning a lot of money into a whole lot of money

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post #8 of 11 Old 10-03-2012, 02:24 PM Thread Starter
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Quote:
Originally Posted by ZMANN View Post
I wouldn't think about it or talk about it until it's in your pocket
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.yes I just made that up ,, but like an unborn baby do not count your chickens
I agree completely... but since its not coming to me I don't really have much to worry about it. Its going to my old man. I was just thinking more along the lines of what would folks do with a "large" sum of money if they stumbled upon it. I in no way expect to get any of it. I fully expect it to be all dried up before I would see any of it.

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post #9 of 11 Old 10-04-2012, 05:43 AM
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I would pay off some bills and buy several hundred acres of prime hunting land in the mid west. Land ain't a bad investment, especially if you can hunt it.

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post #10 of 11 Old 10-11-2012, 09:02 PM
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