I just inherited 6 million dollars

[Morganstern]

From whom and what will you get after that pesky inheritance tax (is it called legacy tax?).

 

[fartiusstinkius]

FYI, you probably can't retire on 6M at your age unless you're already a stock market whiz or something. Don't quit your day job.

I guess what it means to "retire". Assuming you only invest to keep up with inflation, you'd have 100k a year for the next 60 years (assuming inheritance post-tax which is a big assumption). Depending on your lifestyle you probably can't totally retire, but you sure as hell can take it fucking easy. You could make all standard large-scale transactions in cash (house, savings for kids' future college funds) and still have a lot left over so you'd have essentially no worries about that stuff.

I'd work, but I certainly wouldn't work any jobs I hate and not for more hours than I'd want. Being in your late 20s in that position basically is retirement imo.

That said I don't really believe the OP...

 

[Eggi]

you don't have to be a stock market whiz to put 3M in a portfolio that gives back 7% (aka 210K/yr)

 

[WarBuddha]

well it's 6 mil before taxes, so if he's lucky he gets what, 4 mil?

 

[Eggi]

i threw out a conservative number for comparison. If I had that kind of money to invest i'd be set. $200K/yr would let me do everything I wanted easy peasy.

 

[amRam]

you don't have to be a stock market whiz to put 3M in a portfolio that gives back 7% (aka 210K/yr)

Do these portfolios really give those kinds of returns on a consistent long term basis?

 

[Eggi]

Do these portfolios really give those kinds of returns on a consistent long term basis?

historically, the S&P500 has returned 10%. There are better investment options with that kind of money, but you could just do the dumb thing and throw it in a mutual fund that tracks the S&P and be good to go

 

[WarBuddha]

Ya but don't you pay penalties on it when you withdraw?

 

[Eggi]

you pay 15% on capital gains tax which is baller.

I wish all my money were from capital gains.

 

[GiftOfTheGame]

y'all a bunch of boring motherfuckers

 

[Federere]

buize
soon

 

[Eggi]

i would drive my tesla s p85d at 1mph below the speed limit and come to a complete stop at all stop signs.

 

[buize]

d

 

[Al'Muktar]

o also do i need 2 point out that i loved u when u were broke 2

just puttin that out there

 

[robot heart]

can u write me a percocet prescription before u dip out of the business thank u

 

[Danno]

What Nigerian prince do you need to lend 10k to in order to get the 6 million?

PS. Congrats and sorry I guess at the same time if no bs.

 

[slogg]

ya lets go to spyabar

 

[amRam]

My grandfather died now in morning
I finished residency already and I started a fellowship but I'm quitting that ASAP
Philly is the worst fukin city to live in so I'm getting out of there
That's about all I did so far
I have like 170k in debt that I'll pay off

Damn how rich was he? Or are you like the only surviving member of the family who got the whole lot?

 

[Chaol]

Typically it is the estate that is liable for estate taxes, so you may be getting $6M outright (though some wills & trusts stipulate that the beneficiary is liable for the tax derived from their inheritance).

Even $6M isn't fuck you money, especially given buize's predilection for the good life.

Keep working, even if it's at a much lower amount of hours/income. The earned income will allow you to make contributions to retirement accounts and remove some of the investment income from your yearly tax bill.

And for god's sake be super boring with your investments. Total stock market index funds + muni bonds/bond index (depending on your income).

 

[buize]

d