Inheritance?

[bjl584]

Have you received a large inheritance? Or are you expecting one?
How did you handle it?



What would you do if you were me?

My mom died a few weeks ago and left me anywhere from $1.7-2.13m depending on how asset valuation and distributions shape out. I’m 35. Wife and I owe $413k on our 6.87% mortgage. I owe $40k in student loans.

I plan to pay the house off, pay off my loans, and likely spend $50-75k on home improvement.

I’ve got $60k in a fidelity CMA, $36k in my brokerage, and scattered 401ks and IRAs totaling around $100k.

I earn $120k salary with $90k in variable comp as a remote manager and I fully hate my job. I’m dreading going back to work. I want to get into something else - maybe take time off to take courses or get a masters in something understanding I’ll take a huge pay cut. Find something for work I don’t hate. My wife earns over $140k salary with some variable comp.

I want to retire early, maybe in 10-15 years or so. I plan to invest the money that’s left and hire a fee only CFP.

What would you do if you were me?

[Fishindude77]

I'd do everything in your plan except hire the CFP, you don't need him.
Just invest the $$ in good mutual funds.

With everything paid off, you have the freedom to switch careers and not worry about it.
If you hate your job, do something different after you've gotten debt free.

[bjl584]

I'd do everything in your plan except hire the CFP, you don't need him.
Just invest the $$ in good mutual funds.

With everything paid off, you have the freedom to switch careers and not worry about it.
If you hate you job, do something different after you've gotten debt free.

Disclaimer, this isn't my story.
I found this posting online.
But, good advice none the less