Thanks to all for the great ideas and interesting comments! Keep them coming!
Originally Posted by luckydude
So my recommendation to OP is if you're going to have some fun with the money or give it away, it's better to do it earlier rather than later, because once you get used to see that bigger number on the spreadsheet, you will be reluctant to see the number go down.
Yes! This was my motivation for the original post. I know this will happen to us as we are financially conservative and like seeing our "number" get bigger, like most people. It feels like we need to use this moment to make a couple of decisions on how to use the money and even maybe our free time other than to increase our portfolio, which in reality, I'm afraid if we just increased our spending another 15k per year, it wouldn't affect our happiness.
Some ideas we've had for a significant portion of the windfall (keep on mind we are mid-40s with school aged kids and both fully retired):
- Create our own non-profit that we would use to actively improve things important to us (instead of just handing it out to charities);
- Pay off one of the two mortgages (which would be better, rental or primary?);
- Invest in a non-owner-operated franchise, like a set of 3 Sports Clips stores (we don't want to be active operators) where the cash flow could pay for FT management;
- Buy a nicer boat; :-)
- Invest in other fledgling businesses (we have 3 private holdings in startups and this windfall came from a 4th one that was just sold);
- Make improvements to our vacation rental.