younginvestor2013
Recycles dryer sheets
- Joined
- Feb 6, 2013
- Messages
- 226
As some of you know I recently discussed how I inherited around $225k. I am very fortunate to inherit this and have not spent any of it and will invest it for the future. I am in my mid 20s, work in finance, and am currently saving about $10k a year into a roth 401k. My NW is about $280,000, primarily due to the inheritance.
I have been advised that I will inherit around $2m (in today's dollars) throughout the ages of 30-45. Again I realize I am lucky and fortunate.
I am not posting this here to brag but to generate conversation. I do not / cannot / chose not to discuss this with anyone other than my immediate family, and even with them, we don't go into detail.
Realizing that I will inherit such large amounts of money is weighing heavy (not in a bad way) on my mind lately. I realize that I am leagues ahead of my peers, financially. I realize that I may be able to realize financial independence at a young age in life and therefore be able to fulfill my time with more meaningful activities vs the daily "corporate grind".
My long term plan, as it stands now, is to continue focusing and progressing at my career. I will admit, sometimes it is challenging to maintain my drive and efforts.
However, every financial calculator I've played around with, including the Fire Calc, says that I could retire with $70k-100k income, adjusted yearly for inflation, as early as 30-40 assuming $2m + 280K is invested from now until I am 35-40.
Again, I'm not posting this as a bragging outing, but because I do not discuss with most of my social circle.
If you were in my shoes, how would you handle things?
Would you give up the corporate grind and pursue something more meaningful (perhaps volunteering or teaching) where I could earn a small salary, and therefore delay ER?
Also, do you recommend that I ignore contributions to retirement nontaxable accounts (roth 401k, IRAs, etc) if I do plan to retire early?
I am currently e most of my yearly savings to my roth 401k; however, I have been told that you can withdraw your principal in your roth accounts before 59.5 with no penalty BUT you must leave in the earnings.
Do you think I should just contribute most of my savings to my brokerage account so all of my money is available to me at any time in my life (not just the principal)?a
Thanks for your input.
I have been advised that I will inherit around $2m (in today's dollars) throughout the ages of 30-45. Again I realize I am lucky and fortunate.
I am not posting this here to brag but to generate conversation. I do not / cannot / chose not to discuss this with anyone other than my immediate family, and even with them, we don't go into detail.
Realizing that I will inherit such large amounts of money is weighing heavy (not in a bad way) on my mind lately. I realize that I am leagues ahead of my peers, financially. I realize that I may be able to realize financial independence at a young age in life and therefore be able to fulfill my time with more meaningful activities vs the daily "corporate grind".
My long term plan, as it stands now, is to continue focusing and progressing at my career. I will admit, sometimes it is challenging to maintain my drive and efforts.
However, every financial calculator I've played around with, including the Fire Calc, says that I could retire with $70k-100k income, adjusted yearly for inflation, as early as 30-40 assuming $2m + 280K is invested from now until I am 35-40.
Again, I'm not posting this as a bragging outing, but because I do not discuss with most of my social circle.
If you were in my shoes, how would you handle things?
Would you give up the corporate grind and pursue something more meaningful (perhaps volunteering or teaching) where I could earn a small salary, and therefore delay ER?
Also, do you recommend that I ignore contributions to retirement nontaxable accounts (roth 401k, IRAs, etc) if I do plan to retire early?
I am currently e most of my yearly savings to my roth 401k; however, I have been told that you can withdraw your principal in your roth accounts before 59.5 with no penalty BUT you must leave in the earnings.
Do you think I should just contribute most of my savings to my brokerage account so all of my money is available to me at any time in my life (not just the principal)?a
Thanks for your input.