Poll: I'm in my 30's and have almost a million, what should I do next?

[LOL!]

I thought the subject deserved a poll, so here it is.
Harm aka HappyGang has two discussions going:

http://early-retirement.org/forums/index.php?topic=12468.0

http://moneycentral.msn.com/community/message/thread.asp?board=YourMoney&ThreadID=210533

 

[Zathras]

Depends on lots of things.
However, without additional information I like to play it safe. So my advice would be, now that you have 1 million, get 2

 

[brewer12345]

Beever-cheez3 futures, preferably leveraged.

 

[REWahoo]

I recommend Harm read some books by that motorcycle guy (Kawasaki?) and follow his advice meticulously. Be sure not to miss any detail or the results could be disastrous.

Another alternative would be for Harm to pick a Vanguard Target Retirement fund and keep shoveling savings into it.

Whatever helps you sleep at night...and nap in the afternoons.

 

[unclemick]

1. Buy Target Retirement Series closest to your mental age.

2. Enjoy family, life and career to the best of your ability.

3. When your 'belly button' says retire - suck up your guts and retire.

heh heh heh - keep it simple, don't read a lot of investment books, watch out for overthinking the problem, - as to hormones: golf, kayak, etc., - anything BUT hobby stocks or you'll get a pot belly and high blood pressure.

 

[OkieTexan]

Depends on lots of things.
However, without additional information I like to play it safe.

Make a plan. Set some goals.
Do you have a spouse? Does that spouse help you earn it or spend it or both?
Do you want to enjoy the things money can buy or pass it on to relatives (or Uncle Sam)? ie. Estate planning
It is probably harder for a thirty-something to think about those things than it is for
a 55 yr old in ER.

 

[Rich_by_the_Bay]

Whatever helps you sleep at night...and nap in the afternoons.

By the way, napping is vastly underrated as a FIRE activity. I practice it any chance I get; my technique is pretty darn good, but I think I still need more practice.

 

[cute fuzzy bunny]

Man I wish I could nap. I just sit there with my eyes closed thinking of all the stuff I should be doing...

 

[retire@40]

What about "Just keep doing what you've been doing?"

If you made $1mil by your 30s and your net worth keeps rising month after month with your current plan, why change to some other formula with unknown results?

Why make things more complicated when they don't need to be?

 

[REWahoo]

Man I wish I could nap. I just sit there with my eyes closed thinking of all the stuff I should be doing...

You have much to learn before mastering retirement, Grasshopper...

 

[MooreBonds]

By the way, napping is vastly underrated as a FIRE activity. I practice it any chance I get; my technique is pretty darn good, but I think I still need more practice.

It shouldn't be limited to when you're FIREd....I've been known to do it a (scant) few times at work. Although, you could end up fired before you're FIREd.

 

[cute fuzzy bunny]

You have much to learn before mastering retirement, Grasshopper...

Five bucks says I can get that pebble out of your hand...

 

[scrinch]

Five bucks says I can get that pebble out of your hand...

Yeah, but you can't use a machete!

 

[Moemg]

If the advice is for Harm ,I'd say go to Las Vegas .He seems like a real winner !!

 

[audreyh1]

I did the most insane thing. My first $1M was in company stock. And I left it there! For several more years until I was ready to ER. It was my best shot, so I bet the farm.

Audrey

 

[Lusitan]

It shouldn't be limited to when you're FIREd....I've been known to do it a (scant) few times at work. Although, you could end up fired before you're FIREd.

Honestly, if I could take a nap in the middle of the day, a truly uninterrupted peaceful nap, I would be willing to work for a few more years!

Besides being downright enjoyable, a nap during the day has been shown to reduce heart attacks ...

 

[retire@40]

Honestly, if I could take a nap in the middle of the day, a truly uninterrupted peaceful nap, I would be willing to work for a few more years!

That's one benefit of semi-retirement. I haven't taken many afternoon naps in a while since I've been busy doing other things. They do help take the edge off and give me more energy for the second half of my day.

I think I'll go take a 30 minute snooze right now.

 

[maddythebeagle]

...post on an internet message board with a half bragging thread that you know how to accumulate gobs of money by the time you are 30 to get everyone's attention/half question like you dont know how to accumulate money so that you can actually figure out how to do it

 

[REWahoo]

I did the most insane thing. My first $1M was in company stock. And I left it there! For several more years until I was ready to ER. It was my best shot, so I bet the farm.

Knowing my luck, had I bet the farm I would have ended up buying the farm.

 

[SteveR]

Knowing my luck, had I bet the farm I would have ended up buying the farm.

We did buy the farm...at least the fertilizer parts of it. DW's whole 401K was in company stock...nothing else. After we got married and I started going through assets and I that her entire retirement account was in company stock. This was the net accumulation of over 25 years with the same company and she contributed to her account every year. We had lots of "discussions" about the wisdom of this and she was convinced her company could do no wrong and that past performance would continue forever.

Long story short, I was not able to move enough of it out to other funds in her account before the s*it hit the fan and the stock dropped 50% overnight and still has not hit the levels it was at before that happened in 1999. That was quite a hit to our NW since our stock options also took the same hit so we lost them as they expired (drowned).

 

[shiny]

Why, I'd go to Disneyland of course! I can't believe that isn't an option!

 

[Harm]

A quote from Grease "Are you making fun of me?" :

 

[Donzo]

I did the most insane thing. My first $1M was in company stock. And I left it there! For several more years until I was ready to ER. It was my best shot, so I bet the farm.

Audrey

While no where near $1M - still have over $100,000 in my old co. stock. It is highly thought of and is a major stock pick at this time...according to many. I have a target price where I will cash out - that target price may be to optimistic....I am thinking of pulling half and diversifying........but, still have been sitting on my hands to not be impulsive - this is in a tax deferred account so no problemo w/ taxes..... decisions - decisions?

 

[bright eyed]

Man I wish I could nap. I just sit there with my eyes closed thinking of all the stuff I should be doing...

oh my g*d- i think you are the first male i've ever heard of who can't nap - have you seen a dr. for this?

 

[chinaco]

Continue to control expenses (LBYM). Enjoy life now, do not deprive yourself for savings sake alone... but continue disciplined and risk balanced investing with an eye on eventual retirement when you are ready.

We must alway balance the future with today "Carpe Diem"... Life can be fleeting, live it to it fullest (in moderation).

Assuming you have your health today, the only thing worse than not being able to retire (when you get old) and having a pitifully low lifestyle... is to work your a** off most of your life and die early and not be able to enjoy it (or give it to a nursing home).