Mid 20's, working in CRE. Always knew my fam had some coin, we have a regional biz and some RE but did not expect this. I have always been driven to succeed and never really expected this insane of a windfall. WTF do I do now? Planning on just pretending its not there. Maybe take an extended vacation after I cycle out of my current job.
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What do you really want to buy right now?
Not really interested in showing off, maybe replace my truck. Buy a nice house in a few years. Simple stuff
start your own business maybe??
>Not really interested in showing off, maybe replace my truck. Buy a nice house in a few years. Simple stuff
Import a Toyota HiLux, and slowly work on mods and a new paint job (I really like the 5th gen). I'd love to get a Lexus V8 in one of these. Live the dream my friend.
HiLux is the Hi-Life
I'd just park it in a high yielding dividend ETF or something and live my life like normal. Except much richer.
I would not take this advice. Your family almost certainly has a UHNW advisor/multifamily office set up. If you want steady cash flow while you figure out what the hell to do with $40mm have a professional team set up a bond ladder for you.
Oh absolutely, that's just my lizard brain thinking it'd be nice to have $40mm late Friday afternoon. Do not listen to me for PWM advice.
buy a bigger apartment
Speaking for myself should I come into that type of money - I would hire people immediately to help me handle it. Getting a good accountant and advisor to manage the money should be priority number 1 in my opinion.
Have both but through family. They have been fine with the money I have made already and don't really have a reason to break off.
Noting that they are not family members but a few fam advisors and CPA.
A good tax accountant will probably add more alpha than any investment advice. That's basically the only place I've even seen most FA's add value. Seriously, you're WAY above the US gift/inheritance thresholds. Accountant it up or it'll go to welfare in Mississippi.
Came here to also give this advice.
Take some time to let it sink in and act like nothing happened, but unless you LOVE your job you are most likely going to end up quitting and doing something entrepreneurial. With that much money and freedom there is no reason to work for somebody else. Just go travel for like 6 months and come back and start a RE business.
What if I want $400M?
Elon had $180 million and invested it all to make billions - I think you have to have a certain confidence in your abilities.
The chances of some dipshit down the line YOLOing it is so high, lol.
This is legit the stupidest things that has been said here. Have you never heard the expression "shirtsleves to shirtsleves in three generations"? This is how that happens.
1) Give it to a HNW manager. Describe your preferences on lifestyle, income needs, retirement goals, etc
2) Live like a king. Get a person fitness trainer and get swole. Travel. Get a girl. Work on ur passion. Have fun
Finally Pizz with true wisdom
Can't believe my answer didn't consist of having sex
Yes to #1 no to #2. The fuk you wanna lose half your shit for?
incel alert
Get a prenup bish
based
Pizzzzz
Pizzzzz
Good advice other than getting a girl (unless it happens organically, no need to have a $ chaser saddling you with unnecessary expenses). Just make sure you don't deviate from your current lifestyle too drastically. You're in a good job and clearly have had your own drive and ambition so stay on that track.
Grow the 40M on the side and keep on keeping on.
Curious how the actual transfer of funds works? What vehicle is the money invested in right now (a trust or something)? Is the value just a stake in the company / RE? Or do you literally have $40 million in cash or equivalents (CDs, treasuries, etc)?
Trust is $40M plus equity in biz and RE. Equity is diluted in my gen due to more cousins etc.
Do some boomer SPY/Fixed Income portfolio mix and quit your day job with the swiftness
Do 10 - 20 hours of Volunteering / non profit work a week to keep you physically and mentally active, and spend the rest of your time straight chill mode and chasing tail. Do not start doing coke, it is way too expensive and overrated for the brief high. MJ is all you need
+1
and that’s a lot of MJ
Can we PLEASE not talk funds. Now I need to go away even though I think Frank and Don are great guys.
I think I would personally invest it in bonds / SPY and live off the interest / dividends. In the meantime, I would probably do some volunteer work/work in the family biz and see if I could get good enough at golf to one day play on the korn ferry tour or european tour. Living the dream man.
What car have you always wanted to own?
40M would barely make a dent in the purchase price.
get a personal chef and someone who cleans your house
+1
Give it to me would be nice
Congrats. Wanna share it with your fellow monkeys?
bottles and hookers
..
First order of business, make an off-thead tropic titled "xyz years old, have $40 millino saved up. Where do I stand among other xyz year olds?"
You find out you’re gonna inherit 40mm and one of the first things you do is post on an Internet forum? Sure.
buy OTM weekly spy puts if you want to end up with 100mil or 0$
Yeah I feel the same I made around 100K or more during the pandemic and I don’t have my associates degree yet. I started traveling to new places I all ways liked to get out maybe start a hobby I started golf. Just keep your self busy and only do something if it makes you happy.
Start an REPE shop. Don't stop here, you can make it BIG.
Call AOC and show her your massive cock.
based and mestizo pilled
This boggles my mind. Mid 20's, just received $40M, and still want to go to work everyday and be an Excel monkey? More to life imo
Congrats and fuck you
It's killing me how many people here are suggesting sidelining the $40mm and keeping your job. Wtf. Quit that shit, take time to reflect on your newfound wealth and go start something, whether it's your own brokerage/dev shop or some other kind of business, or become an LP. Form a partnership. Open a NFP. Whatever sounds more interesting to you. It's foolish to put up with the traditional grind when you have that type of money floating in your account.
buy a G Wagon fleet and sell it to UBER at a premium
If its me... I am dumping half of it in an aggressive portfolio (equities, HF, PE and some directs) and half in fixed income. If you find something that can generate 3% cash coupon then its another $600,000 of supplemental income ($20mm x .03). You still have your base/bonus so you should be close to high 6 figures, approaching a mil. I'd take my foot of the pedal at work. Rat race no longer applies to you since you have financial freedom, but I'd want to create a legacy of my own so focus on what you are good at / what you enjoy and figure out how to monetize that shit. Figure out what else you need to learn at work then cycle out and pursue it. I'd upsize my apartment in the city but also buy a nice little modern $1-2mm place out in burbs to get out the city when I am seeking perspective.
Deep ITM TQQQ calls
fuck off
start a bunch of small businesses
Go find a Northwestern Mutual "Financial Representative" and buy some life insurance.
LOL is this even true?
If so - that's retirement money plus some and an excuse to do whatever you want. You'll likely be bored and unhappy after a while if you don't try to keep yourself busy with something worthwhile. I will gladly change sports with you.
Give me $100K cash wired to my bank account and I will act become your body guard and best friend for life while we travel the world (on your dime) and create some insane memories.
First off congratulations, now is the hard part. How do you want to make this planet better? That also includes yourself being better. I certainly believe in generational wealth, so I would build on what you currently have, what are you interested in investing in? Real estate, stocks, bonds, helping the homeless? You have lots to consider either way please share with us here to either inspire others or just show people how it is done.
how's the money structured? do you own it outright or are you the beneficiary of a trust and don't actually control the principal?
He said it was in a trust in another post, equity in family business + RE. So probably fairly illiquid.
If the trust isn't a dynasty trust, I'd distribute enough principal that I could use up gift and GST exemptions, considering the current environment.
yeah but "trust" is too broad. he could be the trustee of his own trust, he could be the beneficiary of some trust that pays out at certain ages, or a dynasty trust as you mention.
if I were counseling the family I'd suggest the patriarch or whoever created the wealth to sit down with the benefactors and tell them the story of how they got there, some lessons they learned along the way, a gentle nudge with what they think success looks like, but then leave them to make their own decisions. I think the healthiest use of something like this would be for OP to do some combination of the following, provided the trust terms allow for it - take that vacation/vacations you've always wanted immediately, figure out what you want to do career wise (if you don't know, learn the businesses you're a beneficiary of and try to build/grow more like that), bootstrap some new business ideas, fund charitable ambitions, etc., but the key is to stay occupied. idleness is fine, laziness and being a trust fund baby is not, have a purpose and something that gets you up in the morning every day
There's a post for this on r/personalfinance, maybe start there:
https://www.reddit.com/r/personalfinance/wiki/windfall/
At the end of the day, it's going to depend how it's structured and what you feel like doing, if your goals have shifted, etc., but whatever you do, don't squander it.
easy, hire thebrofessor
you assume I enjoy working with wealth that isn't 1st generation ;-)
that's too harsh, but in all seriousness, if it's mostly tied up in RE I'm no use to him anyway
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