So I just got a £3m inheritance from the parents, I think they felt guilty as they just inherited a tonne from their parents.
The thing is I now have no motivation to work. I’ve stuck most of it in index funds and could probably quite comfortably live off it for the rest of my life. I’m a senior consultant at the big 4 so making ok money but certainly nothing amazing. I just don’t see the point in working my arse off when the passive income is making more and probably will continue to do so unless I stick it out for another 10 years.
Tempted to get an MBA and pivot into something a bit more interesting but just overall a bit stuck. Any thoughts on what you would do?
I would stick it in VTI and not work anymore. Why would you pursue an MBA? If you want to go back to school at least pick a program where you learn something. Assuming you're young enough, you now have the freedom to only do things because you want to do them, not because you have to.
Why do all these people inheriting millions of dollars have absolutely no vision for their lives beyond their dumb jobs? What a waste.
How are there so many silver spoon types on this forum wth..
90% of my Analyst class in BB M&A was either the kids of large client CEOs or senior bankers at the firm. This is just how the industry works.
Spoiler alert - you and me are the outlier, the “poors” among the silver spoons who grew up wealthy and/or with family already working in the industry
I am sorry, welcome to the real world.
Because most of the people in finance got their job because they're well connected? Anyone bitching about how jobs should be "merit based" (e.g. complaining about diversity hires) is giving away the fact that they're a nepo baby.
The idea that getting a job on Wall Street has anything to do with intelligence is laughable. We're called "monkeys" for a reason
Well if you give it to me then you will be motivated to work again
Start a business in something you like/enjoy?
Last I checked in the uk, three million pounds is not enough with the new labor government plans for extra new taxes.
Does 3 million pounds after taxes become 2 million pounds after taxes in the UK or does he not have to pay taxes?
Anything over £325k is taxed at 40%, Britain’s most unpopular tax. Workaround it to gift seven years before death or spend it all.
Thieves.
You need to lock it up in a non-liquid asset, otherwise you are going to lose your motivation. Once you lock it up, you’ll realize you need to keep working if you want discretionary income.
I would try to live a life of hedonism if I were in your place.
Damn congrats man! I'd let it compound as you're going. Would NOT live a life of hedonism as some might suggest, that will leave you an empty broke husk in 10yrs
Instead, you're now free to dedicate your time & energy to what you truly want to do that would also be meaningful. Want to be a history professor? Awesome, go get a pHd but live a good life while doing so. Want to start a business? Don't take the entire sum you have, but just a chunk to experiment with while the rest of it grows. Want to start a blog on an interesting topic and maybe write a book alongside that? Awesome, go do it
Just make sure you are doing something that you find meaningful & interesting. Doesn't have to be about the money, but about enjoying the journey
good advice, but who's saying you can't do any of this without the huge windfall? Feel like us finance types presume we can't do those kind of careers because we don't have the cash but the reality is people are more wedded to the idea of pursuing wealth vs pursuing their passion
It's enough to have all the padding you want while doing what you want with your life. Rent a nice place, do a job you like, travel a few times a year to places you like. Get in shape... Live the good life...
why not go to school?
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