Just got ~$40M. What now?

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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  • Associate 1 in RE - Comm
Sep 24, 2021 - 4:41pm

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.

Sep 24, 2021 - 4:17pm

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. 

Sep 25, 2021 - 7:57am

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.

The only difference between Asset Management and Investment Research is assets. I generally see somebody I know on TV on Bloomberg/CNBC etc. once or twice a week. This sounds cool, until I remind myself that I see somebody I know on ESPN five days a week.
  • 5
Sep 24, 2021 - 4:38pm

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.

Array
  • 3
Sep 24, 2021 - 5:27pm

It's $40 fucking million dude do whatever the fuck you want. You can blow half of that and still live like a king. This is the kind of money people on here dream of - you're set for life, your kids are set for life, hell 5 generations down the line is set for life if nobody yolo's it.

Sep 27, 2021 - 10:37pm

Elon had $180 million and invested it all to make billions - I think you have to have a certain confidence in your abilities.

"If you always put limits on everything you do, physical or anything else, it will spread into your work and into your life. There are no limits. There are only plateaus, and you must not stay there, you must go beyond them." - Bruce Lee

Most Helpful
Sep 24, 2021 - 5:29pm

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 

Sep 24, 2021 - 6:18pm

Finally Pizz with true wisdom 

"If you always put limits on everything you do, physical or anything else, it will spread into your work and into your life. There are no limits. There are only plateaus, and you must not stay there, you must go beyond them." - Bruce Lee

Sep 26, 2021 - 12:16am

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.

  • 1
  • Associate 1 in IB - Gen
Sep 24, 2021 - 6:08pm

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 

Sep 24, 2021 - 6:19pm

+1

and that's a lot of MJ

"If you always put limits on everything you do, physical or anything else, it will spread into your work and into your life. There are no limits. There are only plateaus, and you must not stay there, you must go beyond them." - Bruce Lee

Sep 25, 2021 - 12:10pm

Can we PLEASE not talk funds.  Now I need to go away even though I think Frank and Don are great guys.

The only difference between Asset Management and Investment Research is assets. I generally see somebody I know on TV on Bloomberg/CNBC etc. once or twice a week. This sounds cool, until I remind myself that I see somebody I know on ESPN five days a week.
Sep 24, 2021 - 6:34pm

bruce1

WTF do I do now? 
 

"If you always put limits on everything you do, physical or anything else, it will spread into your work and into your life. There are no limits. There are only plateaus, and you must not stay there, you must go beyond them." - Bruce Lee

  • 1
Sep 27, 2021 - 10:38pm

GoLiftSomeWeightsBro

get a personal chef and someone who cleans your house 

+1

"If you always put limits on everything you do, physical or anything else, it will spread into your work and into your life. There are no limits. There are only plateaus, and you must not stay there, you must go beyond them." - Bruce Lee

Sep 25, 2021 - 2:23pm

Congrats. Wanna share it with your fellow monkeys?

 

 

 
  • Intern in AM - Equities
Sep 25, 2021 - 6:20pm

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?"

Sep 25, 2021 - 10:58pm

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.

Sep 26, 2021 - 7:34am

Call AOC and show her your massive cock. 

We're not lawyers. We're investment bankers. We didn't go to Harvard. We Went to Wharton!
Sep 26, 2021 - 11:27am

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.

Sep 26, 2021 - 5:16pm

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.

Sep 27, 2021 - 1:18pm

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. 

Sep 27, 2021 - 1:29pm

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.

What concert costs 45 cents? 50 Cent feat. Nickelback.

Sep 27, 2021 - 1:33pm

bruce1

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. 

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.

SafariJoe, wins again!
Sep 27, 2021 - 10:32pm

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.

Sep 28, 2021 - 8:15am

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Sep 27, 2021 - 8:25pm

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Sep 28, 2021 - 8:15am

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