Financial Independence Inherited Money. Advice Needed. What do I do? |
- Inherited Money. Advice Needed. What do I do?
- I want to move out of Vanguard to Fidelity but my account is restricted in Vanguard due to multiple good faith violations. Is it still possible?
- 401(k)/403(b) Contribution Year?
- Trying to figure out when I can retire...
- How do I (24m) start taking steps to set myself up for FIRE in the future?
| Inherited Money. Advice Needed. What do I do? Posted: 24 Nov 2021 01:02 PM PST I was told to post this here since I could get better advice. Hello, as the title states I am at a loss on what to do with my life at the moment. Dad passed away a couple months ago from a medical complication with the cancer he had been battling for 15 years. I'm 25 now and growing up Dad would always tell me to pursue a career on something I liked because I wouldn't need to worry about working to make a living. Of course, I never banked on this and decided to study business w/ a minor in marketing. I recently got a job at an investing company that pays pretty well for the country I live in (3rd world). I had a meeting with dads lawyer a couple days ago now that the paperwork is through he showed me how much money I would inherit. It's in the ballpark of 10 mil. I didn't think dad had actually separated that much money. The estimate he showed me of the fund that was set up for me (if I choose to follow it) would give me around $150k at the very least every year from the multiple investments (real estate, stocks, etc). I haven't told any family members or anyone exactly how much I inherited and I'm not planning to. I've read way too many horror stories about that to fall into the same trap. I had planned on getting a masters after a couple years of working but is it even worth it now that I don't have to work? I had planned to get a better paying job and retire early once I had my MBA (40s or so). Should I use my free time to help at a ngo or work at jobs like social services since money isn't a worry anymore? I'm not married and don't have any children (nor do I want any tbh) so I feel like this amount of money is more than enough for my relatively simple lifestyle. I could even travel the world every year and still save money. My question is, what should I do? Should I simply ignore this money and live a 'regular' life and keep working my 9-5 job and have it as a fallback in the worst scenario? Quit my job and find something else to occupy my time on? I'm at a loss, advice needed. Edit: trying to see the view and opinions of people who stopped working early to see if its something that I want/should do. [link] [comments] |
| Posted: 24 Nov 2021 04:13 PM PST Has anyone actually managed to transfer a large account from Vanguard to Fidelity? I heard that Vanguard doesn't let you move out from them to a different broker like Fidelity? Is it true? What if you have a current restricted account at Vanguard due to good faith violations. Will they still let you ACAT out to Fidelity? Anyone have experience with this? I want to move out of Vanguard to Fidelity but my account is restricted in Vanguard due to multiple good faith violations. Is it still possible?[link] [comments] |
| 401(k)/403(b) Contribution Year? Posted: 24 Nov 2021 01:26 PM PST As it's getting to the end of the year, I'm currently working on maxing my 403(b) contributions and even doing a little extra in the post-tax bucket. I've an accounting question I'm not quite sure how to answer. My last paycheck of 2020 was on 12/31, but the 403(b) contribution for that paycheck didn't end up in my account until January 2021 (not a late deposit per guidelines, just didn't happen on the very last day of the year). Consequently, my paystubs are showing that I've contributed $18,XXX to my 403(b) YTD, but my 403(b) servicer is showing that I've contributed $19,XXX because 2020's final contribution posted in 2021. I'm assuming that since my final 2020 contribution was withheld from the paycheck that I received on 12/31/2020 that the contribution should be credited to 2020, even though it didn't hit the account for a couple of days, but I couldn't find info on that anywhere. Does anyone know how this works? I've got emails out to payroll and our 403(b) servicer, but with the Thanksgiving holiday I'm not expecting a quick answer, and payroll is processing today. Thanks in advance! [link] [comments] |
| Trying to figure out when I can retire... Posted: 24 Nov 2021 12:58 PM PST So I find it difficult to break out for financial independence.. My situation is that I am the only breadwinner and am trying to launch 3 boys and 2 girls... 3 boys are in college, two of the three have been in college for 5 years and are saving money from work... One of the boys is smart enough to get a tuition waiver and a stipend, so I am in thinking in 2 to 3 years they will be off my books... One girl is in high school, one is in the Navy. But both girls we need to take through drivers ed, and possibly help the Navy sailor through school... The problem I have is being able to get items fixed around the house when they go bad.. Yes, I do have an emergency fund I can dip into, but trying to build and take care of home projects have been difficult... I am contributing to my 401K, but not near the max... Right now I have retirement set to be the age of 71, but would like to be able to retire before then.... Getting the kids financially independent from me is my first step, but realistically, not all kids launch at the same rate, and if you are not successful at launching their is good chance that they come back, and many times with 2 or 3 others... I have over $500K saved in retirement accounts, but will need more to retire comfortably... I am 56 now. How is it working for others in the similar situation? [link] [comments] |
| How do I (24m) start taking steps to set myself up for FIRE in the future? Posted: 24 Nov 2021 02:48 PM PST I've recently discovered this subreddit, and was immediately taken by the idea of not having to work past 45-50. I have a bunch of questions, but the biggest one is… how do I start? Right now as a 24y/o male, I've pretty much decided that I'm going to live my life like a man in his 20's should. Finding hobbies, trying out different things, traveling, drinking, eating, all of that fun stuff. If I haven't tried it, I'm doing it. I want to be able to set myself up so I that once I've found my career, I can do this stuff on the side, and then do it full time in my retired life, preferably before I'm 80. I know I have some not great spending habits (Eating out, occasional game, etc.) I think I'm decent at saving when it counts, but I don't know the extent of what I can do to maximize savings. Are there any saving tips, or other tips just in general, that you guys have for me to help me move towards a FIRE lifestyle? [link] [comments] |
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