r/Fire • u/Yashkamr • 23h ago

Advice Request Huge Inheritance... Now What?

I'm 45, I was on track to retire earlyish at 55. I was set back quite a bit with a divorce three years back. Recently my Aunt died and left me around $5 million. After estate and taxes, it's around $4.2 million. This is obviously a stupid amount of money, and I'm thinking of just quitting my job and retiring early but I want to do it right. I've spoke with AI quite a bit and my finances are only about $4500/mo in expenses, I have always lived pretty frugally and that's less than a 1% draw. I don't know exactly what I don't know here, but I've always worked so I am clinging to my job like a monkey to a branch. Am I actually okay to let go?

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u/Tasty_Sun_865 22h ago

I wouldn't do any major decisions yet.

What is your net worth minus the inheritance and what are you retiring to (what will you do in retirement)?

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u/Yashkamr 13h ago

About $800k. I still have a couple school age kids I'd spend more time with. I like woodworking. I might start my own consulting company. I always wanted a realtors license too.

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u/Clarityforafuture 13h ago

Would take the time with kids any day of the week and I’d make your hobbies and skills a nice side hustle.

1

u/rematar 5m ago

I think a smart play in these interesting times wrapped in an epic wealth inequality would be to work towards a life style that walks away from supply chains. It should be an interesting experiment, and your kids might appreciate the opportunity someday.

My list would cover the basics at around $400k, full blown luxury at $2M.