$1M after tax? I would:
- tell no one but my spouse.
- build a slightly nicer house on a nicer piece of property I have my eye on
- invest the rest for now
- possibly cut our work hours back slightly to 2/3 time or 1/2 time
- get very serious about examining our budget.
- take vacations further from home. Rather than a beach trip or a 150 mile trip to the mtns, we might visit the PNW or NYC or New England on a still modest budget.
Extended family are spenders so any financial gifts we offered might evaporate during trips to the malls. Maybe give everyone something to pay off their mortgages. Maybe figure out who has the largest mortgage and give everyone that amount.
Would get very serious about examining our budget and educate myself more on the topic of FIRE'd. Create a daily routine where the kids leave for school and I sip coffee while studying the topic before going to work.
We like our jobs pretty well but it would be nice to have more hrs for us. A four hour work day or a three day work week. Go in, troubleshoot or delegate, attend some meetings and go home.
Would be nice to have a home without all the little 30 yr old house issues cropping up (needs a roof, some brick work, driveway needs rework).
If after more in-depth study we could FIRE we would. We are saving as much money as we can right now without counting nickel and dime expenditures. Our income finally rose this year significantly due to a career advancement for my wife (small career field).
We spent several months replacing worn out things, exploring our new budget, etc. Have been adjusting our debt for faster pay off as MMM and you (the readers) have educated me. Am interested in seeing what next year's tax return will look like.
Looks like we will be able to save $20K this year and $30K next year if we don't get spendy. Want to pay off our house and accelerator our retirement savings.
Alternatively I might buy a duplex eventually and build upon that. Have not run the numbers or read the MMM landlord threads. I managed an older apt building in a low income part of town years ago for my parents. Didn't mind the work but I want to deal with a better grade of resident. We were renting nice, clean but older apartments to folks who were not quite squared away. I'd build my duplex(s) in a nicer part of town.