Author Topic: What happens if you strike it rich?  (Read 52199 times)

arebelspy

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Re: What happens if you strike it rich?
« Reply #150 on: February 08, 2014, 01:51:51 PM »
/shrug

If you say so.

Well, which is it?  Am i supposed to quit?  Go pick up money?  Both?

Both.

You're the one who said it was conflicting, or incompatible.

If that's the case for you, okay.

It certainly doesn't have to be.
We are two former teachers who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and are now settled with three kids.
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dragoncar

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Re: What happens if you strike it rich?
« Reply #151 on: February 08, 2014, 02:15:58 PM »
/shrug

If you say so.

Well, which is it?  Am i supposed to quit?  Go pick up money?  Both?

Both.

You're the one who said it was conflicting, or incompatible.

If that's the case for you, okay.

It certainly doesn't have to be.

We are talking about people who don't love work so... for us its conflicting.

arebelspy

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Re: What happens if you strike it rich?
« Reply #152 on: February 08, 2014, 03:25:32 PM »
We are two former teachers who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and are now settled with three kids.
If you want to know more about us, or how we did that, or see lots of pictures, this Business Insider profile tells our story pretty well.
We (rarely) blog at AdventuringAlong.com. Check out our Now page to see what we're up to currently.

dragoncar

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Re: What happens if you strike it rich?
« Reply #153 on: February 08, 2014, 04:21:25 PM »

arebelspy

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Re: What happens if you strike it rich?
« Reply #154 on: February 08, 2014, 04:33:14 PM »
Wrong order.  Next thing you know you'll be trying to give us dog facts instead.  :)
We are two former teachers who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and are now settled with three kids.
If you want to know more about us, or how we did that, or see lots of pictures, this Business Insider profile tells our story pretty well.
We (rarely) blog at AdventuringAlong.com. Check out our Now page to see what we're up to currently.

honobob

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Re: What happens if you strike it rich?
« Reply #155 on: February 10, 2014, 07:12:42 PM »

Ozstache

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Re: What happens if you strike it rich?
« Reply #156 on: February 12, 2014, 03:57:31 AM »
Back to the original question, I am actually likely to experience this scenario via a sizable inheritance my wife reasonably expects to receive in the next decade or two. While we have been conservative to have not factored this into our ER calculations, in the likely event that it happens it will potentially double to quadruple our current stache.

We are in the camp of our ER stache being already "enough", with contingency, for a planned burn rate that is very unlikely to change with any new found wealth. My thought at this stage is to establish a family trust that perpetually assists, rather than lump sum cashes up, my parents, children and siblings (in that order) over their collective life expectancies. In doing this, I am mindful of the Warren Buffet quote that goes: "I want to give my kids just enough so that they would feel that they could do anything, but not so much that they would feel like doing nothing." and apply that to my entire family unit.

That's the plan anyway, although I am yet to research how to set something like this up and indeed whether it is practically possible, especially beyond my own existence on this earth. I'll put this task on my ER to do list.



nicknageli

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Re: What happens if you strike it rich?
« Reply #157 on: February 12, 2014, 09:59:29 AM »
Back to the original question, I am actually likely to experience this scenario via a sizable inheritance my wife reasonably expects to receive in the next decade or two. While we have been conservative to have not factored this into our ER calculations, in the likely event that it happens it will potentially double to quadruple our current stache.

Very cool.  That would be a great safety net to have in early retirement.   

In contrast, we don't see our families having any extra to pass down.  That's okay though. 

I think any sizable windfall we happened to get would just be used as extra cushion in early retirement without really changing what we spend/save right now.  Although online retirement calculators say we could both hang it up now, I'm not so confident.  We're somewhat concerned with what could happen with the ACA and future health insurance costs.

lackofstache

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Re: What happens if you strike it rich?
« Reply #158 on: February 12, 2014, 12:17:15 PM »
nobody's gonna mention how "love what you do" is just as important as "do what you love"?

If I chose a job that I enjoyed less day-to-day but allowed me to RE in a year, I'd love the shit out of that job

I've had this experience. I have had my current job for nearly 4 years, the first year was fine, but 2-3 sucked. I thought it was the job making my life hell & I spent money to make up for it. In the last 12-15 months, I've changed, though. The job hasn't, I've just become OK w/ it & see the upsides of what it offers me. I'm not resigned to staying here forever, but it allows me to enjoy my life & save a fair amount of money. For those reasons, I love it.