Last week, my parents surprised my three siblings and I, by giving us an in-life inheritance of $8 million U.S. dollars in stocks, bonds, ETFs etc. in a shared account . As my brothers and I were discussing that we’d re-invest almost all of the profit, I told them I’d like to be able to withdraw 0.25% of my part every year or even less, for travel expenses .
But I’m also a 36-year-old man with no plans on having children, and having the opportunity to inherit this money early in my life, I’d like to be able to use this very small amount to pursue one of my passions in life. I’d be really grateful if you could share some advice on what to do in a situation like this. Thank you in advance.We are in the middle of a pandemic, so you probably don’t need to worry about traveling the world for at least another year. If not more.
You can, of course, still take time off, work-schedule permitting. But I also agree with your parents. You should fund this on your own. It will help you to create a healthy work-life balance, something millions of people are reflecting upon during the coronavirus pandemic, and teach you to prioritize your income and expenditures. It will also encourage you to find ways to raise that $5,000 yourself, and excel at whatever it is you do best.
The Moneyist:‘We bet on the wrong horse’: I co-signed my nephew’s $55K student loan: He has no degree and no job. What should we do? Overall, however, I don’t believe that the expectation of a large inheritance is necessarily a good thing. Such a windfall could prevent you from experiencing failure, something psychologists say is useful, if not critical, in our social and professional development. Young people with more grit are more likely to show higher levels of self-control, resilience, passion, mental well-being and life satisfaction, according to a 2018 Frontiers in Psychology review of three studies.
In the meantime, everyone should ask: How can I make sure that I retire comfortably, and have enough cash flow set aside for job loss and/or a medical emergency?
Sounds like they didn't really give it to you
No way these are real questions .. Or answers . These are all bot generated content for market watch.. right? concernedforhumanity
First world problems
If that’s the first thing you think of you don’t deserve a penny. They save and invest all their lives so billy can go travel 🤦🏻♂️
How about get a job and pay for the travel yourself!
See how you can double or triple your portion. Who cares about vacation, set up generational wealth. Make it so you don’t have to work a day in your life just off the dividends/interest and buy real estate to rent out. And stop sharing your plans with family.
$8 million? These are the people that lecture about hard work and pulling yourself up by your bootstraps.
Dude, a gift is a gift. It seems they want to use the money as a means of control. Don't do that. Use it how you want and for what is important to you. If you must, partition the account and separate your share.
GOOD you'll only waste it
Clearly, your parents are way smarter than you are. It’s not in the genes. Are you sure you’re their biological child? wealth Riches money
'0.25% of my part every year ($5,000 as of now) or even less, for travel expenses (traveling is my passion). ' Bruh get a job, at the end of a year, see how much you set aside, and then take out the amount to make it 5000$. i.e; You save 4600? Take out the other 400.
Hope they claw it back. What an awful human. Earn it yourself then
Absolutely right! Such an inheritance should not be used to travel, instead, to help secure your financial future. Build on it and grow your wealth.
Who are these people? 8 million in-life inheritance and 36 year old son is scarbling for $5k a year for travel? Get a job and save money.
Lol, maybe get a job and pay for the travel from it?
Good time to buy stocks.
95% only bad news(