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1. that's exactly what I said I would do by paying off all my debts. This is a life with no debts. zero loan, no mortgages. Plus, like I said, I would still have enough cash on the side (about half a million) so I wouldn't have to worry about saving a dollar anymore. That 9-5 steady income would become like a plus rather than a necessity like 99% of the world. 2. That's not a short term goal. I don't care about increasing my income right away. I'm already making enough money as a software engineer working in the Bay Area. I don't need more money technically speaking. Problem is, I can't work at a 9-5 job anymore. Why would someone work at a 9-5 job? To pay bills? To buy a car? To buy a house? To have a steady income, etc. Like I said, I'd use that money to make my 9-5 job as obsolete as possible for a smooth transition to generating money on my own. Where I live (Bay Area), $500k gets you a one car garage. I don't necessarily want to live in a place where schools aren't that great and where there's no opportunities. I'm not talking about living a luxurious life in San Francisco, but looking at places in Texas, Washington state and any other tech hubs, $500k gets you a house. Not a mansion. Not willing to move to Nebraska yet or Wisconsin... nothing against these 2 beautiful states but again, it's about opportunities for us and our kids. I said $500k which is my original budget, it depends on where my wife and I decides to move. Again, today, I make about $200k/year and I don't own a house. If I spend $500k in a house tomorrow, it ain't gonna change anything but the fact that I own a house outright. You see where I'm going? It's not about not being smart or not knowing how to manage money... nothing to do with a lottery winner like you said. This is pure extra money to me. Should I put it in a bank account and not touch it for the next 10 years? Worst investment ever... real estate will bring way more money than waiting for the FED to print out more papers. $500k US paper dollars will be worth $250k in 10 years. I already have various investments, crypto, bonds, index funds. Also, as a home owner you have what it's called tax itemization. $24k/year if you don't itemize. A house that is paid off would cost me less than a rental. Keep that in mind. People are used to think that buying a house puts you in debts for life. It won't be the case since I would buy the house cash and still be making enough money per year. It's all about that transition from my 9-5 job to a fully autonomous business. If I fail with my project, I won't go bankrupt thanks to being out of debts with half a milli on the side. working at mcdonald's would be enough for me to end up positive at the end of the month. |
But I am responding to your assertion that you plan to quit:
I'm seing it as a huge opportunity for me to transition to my ideal life, no debts, no boss.
The missing part is generating an income by myself to pay the remaining bills, etc.
It sounds to me like you are getting incredibly worked up about what I've said and offended and I don't understand that at all. So, I regret replying at all and enjoy your inheritance.