I don’t feel the need to go into much explanation, but I’ll outline our circumstances and seek advice from “the community”.
I have come across a tax-free windfall of $600,000. I’m 40 years old, married with three children.
My wife and I have no debt. House is paid off already. We could live in it until death.
We own two cars, relatively new and low mileage, both paid off.
All three of our children (all under age of 10) already have 529 accounts with roughly 80K in each.
Given the above, we don’t have a huge amount of cash savings or stock investments. Less than $250K total value, not including the three individual 529 accounts.
I also have a 401k, roughly $150k total value on top of everything described above.
I have a good job, but I’m not sure it’s what I want to be doing for the next 40 years.
Now we have this cash, which I want to “preserve” for the future but also put to work so that it can grow and/or be invested in a new project or business.
I’m genuinely stuck on how to put it to work. Honestly, I just want to hear all of the “What would you do?” scenarios given the above context.
Thanks.
Submitted September 14, 2023 at 03:36AM by SimTheory426 https://ift.tt/4f0GFwc
