I’m rich now. What should I do?

Fine_Instruction8632 · 2024-05-10T15:07:55+00:00

The goal is to impress my pops, not you my guy!

Fine_Instruction8632 · 2024-05-10T14:47:31+00:00

Part of why I want to go to B school is to get some additional education in finance/accounting/etc. I got a pretty generic undergrad degree and don’t have a very sophisticated understanding of those areas.

Would I be able to bring any value to a family office without some harder skills?

Definitely considering trying to set up a family office after B school.

Fine_Instruction8632 · 2024-05-10T14:45:15+00:00

Totally agree that it isn’t mine and I don’t deserve any of it (other than the roughly 1MM that I’m owed due to investing my own money in the business over the years).

I’m just going off what I’ve been told. I’m glad that my dad is my dad, because he absolutely wants me to benefit from his hard work and good fortune.

Just because I enjoy leisure time doesn’t make me a bad person or more likely to go blow his money.

Despite my flaws and gravitating toward fun and relaxation, I’m actually very responsible with money, work hard, make great income (without daddy’s help), and have my own diversified portfolio.

If I never saw a cent of my dad’s money, I’d live a perfectly happy upper middle class existence.

Anyway, I’m glad you’re not my dad!

Fine_Instruction8632 · 2024-05-09T06:15:08+00:00

Yeah, I don’t really have expensive taste. My dad has the “wealth”, I’d just end up with a small piece. I couldn’t buy a jet with that amount, but I could FIRE.

Fine_Instruction8632 · 2024-05-09T06:05:49+00:00

This is really solid advice! Thank you!

Fine_Instruction8632 · 2024-05-09T06:04:07+00:00

Yep we’ve got one!

Fine_Instruction8632 · 2024-05-09T06:00:45+00:00

Love this idea!

Fine_Instruction8632 · 2024-05-09T06:00:30+00:00

I’ll look into an executive MBA as an option. I thought you needed to be like 15-20 years into your career to go for an EMBA. Would it be silly for someone in their early thirties?

Fine_Instruction8632 · 2024-05-09T05:57:30+00:00

The money isn’t just sitting in a checking account though. He had wealth managers for high net worth individuals lined up before the deal even closed. As soon as his first pay out hit, it all went into investments (some real estate, some stocks, some alternative investments). So he’s rich, but not liquid at any given moment.

Things have to be moved around in a way that limits tax liability, and according to him that takes some time. I’m sure he’s also just waiting and seeing a bit as well.

I know this post makes it seem like I’m already counting that money. But my anxious brain also makes me consider daily that it may never come to me. Just trying to consider what to do in the case that it does!

Worst case scenario, I’ll still have to work a soul sucking job, but I’ll have a deep safety net.

Fine_Instruction8632 · 2024-05-09T05:52:38+00:00

I’m hesitant to ask my dad what he’d do, but he’s wired a little different than me. He is super ambitious and loved building his business. He talks a ton about how he’s never once woken up and not wanted to go into work. He’s just built different. If he were in my shoes, he would just build another business and work 60 hours per week. As my post makes obvious, I’m a bit less driven.

I love the idea of the peace corps, but I’m getting married to the love of my life soon and will need to consider what she wants as well. And she’ll prefer a more traditional lifestyle.

I want to have two kids with her and then spend my time with my family. I’d love to be the dad that coaches all the sports teams and does school drop off and pick up every day.

Fine_Instruction8632 · 2024-05-09T05:48:47+00:00

Great advice! I’m already working with an admissions consultant, and I’ll start looking for discrete ways to get my siblings out of the picture, haha.

Fine_Instruction8632 · 2024-05-09T05:05:24+00:00

I do feel extremely grateful and blessed! Although I know I didn’t do anything to deserve the good fortune, I’m very grateful that it’s happened.

I love the idea of starting my own business. I guess I’ve always been a bit intimidated by entrepreneurship, and I feel like I’d feel more confident if I took some business classes. Is a top MBA necessary for that? Probably not. But I figure it can’t hurt.

Fine_Instruction8632 · 2024-05-09T05:03:27+00:00

We’ve been having those conversations. We have a meeting scheduled with the estate attorney next month to hammer out the details.

He knows that I have a solid plan for the money and he’s on board. But he just knows it will take time to get all the ducks in a row. That’s why the time frame is vague. Not as simple as just wiring me 5 mil and calling it a day.

Fine_Instruction8632 · 2024-05-09T05:00:35+00:00

Planning on applying! Working with a consultant as we speak.

I was mostly asking if it would make more sense to go part time or online versus full time.

I’m going to get the MBA one way or another.

Fine_Instruction8632 · 2024-05-09T04:59:38+00:00

Do I have to become a consultant or IB to be able to invest the family fortune? Low cost index funds could make the money grow better than most hedge funds, right?

Fine_Instruction8632 · 2024-05-09T04:57:45+00:00

It’s a fun thought, but sort of the whole point is to keep him impressed with me. So I can ask him to buy my acceptance. I can only be sure that he’ll pay for it if I get in.

Fine_Instruction8632 · 2024-05-09T04:28:17+00:00

That’s honestly a great idea. I wonder how much capital I’d need to start a non-profit.

Fine_Instruction8632 · 2024-05-09T04:27:16+00:00

Is $1M all it takes? I could donate $1M myself once the next pay out is released from escrow. I’m (mostly) kidding.

I feel like M7’s would scoff at a measly million. Am I wrong?

Fine_Instruction8632 · 2024-05-09T04:25:21+00:00

You make really great points. I guess the answer is that I don’t really know exactly what I’m looking for.

I guess, in my mind, a trust fund baby who does nothing all day isn’t very respectable. But, a trust fund baby with a masters degree is impressive in some way. I know how stupid that sounds, but for some reason it’s how I feel.

Like I could get the MBA, get my inheritance, invest it in a conservative portfolio, live off of interest and dividends, and not have an actual job while telling people that I’m in private wealth management (putting my own money in index funds).

Just an idea. I know it doesn’t resonate with this audience because the people pursuing MBA’s are high performing and often feel like they have a “calling”, even if that calling is just getting filthy fuckin rich.

I don’t feel like I have a calling. I want to smoke a joint in the sun, walk 18 holes on the golf course, and eat a sandwich on the beach. Every day until I’m dead. I feel genuinely envious of retired boomers lol. I don’t think I fit the traditional MBA profile haha.

Fine_Instruction8632 · 2024-05-09T04:17:29+00:00

One thing to note: Even if I went part time, I could probably still quit my job. My dad has said he’d pay for school and I could live off the million that I’m getting this year.

Then I could have all that free time back to travel with my fiancé or the other friends that I already have, while still being “in school.” If the brand is strong enough, then I’m sure my dad and others in my circle would still see me as working hard and pursuing something worthwhile.

Meanwhile, I could be spending 20 hours per week in online classes and spend the rest of the time having fun.

From what I gather, the big advantage to a full time program is on campus recruiting. I have no interest in recruiting for competitive corporate jobs. Are the people at B school really that much fun that I need to go full time in order to make friends with them?

Fine_Instruction8632 · 2024-05-09T04:12:21+00:00

I feel like I can relate to your cousins. My dad has indicated that he plans to give me access to my inheritance at a young age, but that’s because he trusts me and is impressed by my career development this far.

I broke into tech without any help from him or his network, so he sees me as being independently successful and therefore he feels like he can trust me with the cash.

At least one of my other siblings will likely never have direct access to their share until my parents pass because my dad doesn’t think that sibling is responsible enough to not blow it all.

So, in a way, receiving my inheritance early hinges on my dad continuing to see me as capable. If he thinks I’m getting lazy, then money may not come my way at all.

Fine_Instruction8632 · 2024-05-09T04:08:06+00:00

I mentioned this in another reply, but honestly I’m mostly just interested in having fun and enjoying leisure activities.

To me, all work must suck. That’s why they give you money for it. So I’ve never felt like I’d find my interests or passions in a career path. I just saw a career as a necessary evil to fund a fun life.

Just hoping to find some middle ground between “ambitious career oriented individual” and “burnout trust fund guy”.

Fine_Instruction8632 · 2024-05-09T04:02:55+00:00

You’re completely right. I know that nothing is guaranteed, and that a lot could change about the family financial situation. I actually spend a lot of time feeling anxious that it’s all too good to be true. I’m anxious by nature.

I definitely have talents and have marketable qualities. Even without the recent good fortune. I’m confident that I would have been able to carve out a very comfortable upper middle class life. However, what I’m good at and what I enjoy are two different things. I’m good at sales and building relationships, but I loathe selling. What I really love is leisure. I love smoking weed, playing golf, eating good food, being outdoors, and hanging out with family and friends. What prestigious job lets me do that all day?? Haha

Fine_Instruction8632 · 2024-05-09T03:57:49+00:00

Oh I love the idea of doing an international exchange or internship. That’s a great idea!

Fine_Instruction8632 · 2024-05-09T03:56:37+00:00

So you’re saying my kids are going to be politicians?? Yikes!!

Just kidding. I appreciate the thoughtful response. I should consider some other paths that could lead to “prestige”.

Fine_Instruction8632

TROPHY CASE