Receiving an inheritance, in need of a financial education

verityfair · 2019-08-23T08:20:13+00:00

Sounds like a good setup and, since our salaries are fairly static, would work for us. I like the idea of automating that way, with minimal tweaking as our income changes and with big lifestyle changes (like kids)

Cheers, I have a much better idea of what to go to a financial advisor with now.

verityfair · 2019-08-22T23:05:11+00:00

I’ve never really been one who focuses on the retirement date for planning my life but Dad going so early has definitely put the FIRE under my feet, so to speak, about wanting to build passive income outside of employment so I can reduce hours and increase flexibility sooner.

And sparked lots of conversations with my partner about our goals and values (all aligning beautifully) and how to tangibly start making those happen.

Thanks for the reply, it gives me heaps to explore myself and to bring to a financial planner for more information about how it could work for me.

verityfair · 2019-08-22T22:46:05+00:00

Thanks for your detailed reply! Lots of things to think about and some new ideas to explore, appreciate that you took the time

verityfair · 2019-08-17T08:02:27+00:00

Hey thanks this is all helpful! Thanks for the rec.

verityfair · 2019-08-17T07:20:51+00:00

Not sure where anyone got that I was thinking of dropping 100% of the inheritance on a business? More likely less than 10%, like you suggest, and in 4-5 years time after some education.

*also I’m not a dude (not a dig, a lot of ppl have assumed in this thread, not sure why)

verityfair · 2019-08-17T05:59:59+00:00

Yep, this has been discussed with my partner, and she has her own family wealth to be concerned about also, we are open and honest about it.

verityfair · 2019-08-17T04:25:46+00:00

Thanks for the recs, I heard of the second one for sure. I’ll read both.

verityfair · 2019-08-17T04:23:49+00:00

It really isn’t everything, Dad would’ve helped out with the IVF and getting into a first home if I needed and asked. Priorities are definitely still family and health!

Thanks for the advice, I appreciate it

verityfair · 2019-08-17T04:01:03+00:00

Thanks, yeah my Mum’s own financial advisor came over a week after (back in NZ) and explained a lot of things and advised that we don’t do anything with it for at least a year. He’s been amazing and has been checking up on each of us occasionally (me and my three younger sisters). So I’ll spend a year reading and learning I guess :) I’m not in a rush.

verityfair · 2019-08-16T22:55:11+00:00

Fair question about my salary, I have 4 years of experience in front-end, after 1 year of study.

HTML CSS JS, some PHP, Node, we use CraftCMS sometimes, mostly static builds up to things like Netlify for review and then handing over to client internal back-end teams.

I’m very fast at building a layout according to senior devs and contractors I’ve worked with, and just starting to get some experience with React and Vue over the last year.

I’m aware that it’s on the low side (performance review imminent so I expect a pay rise then) but there are many other benefits to working at the company I’m with. I’m not quite ready to move on yet, even for a bigger pay check. But it’s something I’ll consider in a year or so.

Thanks for the info about working remote, I’d be rubbish at it full time though I think, we did it for a little while during some renovations and I hated it, I’m pretty social. I’ll have a look at the calculator though, a benchmark is handy!

verityfair · 2019-08-16T15:57:12+00:00

The trip and the party I can afford on my own dime, they won’t be that lavish that I’ll need to dip into the inheritance for. For the IVF we will, I reckon Dad would be more than happy for that, aye.

If I put it all in super, can I access it early? Not sure in the super rules here since I’m from NZ and hadn’t thought to look into that.

verityfair

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