What can I do with my life when I stop working ?
I am getting a large inheritance from my grandma 200k in stocks plus 60k I have from savings. I am looking into tiny houses I can buy with cash I would have like no expenses so I won’t have to work more than part time.
- tiescoreLv 63 weeks ago
OK rule of thumb is you can expect to withdraw 3% of a diversified portfolio without, over the long run expected to deplete it. On 260K (less if you spend on the tiny house) your talking being able to draw $7,800 a year out. I am trying to retire early, and my target is a portfolio ten times the size of your inheritance (I want to travel in retirement, so that's a big part of it).
- JudithLv 74 weeks ago
Financial experts will tell you do NOT buy a "tiny" house. They aren't worth it and you would have a hard time reselling it.
You won't have any expenses? Then you aren't thinking very hard or realistically. As I've aged my out-of-pocket health expenses are done nothing but increase year after year. Not only is health insurance high but I've been investing some major money into my teeth which seem to be giving up the ghost; capping, root canals and tooth extractions. Surgeries for body parts needing replacements and tune ups. This is all in your future.
You will have utilities and groceries. You SHOULD have health insurance. If you have a car you will have car payments, insurance, gasoline and maintenance. Pets? They can be expensive IF you take care of them properly but especially toward the end of their lives.
Keep working. Get a financial manager and discuss how you can better use that money for now and, more importantly, for your future when you are old enough to retire. Buy yourself a modest house in a nice neighborhood. Whether you buy yourself a decent house or a tiny house you will have to take care of the yard and if you live where there is snow, snow removal. Trash removal. Property taxes.
Hair cuts unless you plan on becoming a hermit. You haven't thought this through because if you did you wouldn't be asking us the question you are asking us. You would know better.
No expenses! How I wish. It would be interesting to know how old you are.
- SteveLv 64 weeks ago
Nice dream, but its unrealistic. Youll have to pay maybe 50k in taxes for the stock. Then you want to buy a modest house. Depending on where you live, that will be 130k, so we are at 180k. Subtract that from what you have now. You are left with $80k. Unless you can triple to quadruple that 80k in investments, your early retirement deal wont work out.
- JudyLv 74 weeks ago
You don't say how old you are, but unless you're in your 70's with a decent pension, don't even think about stopping working. That isn't nearly as much as you think it is. And no expenses? Oh really? Think hard about that one. As for what to do with your life, there are plenty of worthy organizations that need volunteers.
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- martinLv 74 weeks ago
You are smart, if your goal is to avoid full-time work.
- Anonymous4 weeks ago
$260K is not usually enough to retire on. Even if you buy a house for cash, you have utilities, property taxes, fire dues & so forth.
I had about 6 times that when I retired.
- As Mad As BirdsLv 74 weeks ago
That's cute. I would buy a full-sized skeeball game and a snow cone machine. Unless you're 99 and/or terminally ill, count on a full time job.
- A HunchLv 74 weeks ago
$260,000 doesn't really last that long....
You might want to re-think your life plans.
- John AldenLv 74 weeks ago
Your dreaming if you think that will last you a lifetime.
- 4 weeks ago
Give the money to me, and then keep working.
If not that then, you could
-Get into local politics
-Start a business
-Explore the world
-Play Death Stranding
-Start a youtube channel
-Work the stock market
-Set the high scores at local arcades
-Listen to all that music people always reccomend and everyone seems to just blow off, cause who's got the time for that.