I’m 29, Inherited $2m And Want To Quit My Job

A 29-year-old man recently reached out to the FIRE movement on Reddit (FIRE stands for Financial Independence, Retire Early). He wanted to know what the community thought about him quitting a fulfilling but stressful job to live on a $2 million inheritance left by his father. The man explained that he wants to move to a new city and work part-time jobs in fields like health, wellness, and travel. He doesn’t want to work more than 20 hours per week.

He admits that if he quits his job, he’s “almost guaranteed” to be unable to reenter the field due to the high level of niche knowledge it requires.

He would also like to travel to tropical areas to pursue his health and wellness goals. He says he wants to hike, hang out at the beach, learn to surf, and do what he loves. The man mentioned that he dates but has had a vasectomy to ensure he never has children.

One of the last things he wrote was that he fears what other people will think of him if he quits full-time employment and lives like an “inheritance baby,” and he’s not the only one who worries about how quitting his job will make him appear. 

If I had the opportunity to speak with this fortunate young man, here’s what I would tell him.

You’re likely to regret any sudden decisions

Inheriting that much money is a life-changing event, and like any life-changing event, you should give yourself at least one year to let things settle down and carefully consider your next move. You may feel like you’re swimming in cash right now and can spend any amount of money you want, but you are unlikely to feel the same way forever.

You’re younger than you think

The average life span of a male in the U.S. is around 76. That means you could have another 47 (or more) years on this planet. As difficult as it may be to imagine, you will evolve tremendously in that time, and your priorities will shift. Traveling to “hang out at the beach” may provide great experiences, but doing so without a full-time job can quickly drain your bank account.

Over the next 47 years, you could find yourself wishing you’d been more forward-looking, more aware of how many years you have ahead of you, and all the ways money could have eased your path.

You’re tired and burned out

You write that you have a stressful job, so it’s natural if you’re feeling burned out and ready to chuck it all. However, have you considered moving into a different role in your field, a position with slightly less responsibility? Although you’ll probably earn less money, a steady paycheck and health insurance would go a long way toward stretching your money.

You mention that if you quit your current job, it’s practically a guarantee that you won’t be able to reenter the field due to the specialized knowledge required. Remaining in your field, albeit in a less stressful position, will help you keep your foot in the door.

If you care what other people think, you’re probably not ready to make the move

One of your concerns is that other people will consider you an “inheritance baby.” If you’re worried about other people’s thoughts, you may not be ready to make significant changes. You’ve got nothing but time. Take advantage of that fact by slowly and carefully considering what you want and what’s likely to be in your best interest – now and into the future.

Boredom is real

One of the top complaints lodged by newly retired individuals is how boring life can become. At first, it may be novel, and you may live your dreams. However, as someone who appears to have a successful career going, think about how satisfied you’ll be without that particular accomplishment to wake up to. Sure, travel and new experiences are an accomplishment of their own, but how long will you be happy drifting from one new experience to another?

Humans long for a sense of purpose, so before making a major move, ensure you’ll still find purpose in each day.

Here’s the good news: You have money. You can use some of it to travel and see the world. You also have enough money to invest, so you don’t find yourself with too little in the bank at age 50 or 60. Imagine that you dedicate $500,000 of your inheritance to gaining new life experiences and invest the remaining $1.5 million in a vehicle earning an average return of 7%. Even if you never add another penny to your investments, they’ll be worth more than $12.2 million.

Your $2 million inheritance is a gift that properly managed, will keep giving.

 

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