I’m 38, 3 Kids, And Set To Inherit $30m And Three Properties. Advice Needed.

When it comes to receiving an inheritance, no matter the amount, it’s going to change your life one way or another. The hope is that if someone does leave you something, it’s going to be enough to help wipe out any debts as well as give you a sense of financial peace. 

In the case of one Redditor posting in r/Rich, there is no doubt that their future inheritance will change everything. With an understanding that they are going to receive an estate valued at upwards of $30 million, including three apartments and a diversified portfolio, this is well beyond life-changing. 

One Big Inheritance

According to the 38-year-old Redditor, they are currently living in Europe and making around $200,000 euros annually. Married with three kids, the Redditor and his spouse make a good living but have yet to reach a senior management level. The Redditor indicates that sometime in the next few years, they will receive a substantial € 30 million inheritance. The inheritance includes a diversified bank portfolio as well as three apartments. 

Unsurprisingly, they are wondering what to do next, whether it’s stopping work, optimizing the portfolio, or letting the portfolio grow while they work to fund future educational expenses, travel, and other needs. 

Life-Changing Money

No matter what the Redditor ultimately decides to do, this is far beyond life-changing money. If they receive what they believe, and as always, it’s a big IF, this is generational wealth. Not only can this money help the Redditor’s own children, but it could also benefit their children if it’s managed and invested properly.

The very first step here is to hire both a financial advisor and a lawyer. There is no question that this amount of money, unless you already have a thorough understanding of markets and investments, requires professional care. There are professional wealth offices that help high-net-worth clients, which this Redditor can find in Europe or the United States. 

The lawyer will be someone who can review everything for you and ensure that any documents prepared by the financial advisor are accurate and complete. Whether it’s an investment they want you to make or something else, having a lawyer on retainer can only be a good (albeit pricey) thing.

If the Redditor wants to take action on their own, they can take a small piece of the pie and invest in it independently. This is certainly something they can consider with a few hundred thousand, but this money should grow, and this means the Redditor needs professional advice. 

To Work or Not to Work

As for whether they should continue working or not, the real question is how much they enjoy their jobs. Is there another job they can do that might pay less but that they might love more? This kind of money just invites you to want to travel, which might be counterintuitive for someone working full-time.

Ideally, ensure that all of your debt is paid off, then work with your wealth manager to determine exactly how much money you can withdraw annually. Some back-of-the-napkin math suggests that this Redditor should be able to withdraw around 1.2 million Euros every year and not run out of money if they invest properly. In this case, they might want to consider quitting their jobs and find an alternative activity to occupy their time, such as volunteering or working part-time. 

Tell No One

Assuming this Redditor is spot on and this amount of money does arrive, the first thing they need to do is not tell anyone. This kind of money is going to attract people from all walks of life, including friends and family who might not have spoken to each other in years. They will come to you for help, with brilliant investment ideas and any other suggestions they can think of to try to get their share of the money. 

In other words, outside of you and your wife, you might not want to tell anyone who isn’t a professional hire. As the couple has three kids, they are most likely fairly young, so telling them isn’t likely the best scenario either, as they might be prone to bragging or telling their friends.

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