Large inheritance when spouse and I are already financially secure?
Hello all, throw away account for obvious reasons.
Let me start with some basic stats:
- Spouse and I are mid 40's
- 2 teenage kids, one going to college
- Current combined gross income $400,000 (pre-bonus)
- both jobs are secure as can be (we know nothing is pre-ordained)
- 529 accounts fully funded
- Both contribute %15 to retirements
- Home value $1.1M - We owe $390,000 @ 2.85% rate
- Total net worth with all assets/liabilities
- $2.12M - Financial planner in place monitoring and investing
- $150,000 in HYSA
- Total monthly bills are ~$5k/mo (mortgage, phones, internet..etc)
- Only debt is house, we own everything else outright. No other debts.
Situation: I had a relative pass away recently and left me roughly $270,000.
I'd like to sell our house and purchase a nicer one (about 1.6-1.8M) with better amenities/location/etc. I'd also like to buy a 'fun' car. I've many "fun" cars before, so this isn't an issue with maintenance or knowing what cars need. I've owned many higher-end cars before, I'm well very versed in cars.
Here's what I'd like to do with the latest windfall (this keeps the 'assets' but converts the cash into "stuff" assets): - "fun" car $120k - House down payment $100k - Vacation - $15k - Save $35k
Does anyone see an issue with this plan? Both of us have good paying jobs and would sell our current home to buy the new one if we execute this plan.