▲ 42 r/RichPeoplePF
About to Inherit 50 million plus and a huge yearly salary to boot. Where do I even start?
Throwaway account obviously. I'm currently a 38 year old software engineer and I make a good amount, about 165k a year, and take care of my Wife and I. I own a house and have a really cushy savings, but now I feel like my life is about to change completely.
The money itself is in a trust from an LLC, so it's already been taxed as far as I understand (Another rich people thing I am not familiar with, go figure). The salary part will be from my part ownership of the company and, having seen the tax documents, will range from like 2 mil to 15 mil a year. My older cousin is also inheriting part of the company, and is our representative on the board.
My main questions are
- What should I do immediately once I get that money? I'm already setting up a post-nuptial to protect the company in the (incredibly unlikely) event I get divorced. I'll be putting the money in a separate account and then feeding it into my personal accounts for whatever use
- How do I make sure that I morally invest that money? I'm very worried about getting an investor or someone that is just like "Hey, you know what makes good money right now? Drones." To which I can obviously say no, but I also want to make sure I'm as philanthropic as I can be without jeopardizing myself or my family. I want to make my closest friends' lives better, and I want to help my family too (though they are also inheriting large swathes of money, so I don't have to worry about them much).
- Can I quit my job? Start building a new house? Make investing my full time job? The choices feel overwhelming.
Thank you for any advice y'all can give, I'm like a babe in the jungle here.
u/RichMFThrowAway — 1 day ago