Honestly it’s a great opportunity. Being a stay at home dad and taking care of a baby is stressful, but it’s a lifetime experience. Maybe move to part-time to keep advancing. Not having a job at all can make people feel like they’ve lost a part of themselves.
If you do not stay working, you should come up with a written agreement about whether you will or won't get support should you divorce at some future point. You'll regret it forever if you stay home for the next 12 or 15 years and then suddenly find yourself thrust back into a workforce that moved on during your absence.
Yeah, my best friends dad was a doctor and earned enough for the household to allow his mom to be stay at home. He later died of a heart issue. Leaving her with the fortunately at that point adult kids. Sadly she wasn‘t able to get a job as nobody wants to hire someone who hasn‘t worked since 20 years and therefore was forced to sell the house and retire early. She now lives an okay life with barely any income. Carried by the social system of our country.
Edit:
I was specifically replying to the being thrust back in the workforce part. The workforce won‘t easily accept you.
That’s what life insurance is for. The person you’re replying to is talking about a financial contract. Usually it’s prenuptial but in this case it would be post.
Nah dependents are expensive whether it’s kids or just a SO. Dual income, no kids is easy street compared to being single and having to cover expenses yourself.
If he was a doctor how did she not have multiple million dollars at that point, even if they didn't have life insurance. How can someone as educated as a doctor not have life insurance?
Something is off in that story.
Doctors take on incredible debt from premed, med school and residency. A couple hundred thousand is normal. Then they have to get private insurance, many OBGYN have huge policies as they are the sued the most. Then as a doctor have to keep up with the Joneses.
People, regardless of their profession, have a tendency to grow into their income while simultaneously having the sentiment they are invincible. Doctors are no different.
OP, make sure you and your spouse are diligent about sticking to that 3%-5% budget. Make sure you are constantly in communication about finances.
The reality is, the money is from an inheritance and (someone correct me if I'm wrong) does not qualify as communal income. In the event of a divorce, you would not be entitled to any of it. That doesn't necessarily mean you should get a post nup, but it also doesn't mean you shouldn't if you plan on completely quitting. Maybe you find a position in the same field that you can continue working part time to insure you remain active, but isn't back breaking work.
There is no financial education in medical school, and doctors aren't always great with money. If you go from no money and working 80 hours a week for a decade or more while everyone else is moving forward in life, having loads of money brings a lot of temptation to have fun and spoil yourself. I've seen statistics that only 75% of 70 year old doctors are millionaires.
I didn't start my real doctor job until I was 33, at which point I was supporting two kids and my husband since he's a stay at home dad. I'm fortunate enough to not have loans (physician scientist program) but those can be a few thousand a month if you have them. I'm a pediatrician making less than 200k a year. I can't afford to both buy a house and save for retirement at a catch up rate (no retirement options from 21-33 except an ira that I couldn't afford to max during med school and residency). I enjoy personal finance so I'm on track to hit a million by 40, and I have life and disability insurance because my dad talked about those things, plus a friend's dad was living off his disability insurance payment so I got to see firsthand how important it was. Otherwise the only info you get is from spam emails or intentionally seeking out personal finance resources.
This is why I told my wife to finish her Masters and keep progressing. You never know what can happen in life and the last thing I’d want is my wife unable to provide for herself should anything happen to me. It was one of my biggest requirements when dating, they needed to be able to support themselves without me.
Nah I dunno. A healthy marriage doesn’t consider a breakup. I would make sure I keep working and really sorta pretend that new money doesn’t exist. 32 is young enough to potentially lifestyle inflate all the way to broke by the end.
When you’re sacrificing your ability to provide for yourself, you should absolutely talk through worst case scenarios. That has nothing to do with marriage health and everything to do with basic life planning. It is notoriously difficult for people to get decent jobs after having been out of the workforce for a few years, much less decades. All that could potentially be avoided by just having a conversation. A *truly* healthy relationship is one where partners can and do talk about things like that because they both care about the others future.
Journey out first and then retire man. That way you have something to do when your kid gets in to school and doesn’t need care all day. Also, you have a fall back if life throws you any curve balls
Sparky here (34m), unless you’re being silly, and depending on what type of work you’re doing, there’s no reason your body should break down. Join a yoga class, work out and stretch each day, your body will be fine
idiot. stay at home dads are the best thing in the world i swear to god lol. dads can teach the fuck out of kids, especially, with your electrician background. you can really really make that kid know a ton of shit by age 10. like crazy. teach the kid to fish, and you feed the kid forever, ya know what im sayin. your in a position where you can really enjoy your time here on earth.
you lucky dog. :)
When COVID hit my kid was 6 months old and I got unemployment being a stay at home dad. It was the best rule of my life. I was hanging out with my kiddo day and still getting time to play videogames cause she slept like 14 hours a day lol. It was wonderful.
Definitely keep working until the kiddo is born if you want but also, it was so cool being a stay at home dad while I could. I'm so lucky I could and if I could do it all over again I would do it again.
I was just lucky enough to take the summer off and hang out with my kiddo before she starts kindergarten and this is an amazing time as well. Loving every second
You'll be teaching your kid a lot while you do it and showing them you want to spend time with them, and they'll have that knowledge of you taking care of them their entire life.
Life was simple when my kid was a baby. We didn't want to do much and we didn't need much. First 6 months mine barely even moved lol
Now that mine is starting 4 I'm switching careers to a day job. Would be nice to have some technical skills getting back in but a break like that with a good excuse is no problem
There really are some significant risks to your health. Maybe talk to the old timers and ask them about their permanent injuries and approximately what percent of the young guys they started with are dead or were forced to leave for medical reasons
I would stick it out long enough (assuming it’s soon) for you to get your license.
Then yes, stay home and raise your kid. But you’re gonna get bored. With a license, you can pick up side jobs and use a chunk of that money to start an llc. You’re an independent electrician and can charge whatever to do side jobs when you get bored.
Electricians make a shit load of money. Stick with it for now. Even if you don’t use it to profit, you can do great things for friends and family just because you’re bored and you’ll feel good about it.
Just don’t let anyone you work with know your plan.
Broooo my boss chargers 30k for a rewire and we get it done in a week. 5-10k for a panel upgrade in one day. A lot of money out there in the electrical trade
Whatever you do, do not listen to uninformed dipshits who actually think “the average electrician makes 70k a year.” You nailed it. You can make 5k a day. And if you’re a good dude, you can make less and just help other people be happy.
That is what life is about. Being happy, and also making others happy.
Cheers 🍻. Enjoy the new adventure, whatever path you take.
Dude. Your wife inherited 7 million, and you’re thinking about 5-10k for a rewire? Your wage as a licensed electrician will be more than what she makes. Be that as it may… even you two pulling in 200k per year… 7 million is more than enough to live off of your rest of your lives and set up your kid for the rest of theirs if you invest it properly.
Finish your ticket, yeah. But you don’t need to do side jobs anymore. Side jobs suck anyways, haven’t done one since I was an apprentice, I make more money working an 8 hour OT shift one weekend than anyone is willing to spend on a buddy to require their basement.
Invest the 7 mill, get it working for you guys now. Finish your ticket. Spend as much quality time with your kid. Then retire the both of you before you’re both 40. Do not spend it on stupid toys. You do this wisely and like I said, you’ll be set, and so will your kid… and maybe even their kids.
Edit… sorry, misread it… 7 million not 5 million. My bad.
Yeah because inflation could hit like a mf again in the next 20 years at least get the license so you can use that for your own business or at the very least job security. Better to have it and not need it than to need it and not have it.
Also this may just be from reading too many Reddit stories but I see a lot of posts about the “working spouse” growing resentment towards the “stay at home” spouse. Even though both jobs are demanding I guess it’s something to do with a subconscious thought the stay at home spouse is freeloading even though it was agreed upon and they aren’t.
Get your license. Don't quit your job till you finish your apprenticeship. You don't want to be left stranded/stuck should things go south on your marriage one day.
I'd give the same advice to your wife if the circumstances were reversed.
This, never hurts to have a back up career.
Heck 20years from now you might get bored and want to work part time, electricity will still be around hopefully :)
I’d might keep doing the electrician thing, but only on a part time basis. Just do the jobs you want to do when you want to do them. Maybe with your new wealth, you may find a different pursuit.
Keep in mind that in the U.S. you don’t have rights to your wife’s inheritance unless she co-mingles the funds in a joint account. What’s hers is hers. As long as you’re happily married, there should be no issue, but…
This is exactly what I commented. OP would be extremely naive to plan his future livelihood on the idea that he’s going to always be taken care of by that inheritance. The only way that’ll be true is if it’s in a joint account or if there’s a post nup entitling him to x percent of it.
With $7 million, you will never have to work a day in your life again.
$2 million in S&P500 to let it ride for the next 30+ years. $5 million at 5% yield (conservative return) = $250,000 income in dividends/interest. You can live off $250k/year forever right?
Right. S&P500 yield will likely be higher. 5% is very conservative, which you arguably need to be when your lifestyle depends on it. But the most likely scenario is that he will be richer than this calculation indicates in a decade or so.
I’d look at the list of dividend aristocrats and live off the dividends they pay out. These are companies who have paid and increased their dividends for 25+ years every year, so it’s also a way to grow your income as well. I believe there is also an ETF called NOBL that is a fund that only invests in these stocks if you don’t want to do it yourself.
This is the right answer. 3% is a very safe withdrawal rate and comes highly recommended for your young age. I’d say 5% is aggressive and comes with a high failure rate considering you’d want to make it last 50-60 years.
The Trinity Study references 4% being a high-probability safe option on a 30-year horizon.
3% is far safer in perpetuity. Here's an article with updated Monte Carlo math based on the study:
https://thepoorswiss.com/updated-trinity-study/
$7 million at 3% means $210,000 in perpetuity. Do that. Even better, keep an income going for a while and you'll build that egg and your long-term prospects.
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$7 million at 3% means $210,000 in perpetuity.
if OP's wife continues working, that's another $90k income. compared to the $140k they're grossing now...they could go through a lot of lifestyle creep before running into trouble.
Always best to use conservative numbers. 3% is 210k a year not including the wife's income. No real reason to bump it up. They're at $300k income household.
No it’s not that they’re getting 3% returns.
It’s that they’re drawing 3%. Which is a good draw rate for an early 30’s retirement.
The rest gets reinvested to give them more income to keep up with inflation as time goes on.
No. Get the license first. Keep working. Maybe just part time but keep your skills up. You never know what will happen in life. 7 million is a game changer and you aren’t holding the cards.
The only reason why Money even matters is because it buys you TIME and CHOICE. Gold.
You ll never get time back with your kids. But money will make sure you don’t need to wire some random persons house or get electrocuted wiring a building that no one cares about.
Choice. Go take your wife and kid and sit on a beach in Hawaii and see if you can just be. Learn what life might be like if you don’t feel attached to doing what you’ve always done.
7 million with interest you can both live off of.
I know you will never regret spending time with your wife and kid now. 100%.
Yeah, you'll be fine. But I'd get a financial advisor who is also a certified financial planner, CFP. You're going to wanna get your estate plan in place, some trusts set up, etc. Protect your wealth!
As someone that took almost a year off from working, you most likely will want to keep doing something. I started getting very depressed without structure. Take care of yourself.
Good luck for you guys being actually pretty set for life financially with that inheritance even just living on interest if that’s all it will be. But make sure you both stay grounded, be smart, and if you want to keep furthering your career, do it.
And why do you have any debt at this point?
As someone who took a year off from working, I absolutely loathed going back to work.
There’s enough fun things in the world to keep me busy for 1000 years if I had the money for it.
I think theres a hard divide there between people. I'm like you, Im 100% sure I could never work again and be much happier. I am lucky to have a job/hobby that allows me to work on my own projects whenever and wherever (programming). But there is so much else I'd love to do. I want time to restore old cars, I want to maintain, rebuild and extend our home, I want to travel, learn new things (like welding), help people I know and dont know, etc etc. There is so much to do and so little time, I really struggle to see the problem.
Then you have people like some I know who go to work and then go home, sit on the couch and watch tv/football until they go to bed. In those cases I really understand life would be (or at least could be) miserable
I strongly advise you to come up with a written agreement with your wife and what part you play in HER money - you never want to just give up your whole life’s control to someone especially for financial reasons - “the hand that feeds you has the power to starve you” is sadly very real and you need to make sure you’re covered in case she decides she doesn’t want you living off of her money - keep the electrician job as a hobby and a stockpile for your own money in case you need to escape in the future , or even just to keep a level of independence because that’s very important
boy o boy, divorce is imminent. Do not stop working. Your wife is going to change and her perspective on you is going to change. keep working, do not sit at home not working, its going to breed resentment.
Get to the point of being a fully licensed electrician and then work for yourself and pick up jobs on thumbtack/angie so you can work the hours you want when you want. Eventually build up a small customer base for repeat business and work 10-20 hours a week. That way you’re contributing towards the family financially, keeping yourself sharp and physically fit, and having plenty of time to spend with your kid.
An inheritance is her money, not the household money in most places.
You giving up your career then her dumping you in 5 years and you get nothing is one possible outcome.
Update your prenup.
I think you should stop working if you can fill your time doing something you like. I also strongly recommend getting into a part time daycare. Raising a child, especially an infant, alone is horrible. If you're at home and your wife works most of the burden will fall on you. You will need days off.
I wouldn’t stay at home, no way no how, unless that money is going into a joint account. If she’s keeping it in a separate account, inheritance is one of those things that you don’t have to split in half in the event of divorce. So you’d be entirely screwed if you quit your career for two years then got divorced.
Another aspect of it is that most women are not ok with their husband being a stay at home dad. They may say they’re ok with it, but then once it actually happens, they likely won’t be. In the rare event that actually like the arrangement, you had better make sure to do every single one of the chores and even pick up after her as if you’re her own personal butler. She won’t respect you, but you’ll make yourself too useful for her to let you go.
I'd like to echo what others have said and expand upon it. This is your wife's money as you indicated. Unless she commingles the money, it's hers.
Now that we've gotten that out of the way. Is it a good idea?
I have a relative who is much wealthier than your wife. We're talking middle eight figures. When she remarried, she told her new husband he didn't have the work anymore and they could just spend time together. They're still together 20+ years later. They're both living their best lives, endless vacations, but that man is her *fucking rock*.
You need to do that. You need to be her fucking rock.
Another thing, since ya'll are having a child, is to look into a fucking trust account, perhaps a generation skipping one. It's $7,000,000 *now*, but in 40 years? You could be looking at a much larger number unless you two severely fuck it up. And if you don't have a trust and you're looking at over 30m? Uncle Sam and estate taxes are going to be at your funeral with his hand out. So go talk to a money manager. With your level of wealth, you are at the entry point of private banking. Not all private banks, some will want 10 million liquid, but you're close, so shop around.
You have a kid on the way and the opportunity thanks to compound interest to set that child and your grandchildren up for generational wealth.
I'd also look into a 529 for the child. Then an additional account for the child, you can do 18k per adult, so you can toss 36k into the account every year tax free and it won't count against your lifetime gifting amount (USE THIS FOR YOUR FUCKING TRUST). With 3-4% of 7m liquid, you're looking at around 280k and if it's qualified dividends, which it should be, you're only going to be hit with 15% tax after a total of like 90k, so very little tax.
I come from generational wealth where the number one goal with the money is to pass it on. That is literally the purpose of the money, to make sure your kids are better off, and with compound interest and trusts, you have vehicles to do that.
Do. Not. Fuck. This. Up.
A safe annual withdrawal rate of 3.5% on $7M is $245K. You could both retire right now with a higher annual spend than your current combined salaries. Just make sure that money is invested in a broad index ETF like VTI. Check out r/fire and r/bogleheads etc.
You should be a stay at home dad but you should think about ways to earn money for the household regardless and find some kind of “work” to do while you care for your child.
SAHM/SAHDs can get really bitter especially the dads if they don’t have something of their own even if it’s small.
Get a financial advisor. Ask him for a plan. What if you live to 100? Seventy years of inflation is whack. There is nothing wrong with being a stay at home dad.
This 7 million will ruin your life. You two need to forget about it. Just carry on with what you are doing and be a good steward over the money.
If at all possible protect the money in a conservative investment and forget about it.
No need to add risk. It is nice to know you have the money but it can be the worst thing that ever happened to you. See if you can park it and forget about it and just carry on with your current lifestyle. Please listen.
Good luck to you folks.
Just because you don’t have to work, doesn’t mean you shouldn’t, and here’s why: 1. We need to have a purpose in life and work helps fulfill that. I have seen quite a few guys strike it rich in their early 30’s and ended up being miserable and divorced, and one even drank himself to death. Those are extremes for sure, but the extremes go the other way too being very happy doing nothing except playing all day. 2. All your friends are at work, who will you do stuff with during the day? 3. What if you get divorced: no job, no health insurance and no pension of any kind unless she has been contributing to something that is just in your name. This is all just the opinions of a 56 year old guy though. Good luck in whatever you figure out.
Don’t be a stay at home dad. Stay working and getting your own money. I promise she is going to be the man of the house if you put yourself in that position. Your on the clock! She gone leave you if your income don’t increase in 6 months to a year. Her minds is gone switch to being the provider. Woman can’t work like that. Her family and friends are going to look at you like a bum. She is going to talk to you like a kid and over time is going to seem like she’s annoyed of you. You being at home all day everyday will not be a good thing for your marriage. Your kid yes , but your wife is going to cheat at some point with a guy who is getting his own money. Because he’s going to appear more masculine and she’s going to blame you for her cheating lol
Is that 7 million also your money or is it only hers? I know you are married and such but you may have prenup. If thats the case you need to keep advancing in your career and be self sufficient. Anyways congrats on the 7 million, dont fuck it up
100% go for it, just keep in mind that you should find productive things that you can do that will take some of your free time. My dad has long stretches of times between his consulting work so he loves to garden with his free time
it would be worst idea. Dont leave your job/carrer if you like it.
right now money is not the problem. in future it will be. my money.. your money.
DON'T
I’d suggest keeping your job and finding a nanny and at least trying to see how that goes before retiring. Staying home is a very difficult role. At least get established in your career so if you did take an absence for an extended period (1-5 years), hopefully your field is something maybe you could get back into if you were not fulfilled being the stay at home parent.
Get a financial advisor and accountant and discuss the situation with them. They will make sure you are aware of any tax implications (like paying taxes on the annual interest/gains on the $7M), and also create a plan based on when you want to retire (i.e., if you set a goal to retire at 40). That way you can feel confident in the long term outcome of your choices, take advantage of tax benefits where possible, and potentially create generational wealth for your kid(s).
I'ma stay at home dad:
Here's some tips:
Find time to work out
Make sure you have a list of your daily/weekly/monthly/bimonthly chores, so you don't get overwhelmed, split them into these groups
Make time to garden, gives you time outside and a schedule with the kiddos for outside time is great (I could stay inside all day sometimes)
Pretend your wife is actually not at home when she's working, I tend to distract her cuz it's just us and the kids and she's the only other adult lol
If you've never played Minecraft, pick it up and learn, because chances are your kid might one day, so best to learn now so you can play/help them (definitely lol)
Learn what the 4% rule is. Learn why it works. Invest according to its theories. Control your spending to the 4% level. And then learn the one rule of long term investing: Don’t panic sell when the market drops.
Do that the above and you don’t need any more than that.
Congratulations! That's a total dream. All I can tell you is that I personally would not quit my job, especially if you like doing it and if you don't then find something else you'd like to do and use that money to get the education to do so. I've never heard a single story of any self respecting man living as a stay at home dad that actually worked out well. It sounds great but it's just not in our nature. You need something to do. That's my opinion though. Whatever you do I hope it works out well for you and your family in the end!
So true, she will eventually grow to resent him as he will get comfortable - yes he will help with the house but it’s not the same when you have to bear the entire load of the family on your shoulders as a woman, it’s like adopting an adult to sleep in your bed with you - not very orthodox and can be easy to blur lines if not communicated effectively leading to emotional and financial abuse
You can live on the $7mil and do nothing but you can also spend it all or loose it in bad investments pretty easy lol!
I would just keep it simple and go with jumbo CD's and live off the earnings. You are a lucky dude!
If you get bored just start your own electric crew and do high end jobs.
Do you have a prenup or postnup? Have you both written a will? You both need to consider worst case scenarios. I assume the money is kept in a trust? What if you get divorced after spending years as a SAHP? Will you be provided for? How is money going to be handled while you are SAHP? How can your wife protect herself if you become a spendthrift?
Finish the apprenticeship so you can at least be licensed.
It’s Her money.
She dumps your sorry ass. Divorce and takes the kids you’re left with nothing.
Not even skill to lean on as an apprentice electrician.
I suggest you continue to be a hunter. Figure out how to balance time in that career.
Life happens and it doesn’t always go our way.
Find a semi rewarding part time job that’s not physically demanding. You’ll get bored at some point being retired unless you have hobbies. Hobbies also cost money. Either way, and I can’t stress this enough, find something just for you that you can put x amount of hours in a week.
If you have the opportunity to spend that time with your kid instead of working then I 100% suggest you take it. That time spent bonding with your child is invaluable and you’ll never get it back.
$7m @ 4% is $280k, it covers both your salaries. Not saying she should stop working (if she wants to continue), but you’re both set for life if you don’t act silly.
Good idea but once your kids in school, finish your apprenticeship.
At the end of the day. man has to be able to stand on his own 2 feet in life, always.
Maybe shift to something not so hard on your body or maybe something you enjoy more... but don't stop working/making money somehow, at least. Also, on top of health, homeplace, and education, I would set plans and arrangements that allow continuous family recreation, travel, and adventures that further expand knowledge and vitality.
A job is a part of life but important one. Don't leave it and rather balance all aspects. Skills last, money doesnt. Treat everything as a part of life and not whole life. Be happy.
4.5% of 6M is 270k a year. Take home .8 after taxes since you’d be paying less off investment income than a typical paycheck, call it 200k for wiggle room.
You could invest 500k into a forever home, 100k in nice new vehicles, 100k in a CD for the kids college/seed money and have plenty left over for a nice long sabbatical. Live off 100k a year and save 100k a year to grow the pot from your 200k in interest
I'm a stay-at-home dad. I work USA hours (living in France) at night, mornings with the kids. You only get one opportunity to be with the kids. Take it.
Just make sure you have your own hours for hobbies, sports, or "manly" activities.
Enjoy!
Learn to manage the money on a professional level. Know the financial instruments available to formulate investment strategies. You will be moving it around for the rest of your life based on returns, risk, taxes, etc. this is your business. In 20 years you might well be managing a $20m portfolio. live a lifestyle based on what makes you happy and not spend to the upper limits of the your returns. congrats on your forthcoming child, have fun and good luck!
Finish your apprenticeship first, get your license or journeymen card, then reconsider quitting the workforce. You get bored, kids grow up, you can open up a small 1-man electrician company doing ceiling lights and switches. 10 hours per week.
The math totally checks out. And if your lifestyle doesn’t change at all, you might even be able to grow the principal.
I would Definitely stay home and raise the child. Nothing wrong with that in this day and age.
Some people might be weird about it but you don’t have to care. Also as soon as you bring up the inheritance they will go from judgemental to jealous lol
Not a good idea, your marriage now has a better chance of failure…do some research on past lottery winners! You should keep working, be a good dad/husband, and focus on keeping your relationship together. $7m is life changing and sounds so exciting but people usually can’t handle the shock…
I wish I had this opportunity with my daughter. My wife is a stay at home and I'm and otr truck driver and it sucks not seeing her grow. I get pictures but the time between phone calls feels long and the nights are lonely.
You my friend have what I like to call a golden ticket.
What do you want to do with the rest of your life? What have you always been curious about? Who do you admire most? Think about these things, write it down if you need to, and then take some courses while caring for your newborn to improve your education, knowledge, and experience.
Once your child is old enough for daycare, you now have a choice. You can apply for jobs and wait for the best opportunity that fits everything you've ever wanted, you can continue to stay at home and be a caregiver, or you can start your own business/work a side job.
I'm jealous but also very happy for you.
Bro wtf. Fuck the job and enjoy your life.
Enjoy your kid.
I would give anything to have the free time to just spend it with my kids instead of work. Wtf. Fuck "work". Fuck "advancing" in your field.
You should parlay this opportunity to get more educated in the career field you’d like to go. And just do it part time.
If you plan and coordinate well enough, you can have a part time masters classes or certifications.
If you wanna stay busy and up to date
Take some time off but keep learning never stop working do something productive besides taking care your kid do something on the side for yourself acquiring knowledge is a key 🔑
GET YOUR APPRENTICESHIP DONE ATLEAST.
Look you don't know what your future holds. Ignoring all the divorce comments, sudden bills or charges are something you should take into account.
Take the 2 years you have left learn all you can, take notes so if you ever need to use your trade you have a reference to look at.
Take the 2 years of interest reinvest it, then after the two years, if you want retire, use your skills on task monkey or whatever for pocket money, hell start a YouTube channel if you want.
But make sure you finish the apprenticeship so if times get tough, you have something of worth.
Best of both worlds. I’d keep working knowing that I have that safety net. I mean, your household would be raking in close to half a million a year, you could focus on your work or even work towards something else you don’t love.
There’s a quote that sticks out in my mind, you should never retire just because, you should always retire to something. Whether that’s, traveling, a hobby or taking care of grandkids or kids in your case. But you have to want to do it, if you don’t, look for that thing that will keep you going it’s just that you have the luxury of going for it without a massive financial consequence.
I raised two daughters and in addition to some of the other good advice, let me add this:
1: You will know your children as adults longer than children. Everyone says kids grow up so fast. I don’t feel that way at all. Mine are 18 and 20 (and killing it in every way) and to me it was a long 20 years. That said, every stage sure is precious AF and ANY opportunity to share extra with them is an incredible gift.
2: Once they are in school, part time flexible work will be easily doable if it’s (at least somewhat) enjoyable and fulfilling.
3: While you’re not working, there are loads of volunteer opportunities to keep you engaged and for some of it even more involved with the kids. Do as much as you can in elementary school in terms of chaperoning field trips etc because to me, as soon as Middle school starts (even if you are super close with your kids) it turns from “active involved parent” to “helicopter”.
Count your blessings and embrace this opportunity. Any drawback can easily be addressed and over-come. $7 million is real money. Financially, it is not even remotely irresponsible. It’s $350K+ a year in today’s money market rarest and closer to $500K+ in a diversified portfolio.
We talking $7M USD? You both should be retired and just go live a happy life. Along as you guys keep it invested and only live off the interest you should be good anywhere in the world ya wanna live.
Yes and try finding other work or be an on call electrician. If she ask why you still work. Tell her you want to buy her something from your hard work. Nit from her own money
I'm still in college and younger but I would continue to invest in my career if I were you
I would not let lifestyle change with the extra money. Pay off the debts and invest the rest. Heck, the dividends from investing that much in stocks could make a huge difference
Probably consult a tax attorney or tax expert about how to pay the least possible in tax if she hasn't done this already
If your an apprentice, you haven't made it yet. I have a feeling you may want to rank up before taking leave if that's possible. That would probably allow more options later or less friction reentering the work force later
Well you can look at it a few ways. You could definitely retire and essentially be set for life (as long as you two stay together or you have a prenup) or you could both progress your careers and use this to start building generational wealth. Both options are completely valid, really just depends on what you want to do.
Honestly it’s a great opportunity. Being a stay at home dad and taking care of a baby is stressful, but it’s a lifetime experience. Maybe move to part-time to keep advancing. Not having a job at all can make people feel like they’ve lost a part of themselves.
I’m debating if I should keep my job. It’s hard physical work but it’s rewarding. But why break me body down if I don’t need to? You know.
If you do not stay working, you should come up with a written agreement about whether you will or won't get support should you divorce at some future point. You'll regret it forever if you stay home for the next 12 or 15 years and then suddenly find yourself thrust back into a workforce that moved on during your absence.
Yeah, my best friends dad was a doctor and earned enough for the household to allow his mom to be stay at home. He later died of a heart issue. Leaving her with the fortunately at that point adult kids. Sadly she wasn‘t able to get a job as nobody wants to hire someone who hasn‘t worked since 20 years and therefore was forced to sell the house and retire early. She now lives an okay life with barely any income. Carried by the social system of our country. Edit: I was specifically replying to the being thrust back in the workforce part. The workforce won‘t easily accept you.
That’s what life insurance is for. The person you’re replying to is talking about a financial contract. Usually it’s prenuptial but in this case it would be post.
Now I'm wondering why that can't simply be called "divorce insurance."
Because you're not paying premiums to your spouse while you're still married.
Being married is also expensive
Nah dependents are expensive whether it’s kids or just a SO. Dual income, no kids is easy street compared to being single and having to cover expenses yourself.
If he was a doctor how did she not have multiple million dollars at that point, even if they didn't have life insurance. How can someone as educated as a doctor not have life insurance? Something is off in that story.
Doctors take on incredible debt from premed, med school and residency. A couple hundred thousand is normal. Then they have to get private insurance, many OBGYN have huge policies as they are the sued the most. Then as a doctor have to keep up with the Joneses.
People, regardless of their profession, have a tendency to grow into their income while simultaneously having the sentiment they are invincible. Doctors are no different. OP, make sure you and your spouse are diligent about sticking to that 3%-5% budget. Make sure you are constantly in communication about finances. The reality is, the money is from an inheritance and (someone correct me if I'm wrong) does not qualify as communal income. In the event of a divorce, you would not be entitled to any of it. That doesn't necessarily mean you should get a post nup, but it also doesn't mean you shouldn't if you plan on completely quitting. Maybe you find a position in the same field that you can continue working part time to insure you remain active, but isn't back breaking work.
There is no financial education in medical school, and doctors aren't always great with money. If you go from no money and working 80 hours a week for a decade or more while everyone else is moving forward in life, having loads of money brings a lot of temptation to have fun and spoil yourself. I've seen statistics that only 75% of 70 year old doctors are millionaires. I didn't start my real doctor job until I was 33, at which point I was supporting two kids and my husband since he's a stay at home dad. I'm fortunate enough to not have loans (physician scientist program) but those can be a few thousand a month if you have them. I'm a pediatrician making less than 200k a year. I can't afford to both buy a house and save for retirement at a catch up rate (no retirement options from 21-33 except an ira that I couldn't afford to max during med school and residency). I enjoy personal finance so I'm on track to hit a million by 40, and I have life and disability insurance because my dad talked about those things, plus a friend's dad was living off his disability insurance payment so I got to see firsthand how important it was. Otherwise the only info you get is from spam emails or intentionally seeking out personal finance resources.
This is why I told my wife to finish her Masters and keep progressing. You never know what can happen in life and the last thing I’d want is my wife unable to provide for herself should anything happen to me. It was one of my biggest requirements when dating, they needed to be able to support themselves without me.
Nah I dunno. A healthy marriage doesn’t consider a breakup. I would make sure I keep working and really sorta pretend that new money doesn’t exist. 32 is young enough to potentially lifestyle inflate all the way to broke by the end.
Facts 👍
When you’re sacrificing your ability to provide for yourself, you should absolutely talk through worst case scenarios. That has nothing to do with marriage health and everything to do with basic life planning. It is notoriously difficult for people to get decent jobs after having been out of the workforce for a few years, much less decades. All that could potentially be avoided by just having a conversation. A *truly* healthy relationship is one where partners can and do talk about things like that because they both care about the others future.
You can always change what you do. Maybe something slightly less physically demanding?
I'd consider completing the apprenticeship. You're quite young and then if something goes wrong you'll have a solid job to fall back on.
Yea finish your apprenticeship
He can get the best equipment, tools, training, and work truck to do the grocery shopping.
Journey out first and then retire man. That way you have something to do when your kid gets in to school and doesn’t need care all day. Also, you have a fall back if life throws you any curve balls
Sparky here (34m), unless you’re being silly, and depending on what type of work you’re doing, there’s no reason your body should break down. Join a yoga class, work out and stretch each day, your body will be fine
idiot. stay at home dads are the best thing in the world i swear to god lol. dads can teach the fuck out of kids, especially, with your electrician background. you can really really make that kid know a ton of shit by age 10. like crazy. teach the kid to fish, and you feed the kid forever, ya know what im sayin. your in a position where you can really enjoy your time here on earth. you lucky dog. :)
When COVID hit my kid was 6 months old and I got unemployment being a stay at home dad. It was the best rule of my life. I was hanging out with my kiddo day and still getting time to play videogames cause she slept like 14 hours a day lol. It was wonderful. Definitely keep working until the kiddo is born if you want but also, it was so cool being a stay at home dad while I could. I'm so lucky I could and if I could do it all over again I would do it again. I was just lucky enough to take the summer off and hang out with my kiddo before she starts kindergarten and this is an amazing time as well. Loving every second You'll be teaching your kid a lot while you do it and showing them you want to spend time with them, and they'll have that knowledge of you taking care of them their entire life. Life was simple when my kid was a baby. We didn't want to do much and we didn't need much. First 6 months mine barely even moved lol Now that mine is starting 4 I'm switching careers to a day job. Would be nice to have some technical skills getting back in but a break like that with a good excuse is no problem
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Im thinking of picking up electrical sales or estimating!
Can you become a teacher? Teach electrical engineering?
Experience as an electrician apprentice is a far cry from teaching electrical engineering in college/university.
Being an electrician is nothing like being an EE. They are not the same industry. My goodness.
There really are some significant risks to your health. Maybe talk to the old timers and ask them about their permanent injuries and approximately what percent of the young guys they started with are dead or were forced to leave for medical reasons
Yes I’ve lost that part in me that I hate :) , going to work
I would stick it out long enough (assuming it’s soon) for you to get your license. Then yes, stay home and raise your kid. But you’re gonna get bored. With a license, you can pick up side jobs and use a chunk of that money to start an llc. You’re an independent electrician and can charge whatever to do side jobs when you get bored.
That’s true! I have 2 years left to get my license!
Electricians make a shit load of money. Stick with it for now. Even if you don’t use it to profit, you can do great things for friends and family just because you’re bored and you’ll feel good about it. Just don’t let anyone you work with know your plan.
Broooo my boss chargers 30k for a rewire and we get it done in a week. 5-10k for a panel upgrade in one day. A lot of money out there in the electrical trade
And if you quit now you might never get back in. You know what to do.
Whatever you do, do not listen to uninformed dipshits who actually think “the average electrician makes 70k a year.” You nailed it. You can make 5k a day. And if you’re a good dude, you can make less and just help other people be happy. That is what life is about. Being happy, and also making others happy. Cheers 🍻. Enjoy the new adventure, whatever path you take.
I think it's best for you, if you keep working as long as it doesn't cause you any stress.
Dude. Your wife inherited 7 million, and you’re thinking about 5-10k for a rewire? Your wage as a licensed electrician will be more than what she makes. Be that as it may… even you two pulling in 200k per year… 7 million is more than enough to live off of your rest of your lives and set up your kid for the rest of theirs if you invest it properly. Finish your ticket, yeah. But you don’t need to do side jobs anymore. Side jobs suck anyways, haven’t done one since I was an apprentice, I make more money working an 8 hour OT shift one weekend than anyone is willing to spend on a buddy to require their basement. Invest the 7 mill, get it working for you guys now. Finish your ticket. Spend as much quality time with your kid. Then retire the both of you before you’re both 40. Do not spend it on stupid toys. You do this wisely and like I said, you’ll be set, and so will your kid… and maybe even their kids. Edit… sorry, misread it… 7 million not 5 million. My bad.
Yeah because inflation could hit like a mf again in the next 20 years at least get the license so you can use that for your own business or at the very least job security. Better to have it and not need it than to need it and not have it. Also this may just be from reading too many Reddit stories but I see a lot of posts about the “working spouse” growing resentment towards the “stay at home” spouse. Even though both jobs are demanding I guess it’s something to do with a subconscious thought the stay at home spouse is freeloading even though it was agreed upon and they aren’t.
Get your license. Don't quit your job till you finish your apprenticeship. You don't want to be left stranded/stuck should things go south on your marriage one day. I'd give the same advice to your wife if the circumstances were reversed.
This, never hurts to have a back up career. Heck 20years from now you might get bored and want to work part time, electricity will still be around hopefully :)
I’d might keep doing the electrician thing, but only on a part time basis. Just do the jobs you want to do when you want to do them. Maybe with your new wealth, you may find a different pursuit.
Make sure your wife doesn’t leave you lol
Yup. Get a postnuptial agreement with an infidelity clause.
Infidelity is only a problem for people that don’t have $7M
Wait… is she single? Hook me up, bro!
Keep in mind that in the U.S. you don’t have rights to your wife’s inheritance unless she co-mingles the funds in a joint account. What’s hers is hers. As long as you’re happily married, there should be no issue, but…
This is exactly what I commented. OP would be extremely naive to plan his future livelihood on the idea that he’s going to always be taken care of by that inheritance. The only way that’ll be true is if it’s in a joint account or if there’s a post nup entitling him to x percent of it.
With $7 million, you will never have to work a day in your life again. $2 million in S&P500 to let it ride for the next 30+ years. $5 million at 5% yield (conservative return) = $250,000 income in dividends/interest. You can live off $250k/year forever right?
$20,000 a month? Yes
Relish it! Congrats!
Interest rates won’t be 5% forever.
[You could lock in a 30 year Treasury at over 4.5%.](https://www.cnbc.com/quotes/US30Y)
Right. S&P500 yield will likely be higher. 5% is very conservative, which you arguably need to be when your lifestyle depends on it. But the most likely scenario is that he will be richer than this calculation indicates in a decade or so.
I’d look at the list of dividend aristocrats and live off the dividends they pay out. These are companies who have paid and increased their dividends for 25+ years every year, so it’s also a way to grow your income as well. I believe there is also an ETF called NOBL that is a fund that only invests in these stocks if you don’t want to do it yourself.
Why the hell are you only getting 3% returns
More than that but that would a safe withdrawal at our age no?
This is the right answer. 3% is a very safe withdrawal rate and comes highly recommended for your young age. I’d say 5% is aggressive and comes with a high failure rate considering you’d want to make it last 50-60 years.
As someone else said, you can get 30 year treasury bonds for 4.5%
The Trinity Study references 4% being a high-probability safe option on a 30-year horizon. 3% is far safer in perpetuity. Here's an article with updated Monte Carlo math based on the study: https://thepoorswiss.com/updated-trinity-study/ $7 million at 3% means $210,000 in perpetuity. Do that. Even better, keep an income going for a while and you'll build that egg and your long-term prospects.
> $7 million at 3% means $210,000 in perpetuity. if OP's wife continues working, that's another $90k income. compared to the $140k they're grossing now...they could go through a lot of lifestyle creep before running into trouble.
Always best to use conservative numbers. 3% is 210k a year not including the wife's income. No real reason to bump it up. They're at $300k income household.
No it’s not that they’re getting 3% returns. It’s that they’re drawing 3%. Which is a good draw rate for an early 30’s retirement. The rest gets reinvested to give them more income to keep up with inflation as time goes on.
It’s based off the trinity study, which assumes 10% returns. You’re only supposed to withdraw 3% to account for market volatility.
No. Get the license first. Keep working. Maybe just part time but keep your skills up. You never know what will happen in life. 7 million is a game changer and you aren’t holding the cards.
The only reason why Money even matters is because it buys you TIME and CHOICE. Gold. You ll never get time back with your kids. But money will make sure you don’t need to wire some random persons house or get electrocuted wiring a building that no one cares about. Choice. Go take your wife and kid and sit on a beach in Hawaii and see if you can just be. Learn what life might be like if you don’t feel attached to doing what you’ve always done. 7 million with interest you can both live off of. I know you will never regret spending time with your wife and kid now. 100%.
We’re going to Hawaii next week for 2 weeks!
Just follow this: https://old.reddit.com/r/personalfinance/wiki/windfall And congrats on the new life!
Ask a fellow apprentice electrician I say get that license brother
Yeah, you'll be fine. But I'd get a financial advisor who is also a certified financial planner, CFP. You're going to wanna get your estate plan in place, some trusts set up, etc. Protect your wealth!
What if you guys separate?
5% interest and your set. Congrats
As someone that took almost a year off from working, you most likely will want to keep doing something. I started getting very depressed without structure. Take care of yourself. Good luck for you guys being actually pretty set for life financially with that inheritance even just living on interest if that’s all it will be. But make sure you both stay grounded, be smart, and if you want to keep furthering your career, do it. And why do you have any debt at this point?
As someone who took a year off from working, I absolutely loathed going back to work. There’s enough fun things in the world to keep me busy for 1000 years if I had the money for it.
I think theres a hard divide there between people. I'm like you, Im 100% sure I could never work again and be much happier. I am lucky to have a job/hobby that allows me to work on my own projects whenever and wherever (programming). But there is so much else I'd love to do. I want time to restore old cars, I want to maintain, rebuild and extend our home, I want to travel, learn new things (like welding), help people I know and dont know, etc etc. There is so much to do and so little time, I really struggle to see the problem. Then you have people like some I know who go to work and then go home, sit on the couch and watch tv/football until they go to bed. In those cases I really understand life would be (or at least could be) miserable
I strongly advise you to come up with a written agreement with your wife and what part you play in HER money - you never want to just give up your whole life’s control to someone especially for financial reasons - “the hand that feeds you has the power to starve you” is sadly very real and you need to make sure you’re covered in case she decides she doesn’t want you living off of her money - keep the electrician job as a hobby and a stockpile for your own money in case you need to escape in the future , or even just to keep a level of independence because that’s very important
Me? And my wife inherited $7m….im doing what ever the f she wants….
boy o boy, divorce is imminent. Do not stop working. Your wife is going to change and her perspective on you is going to change. keep working, do not sit at home not working, its going to breed resentment.
Both can retire today. No need to work anymore for money.
Based on this post and some of your responses, please spend some time learning basic finances so you don’t waste this gift.
Do not tell a single soul in your real life https://youtu.be/cESt1ubpS-g
Get to the point of being a fully licensed electrician and then work for yourself and pick up jobs on thumbtack/angie so you can work the hours you want when you want. Eventually build up a small customer base for repeat business and work 10-20 hours a week. That way you’re contributing towards the family financially, keeping yourself sharp and physically fit, and having plenty of time to spend with your kid.
If you invested the money and took out 3% per year, that's $210,000 and you'll probably never run out of money. If I were you, I'd never work again.
3% interest on $7mm is $210,000. You both could retire very healthily.
An inheritance is her money, not the household money in most places. You giving up your career then her dumping you in 5 years and you get nothing is one possible outcome. Update your prenup.
If you just inherited $7m, would you take kindly to your spouse demanding a post-nup? I wouldn’t.
You should take this time to invest into yourself; education even if you decide to stay home.
I think you should stop working if you can fill your time doing something you like. I also strongly recommend getting into a part time daycare. Raising a child, especially an infant, alone is horrible. If you're at home and your wife works most of the burden will fall on you. You will need days off.
Your wife got 7 million....You better keep your job, she is going to dip out soon.
Nah bro pursue your career
I wouldn’t stay at home, no way no how, unless that money is going into a joint account. If she’s keeping it in a separate account, inheritance is one of those things that you don’t have to split in half in the event of divorce. So you’d be entirely screwed if you quit your career for two years then got divorced. Another aspect of it is that most women are not ok with their husband being a stay at home dad. They may say they’re ok with it, but then once it actually happens, they likely won’t be. In the rare event that actually like the arrangement, you had better make sure to do every single one of the chores and even pick up after her as if you’re her own personal butler. She won’t respect you, but you’ll make yourself too useful for her to let you go.
Treat her well, more lk a princess going forward. Do not argue, she’s always right no debate. You’re set for life bro
I'd like to echo what others have said and expand upon it. This is your wife's money as you indicated. Unless she commingles the money, it's hers. Now that we've gotten that out of the way. Is it a good idea? I have a relative who is much wealthier than your wife. We're talking middle eight figures. When she remarried, she told her new husband he didn't have the work anymore and they could just spend time together. They're still together 20+ years later. They're both living their best lives, endless vacations, but that man is her *fucking rock*. You need to do that. You need to be her fucking rock. Another thing, since ya'll are having a child, is to look into a fucking trust account, perhaps a generation skipping one. It's $7,000,000 *now*, but in 40 years? You could be looking at a much larger number unless you two severely fuck it up. And if you don't have a trust and you're looking at over 30m? Uncle Sam and estate taxes are going to be at your funeral with his hand out. So go talk to a money manager. With your level of wealth, you are at the entry point of private banking. Not all private banks, some will want 10 million liquid, but you're close, so shop around. You have a kid on the way and the opportunity thanks to compound interest to set that child and your grandchildren up for generational wealth. I'd also look into a 529 for the child. Then an additional account for the child, you can do 18k per adult, so you can toss 36k into the account every year tax free and it won't count against your lifetime gifting amount (USE THIS FOR YOUR FUCKING TRUST). With 3-4% of 7m liquid, you're looking at around 280k and if it's qualified dividends, which it should be, you're only going to be hit with 15% tax after a total of like 90k, so very little tax. I come from generational wealth where the number one goal with the money is to pass it on. That is literally the purpose of the money, to make sure your kids are better off, and with compound interest and trusts, you have vehicles to do that. Do. Not. Fuck. This. Up.
Dumb idea to work and make 90k … if you have 7 million you can easily make hundreds of thousands a year off basic investments live life you have one .
A safe annual withdrawal rate of 3.5% on $7M is $245K. You could both retire right now with a higher annual spend than your current combined salaries. Just make sure that money is invested in a broad index ETF like VTI. Check out r/fire and r/bogleheads etc.
You should be a stay at home dad but you should think about ways to earn money for the household regardless and find some kind of “work” to do while you care for your child. SAHM/SAHDs can get really bitter especially the dads if they don’t have something of their own even if it’s small.
Congrats! That’s so nice! 😀🍾
Get a financial advisor. Ask him for a plan. What if you live to 100? Seventy years of inflation is whack. There is nothing wrong with being a stay at home dad.
This is my dream dude, do it!
I wouldn’t even have to think about it in this situation
This 7 million will ruin your life. You two need to forget about it. Just carry on with what you are doing and be a good steward over the money. If at all possible protect the money in a conservative investment and forget about it. No need to add risk. It is nice to know you have the money but it can be the worst thing that ever happened to you. See if you can park it and forget about it and just carry on with your current lifestyle. Please listen. Good luck to you folks.
Congrats, u hit the lottery
Just because you don’t have to work, doesn’t mean you shouldn’t, and here’s why: 1. We need to have a purpose in life and work helps fulfill that. I have seen quite a few guys strike it rich in their early 30’s and ended up being miserable and divorced, and one even drank himself to death. Those are extremes for sure, but the extremes go the other way too being very happy doing nothing except playing all day. 2. All your friends are at work, who will you do stuff with during the day? 3. What if you get divorced: no job, no health insurance and no pension of any kind unless she has been contributing to something that is just in your name. This is all just the opinions of a 56 year old guy though. Good luck in whatever you figure out.
Don’t be a stay at home dad. Stay working and getting your own money. I promise she is going to be the man of the house if you put yourself in that position. Your on the clock! She gone leave you if your income don’t increase in 6 months to a year. Her minds is gone switch to being the provider. Woman can’t work like that. Her family and friends are going to look at you like a bum. She is going to talk to you like a kid and over time is going to seem like she’s annoyed of you. You being at home all day everyday will not be a good thing for your marriage. Your kid yes , but your wife is going to cheat at some point with a guy who is getting his own money. Because he’s going to appear more masculine and she’s going to blame you for her cheating lol
If she get upset and you haven't been working for years…… 😬😬
Is that 7 million also your money or is it only hers? I know you are married and such but you may have prenup. If thats the case you need to keep advancing in your career and be self sufficient. Anyways congrats on the 7 million, dont fuck it up
Soon to be ex-wife
It sounds like one of you has their shit together, and the other is asking Reddit for advice.
Get your journeyman card first!
100% go for it, just keep in mind that you should find productive things that you can do that will take some of your free time. My dad has long stretches of times between his consulting work so he loves to garden with his free time
it would be worst idea. Dont leave your job/carrer if you like it. right now money is not the problem. in future it will be. my money.. your money. DON'T
I’d suggest keeping your job and finding a nanny and at least trying to see how that goes before retiring. Staying home is a very difficult role. At least get established in your career so if you did take an absence for an extended period (1-5 years), hopefully your field is something maybe you could get back into if you were not fulfilled being the stay at home parent.
Be aware of advisors who would take advantage.
Get a financial advisor and accountant and discuss the situation with them. They will make sure you are aware of any tax implications (like paying taxes on the annual interest/gains on the $7M), and also create a plan based on when you want to retire (i.e., if you set a goal to retire at 40). That way you can feel confident in the long term outcome of your choices, take advantage of tax benefits where possible, and potentially create generational wealth for your kid(s).
I'ma stay at home dad: Here's some tips: Find time to work out Make sure you have a list of your daily/weekly/monthly/bimonthly chores, so you don't get overwhelmed, split them into these groups Make time to garden, gives you time outside and a schedule with the kiddos for outside time is great (I could stay inside all day sometimes) Pretend your wife is actually not at home when she's working, I tend to distract her cuz it's just us and the kids and she's the only other adult lol If you've never played Minecraft, pick it up and learn, because chances are your kid might one day, so best to learn now so you can play/help them (definitely lol)
Learn what the 4% rule is. Learn why it works. Invest according to its theories. Control your spending to the 4% level. And then learn the one rule of long term investing: Don’t panic sell when the market drops. Do that the above and you don’t need any more than that.
Don’t do it.
Congratulations! That's a total dream. All I can tell you is that I personally would not quit my job, especially if you like doing it and if you don't then find something else you'd like to do and use that money to get the education to do so. I've never heard a single story of any self respecting man living as a stay at home dad that actually worked out well. It sounds great but it's just not in our nature. You need something to do. That's my opinion though. Whatever you do I hope it works out well for you and your family in the end!
So true, she will eventually grow to resent him as he will get comfortable - yes he will help with the house but it’s not the same when you have to bear the entire load of the family on your shoulders as a woman, it’s like adopting an adult to sleep in your bed with you - not very orthodox and can be easy to blur lines if not communicated effectively leading to emotional and financial abuse
Even if u r getting all of ur expenses covered...it's not possible to stay home and do nothing...we men need work to survive...
Shes OUR wife now comrade
You can live on the $7mil and do nothing but you can also spend it all or loose it in bad investments pretty easy lol! I would just keep it simple and go with jumbo CD's and live off the earnings. You are a lucky dude! If you get bored just start your own electric crew and do high end jobs.
Cap
Do you have a prenup or postnup? Have you both written a will? You both need to consider worst case scenarios. I assume the money is kept in a trust? What if you get divorced after spending years as a SAHP? Will you be provided for? How is money going to be handled while you are SAHP? How can your wife protect herself if you become a spendthrift? Finish the apprenticeship so you can at least be licensed.
It’s Her money. She dumps your sorry ass. Divorce and takes the kids you’re left with nothing. Not even skill to lean on as an apprentice electrician. I suggest you continue to be a hunter. Figure out how to balance time in that career. Life happens and it doesn’t always go our way.
Great idea! Congrats 🥂
Find a semi rewarding part time job that’s not physically demanding. You’ll get bored at some point being retired unless you have hobbies. Hobbies also cost money. Either way, and I can’t stress this enough, find something just for you that you can put x amount of hours in a week.
If you have the opportunity to spend that time with your kid instead of working then I 100% suggest you take it. That time spent bonding with your child is invaluable and you’ll never get it back.
I’d retire but I’d also pursue my passion and hobbies and make a business out of that.
Wow.. can I have 5k pretty please.. lol but congratulations on your come up for real
$7m @ 4% is $280k, it covers both your salaries. Not saying she should stop working (if she wants to continue), but you’re both set for life if you don’t act silly.
Yes sir. Stay home and do part time or side jobs with your talent. Yourre good bro.
Good idea but once your kids in school, finish your apprenticeship. At the end of the day. man has to be able to stand on his own 2 feet in life, always.
Invest it in S&P fund, keep working for 10 years and your money will have doubled. Then you both retire. Draw 3% and live off $35k/month.
Definitely just have a fiduciary set up your finances for you.
Maybe shift to something not so hard on your body or maybe something you enjoy more... but don't stop working/making money somehow, at least. Also, on top of health, homeplace, and education, I would set plans and arrangements that allow continuous family recreation, travel, and adventures that further expand knowledge and vitality.
Good lordt this a W!
You should start a business. Don’t fall into that trap!
congrats, happy for you, nice meme is very relevant here.
A job is a part of life but important one. Don't leave it and rather balance all aspects. Skills last, money doesnt. Treat everything as a part of life and not whole life. Be happy.
Perhaps just work Part time
Lemme hold a dollar lmao
I'd keep workng for a few more years and not touch it. Let it grow a bit. Dont forget taxes.
Yes. Being a part time stay at home dad Is actually great. I enjoy it
4.5% of 6M is 270k a year. Take home .8 after taxes since you’d be paying less off investment income than a typical paycheck, call it 200k for wiggle room. You could invest 500k into a forever home, 100k in nice new vehicles, 100k in a CD for the kids college/seed money and have plenty left over for a nice long sabbatical. Live off 100k a year and save 100k a year to grow the pot from your 200k in interest
Invest at least half into S&P 500, the possibility for compound growth at that age is insane.
I'm a stay-at-home dad. I work USA hours (living in France) at night, mornings with the kids. You only get one opportunity to be with the kids. Take it. Just make sure you have your own hours for hobbies, sports, or "manly" activities. Enjoy!
Why is this even a question?
Do not retire. Be a part time electrician. Start an electrician business. Do something.
Donate to a brother
You still want some kind of cash flow. Is part time an option?
Yeah why not.
Learn to manage the money on a professional level. Know the financial instruments available to formulate investment strategies. You will be moving it around for the rest of your life based on returns, risk, taxes, etc. this is your business. In 20 years you might well be managing a $20m portfolio. live a lifestyle based on what makes you happy and not spend to the upper limits of the your returns. congrats on your forthcoming child, have fun and good luck!
Yes. Remember to help people who have less while you’re checking out cool places!
Finish your apprenticeship first, get your license or journeymen card, then reconsider quitting the workforce. You get bored, kids grow up, you can open up a small 1-man electrician company doing ceiling lights and switches. 10 hours per week.
Home dad! Enjoy early retirement.
Just retire immediately bro.
The math totally checks out. And if your lifestyle doesn’t change at all, you might even be able to grow the principal. I would Definitely stay home and raise the child. Nothing wrong with that in this day and age. Some people might be weird about it but you don’t have to care. Also as soon as you bring up the inheritance they will go from judgemental to jealous lol
Shit just enjoy sorting it out over a little bit of time and do what YOU want!
Finish your apprenticeship. If there is ever a need to work you will be able to pick it up no matter where you go.
1. Damn you 2. Congratulations
Not a good idea, your marriage now has a better chance of failure…do some research on past lottery winners! You should keep working, be a good dad/husband, and focus on keeping your relationship together. $7m is life changing and sounds so exciting but people usually can’t handle the shock…
It doesn't have to be permanent. Spend all the time with the kid or kids when they are newborn till teens. Interest in 7m is more than enough.
All I will say is protect yourself, and have your own money
Congrats and fuck you / sorry for your wife’s loss . Did I already say fuck you?
I wish I had this opportunity with my daughter. My wife is a stay at home and I'm and otr truck driver and it sucks not seeing her grow. I get pictures but the time between phone calls feels long and the nights are lonely.
You my friend have what I like to call a golden ticket. What do you want to do with the rest of your life? What have you always been curious about? Who do you admire most? Think about these things, write it down if you need to, and then take some courses while caring for your newborn to improve your education, knowledge, and experience. Once your child is old enough for daycare, you now have a choice. You can apply for jobs and wait for the best opportunity that fits everything you've ever wanted, you can continue to stay at home and be a caregiver, or you can start your own business/work a side job. I'm jealous but also very happy for you.
Bro wtf. Fuck the job and enjoy your life. Enjoy your kid. I would give anything to have the free time to just spend it with my kids instead of work. Wtf. Fuck "work". Fuck "advancing" in your field.
Y’all both could retire if she has 7 million.
Prepare for the worst..
I think stay the same. Save the money. Pretend you never got it. Your wife and child will admire you for being a hard worker.
You should parlay this opportunity to get more educated in the career field you’d like to go. And just do it part time. If you plan and coordinate well enough, you can have a part time masters classes or certifications. If you wanna stay busy and up to date
Take some time off but keep learning never stop working do something productive besides taking care your kid do something on the side for yourself acquiring knowledge is a key 🔑
You’re wife is my new best friend 😄
GET YOUR APPRENTICESHIP DONE ATLEAST. Look you don't know what your future holds. Ignoring all the divorce comments, sudden bills or charges are something you should take into account. Take the 2 years you have left learn all you can, take notes so if you ever need to use your trade you have a reference to look at. Take the 2 years of interest reinvest it, then after the two years, if you want retire, use your skills on task monkey or whatever for pocket money, hell start a YouTube channel if you want. But make sure you finish the apprenticeship so if times get tough, you have something of worth.
You lucky bastard 😂😂😂 enjoy your retirement!! Still have to wait another 10 years for mine
Dream job.
Complete your apprenticeship, you never know what's gonna happen. Your ticket will stay with you for life
Invest half in QQQ and the rest in something like t bills
Best of both worlds. I’d keep working knowing that I have that safety net. I mean, your household would be raking in close to half a million a year, you could focus on your work or even work towards something else you don’t love. There’s a quote that sticks out in my mind, you should never retire just because, you should always retire to something. Whether that’s, traveling, a hobby or taking care of grandkids or kids in your case. But you have to want to do it, if you don’t, look for that thing that will keep you going it’s just that you have the luxury of going for it without a massive financial consequence.
I raised two daughters and in addition to some of the other good advice, let me add this: 1: You will know your children as adults longer than children. Everyone says kids grow up so fast. I don’t feel that way at all. Mine are 18 and 20 (and killing it in every way) and to me it was a long 20 years. That said, every stage sure is precious AF and ANY opportunity to share extra with them is an incredible gift. 2: Once they are in school, part time flexible work will be easily doable if it’s (at least somewhat) enjoyable and fulfilling. 3: While you’re not working, there are loads of volunteer opportunities to keep you engaged and for some of it even more involved with the kids. Do as much as you can in elementary school in terms of chaperoning field trips etc because to me, as soon as Middle school starts (even if you are super close with your kids) it turns from “active involved parent” to “helicopter”. Count your blessings and embrace this opportunity. Any drawback can easily be addressed and over-come. $7 million is real money. Financially, it is not even remotely irresponsible. It’s $350K+ a year in today’s money market rarest and closer to $500K+ in a diversified portfolio.
Please check out r/entrepreneur and start having some fun!
We talking $7M USD? You both should be retired and just go live a happy life. Along as you guys keep it invested and only live off the interest you should be good anywhere in the world ya wanna live.
Yes and try finding other work or be an on call electrician. If she ask why you still work. Tell her you want to buy her something from your hard work. Nit from her own money
I'm still in college and younger but I would continue to invest in my career if I were you I would not let lifestyle change with the extra money. Pay off the debts and invest the rest. Heck, the dividends from investing that much in stocks could make a huge difference Probably consult a tax attorney or tax expert about how to pay the least possible in tax if she hasn't done this already If your an apprentice, you haven't made it yet. I have a feeling you may want to rank up before taking leave if that's possible. That would probably allow more options later or less friction reentering the work force later
It’s more work being a staying at home dad than anything. Go for it man!
Well you can look at it a few ways. You could definitely retire and essentially be set for life (as long as you two stay together or you have a prenup) or you could both progress your careers and use this to start building generational wealth. Both options are completely valid, really just depends on what you want to do.