What Would You Do W/ $700K

[john61ct]

Fund for kids' college tuition, and my future medical / eldercare requirements.

If I were citizen of a more civilized country neither would be required, but so it goes. . .

[Simi 60]

Originally Posted by john61ct

Fund for kids' college tuition, and my future medical / eldercare requirements.

If I were citizen of a more civilized country neither would be required, but so it goes. . .

This is for you

https://www.investopedia.com/article...itizenship.asp

[zboss]

You can't make interest on time so I would probably buy a more larger boat and invest the rest; make some income off the investment and continue to build that kitty with jobs now and then. Go sailing and have intense focus on growing the money.

[sy_gilana]

Carry on just as now, with a more relaxed sphincter.

[flyingfin]

With all the important info that sailors need to share, the OP and followers are wasting our time on this nonsense, except for the armchair sailors that always chime in!

[sailorboy1]

Excuse me?????

[john61ct]

If you think a thread is silly, just ignore it.

[a64pilot]

Originally Posted by john61ct

Fund for kids' college tuition, and my future medical / eldercare requirements.

If I were citizen of a more civilized country neither would be required, but so it goes. . .

Ever consider emigrating? Surely one of the civilized countries would have you, and apparently living is better there.

[model 10]

If we could get a fair election, we wouldn't need to move.

[belizesailor]

Originally Posted by denverd0n

The thing is, in today's world, $700k isn't nearly what it once was. Excepting some small splurge with a little bit of it, I would put it into savings and otherwise continue with the exact same game plan that I have now.


I know. Call my boring. That's okay with me, as I am very happy with my life.

At 5% its $35K in annual income....which could be spent on wine, women, and boat stuff! And you still preserve the $700K.

[hpeer]

It’s an interesting question. We are recently retired. Have sufficient passive income. Have two paid off boats and a cabin in Newfoundland. I just saw a nice used Bestever 45 that might entice me at about $500k. But maybe not, I would have to look at it.

Then again I could easily spend a couple of hundred grand on updates to our existing boat. New port lights and hatch and companionway would dispose of a good bit. Have someone else repaint the deck and anti skid.

But just thinking about this made me remember how lucky and happy we are.

Thanks.

[Pelagic]

If you view that $700k as disposable..... I think the simple answer is to do whatever you wish... until you start to get nervous about your finances.

[roverhi]

Search around for a good condition, well equipped boat around 36'. Invest the rest and try and live off the income. You don't need a trophy boat to go places and probably a bad idea because of the money to keep it up and loss of value through depreciation. You can live stupidly and blow the money living like some lottery winner and die from a drug o/d just as the money runs out or nurse the money for much of a lifetime.

[jlcnuke]

Well, since another $700k after taxes would put me over the number needed for me to reach FI/RE (Financial Independence, Retire Early), I'd put in my two week notice at work and pay off my mortgage. Put aside ~$200k then invest the rest.

Then I'd take my daydreaming about buying a $1xx,xxx sailboat and turn it into "looking to buy a $1xxx,xxx sailboat". Buy the boat, outfit it with the things I'd like for cruising, and head off to enjoy myself.

[jlcnuke]

Originally Posted by belizesailor

At 5% its $35K in annual income....which could be spent on wine, women, and boat stuff! And you still preserve the $700K.

Good luck getting 5%. The Trinity study etc. concluded 4% historically, and many think that may not hold up in the coming years. I'm still fairly optimistic at 4%, but lots are planning for 3% or less in the early retirement community in part due to current valuations but also because the 4% was based on only lasting for a 30 year period to "not run out" in that time.