12-21-2022, 12:46 PM
High earners, about to make my first million. Need advice.
<!-- SC_OFF --><div class="md"><p>2018 was a very difficult year, had to call a bankruptcy attorney after my business collapsed and left me with hundreds of thousands in debt but ultimately decided not to file for BK and just get a “regular job” and grind it out. After a career change for both spouse and myself, breaking out of toxic circles, getting sound advice and a hell lotta luck, we are now on track to make approx $1.2M in yearly income for the next 3-4 years or so. </p> <p>But what’s next? I have relocated so not looking to buy real estate here since we’d only be here another 2-3 years (presumably), also the market is a bit volatile and expected to continue to go down, and I’m thinking the opportunity alone is pretty significant to just park the money in the bank?</p> <p>The majority of the cash will come EOY during distributions. I’m about $15K cash flow positive every month. Should I be putting everything on mutual funds? I’ve been doing this so far but much smaller amounts (about $3k/month) but larger amounts plus a lump sum of about $700K yearly feels risky to me. </p> <p>A bit more details: Emergency fund of 6-8 months, no debt, renting (due to recent relocation). </p> <p>Extremely grateful for this opportunity and at my age not looking to fuck this up so any advice is welcome.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/nosenderreply"> /u/nosenderreply </a> <br/> <span><a href="https://www.reddit.com/r/investing/comments/zqnh2v/high_earners_about_to_make_my_first_million_need/">[link]</a></span> <span><a href="https://www.reddit.com/r/investing/comments/zqnh2v/high_earners_about_to_make_my_first_million_need/">[comments]</a></span>
<!-- SC_OFF --><div class="md"><p>2018 was a very difficult year, had to call a bankruptcy attorney after my business collapsed and left me with hundreds of thousands in debt but ultimately decided not to file for BK and just get a “regular job” and grind it out. After a career change for both spouse and myself, breaking out of toxic circles, getting sound advice and a hell lotta luck, we are now on track to make approx $1.2M in yearly income for the next 3-4 years or so. </p> <p>But what’s next? I have relocated so not looking to buy real estate here since we’d only be here another 2-3 years (presumably), also the market is a bit volatile and expected to continue to go down, and I’m thinking the opportunity alone is pretty significant to just park the money in the bank?</p> <p>The majority of the cash will come EOY during distributions. I’m about $15K cash flow positive every month. Should I be putting everything on mutual funds? I’ve been doing this so far but much smaller amounts (about $3k/month) but larger amounts plus a lump sum of about $700K yearly feels risky to me. </p> <p>A bit more details: Emergency fund of 6-8 months, no debt, renting (due to recent relocation). </p> <p>Extremely grateful for this opportunity and at my age not looking to fuck this up so any advice is welcome.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/nosenderreply"> /u/nosenderreply </a> <br/> <span><a href="https://www.reddit.com/r/investing/comments/zqnh2v/high_earners_about_to_make_my_first_million_need/">[link]</a></span> <span><a href="https://www.reddit.com/r/investing/comments/zqnh2v/high_earners_about_to_make_my_first_million_need/">[comments]</a></span>