2. Ignore financial advice from random people on the internet (feel free to include me in this category). Also beware advice on complex schemes that will eat you alive with management fees.
3. Spend your time doing what makes you happy.
4. If you need time to think about life and the next project, I recommend heading to Guatemala to check out Tikal and the ATM caves across the border. After that you can head out to the Cayes and drink beer in a hammock until you feel like doing something else.
Misc thoughts:
For everyone besides this guy, #3 doesn't actually require that much money. $20k - $30k buys you time to travel, work on your own projects, and wait for the right opportunity. I spent 2008 doing this and I'm pretty satisfied with that decision.
Also: About six or eight years ago I sat next to the CEO of a successful chain of auto shops on a flight somewhere (I forget where I was going but it was Mark Carr of Christian Brothers Automotive). His advice for this situation: take some of the money and buy a house because you'll always need somewhere to live and bankruptcy laws typically protect the home you live. This helps you get the next thing started and, should it go awry, keeps you off the streets and protects some of your assets.
> For everyone besides this guy, #3 doesn't actually require that much
> money. $20k - $30k buys you time to travel, work on your own projects,
> and wait for the right opportunity. I spent 2008 doing this and
> I'm pretty satisfied with that decision.
Yes, and there are many nice places out there in the world where you can live on even less than that for temporary rentals. A 4 continent around the world ticket costs about $2000 and be sure to pick a good airlines network for the destinations you want. Or just pick two or three places and stay there 4 to 6 months at a time, or longer.
You can definitely spend time on your future projects while traveling, many places have free wireless internet. We used to hack on BBS systems, so even 512k Internet can let you do a lot of stuff. If connection stops working, go hiking or canoeing or off to meet a pretty girl/guy/whatever you like.
Oh, I second that other advise by inerte:
> - Pay some debt close family members have (parents, brothers)
Try to minimize the potential emergencies of close ones, you don't need to pay them off completely but get them in a path where they can restore themselves to financial freedom. This is happening a lot already. Beware, don't bail out anybody on mortgage, specially if highly leveraged, they have negative equity, or have interest-only mortgages! There are laws to protect them and your money will get wasted for nothing. Perhaps help them after they file bankruptcy (IANAL.)
I'm glad I read this post.. because even though I wouldn't mind having this kind of money. Peace of mind is worth a lot more to me. My biggest goal in life is to travel so if If I were only to make enough money to accomplish this every other year.. I'd be perfectly fine with my life. Maybe its because I'm only 28.
Also I totally agree with having a home base somewhere.
Congratulations on your fortunes sir as well. I hope you do great things with your new fortune that uplifts your spirit. I know plenty of people in your now current tax bracket that are miserable.
Take the year off like this guy suggested travel, gain a new perspective. Gain some new ideas plan them out then get back in the game.. but have an out to do the same thing again 5 years from now.
2. Ignore financial advice from random people on the internet (feel free to include me in this category). Also beware advice on complex schemes that will eat you alive with management fees.
3. Spend your time doing what makes you happy.
4. If you need time to think about life and the next project, I recommend heading to Guatemala to check out Tikal and the ATM caves across the border. After that you can head out to the Cayes and drink beer in a hammock until you feel like doing something else.
Misc thoughts:
For everyone besides this guy, #3 doesn't actually require that much money. $20k - $30k buys you time to travel, work on your own projects, and wait for the right opportunity. I spent 2008 doing this and I'm pretty satisfied with that decision.
Also: About six or eight years ago I sat next to the CEO of a successful chain of auto shops on a flight somewhere (I forget where I was going but it was Mark Carr of Christian Brothers Automotive). His advice for this situation: take some of the money and buy a house because you'll always need somewhere to live and bankruptcy laws typically protect the home you live. This helps you get the next thing started and, should it go awry, keeps you off the streets and protects some of your assets.