What Do I do If I Inherit a large sum?
My father died 2 years ago and left everything to my wonderful step mother. My step mother has made it very clear that the balance of her estate is to be divided 3 ways between my sister, my sisters daughter/my niece, and myself. Part of the estate includes a 401K worth at this time just over $3,000,000. Because the stock market is a scam and I know that IRA's and 401K's are a rip off I am going to take the up front tax hit and cash out and after taxes I could maybe get around $600,000. My question is... when that very sad day comes and my wonderful step mother passes... what would you do with $600,000? I have read "7 Years to 7 Figures" and I like the idea of taking a bit of a short cut and buying the 75 unit apartment, or should I just bite the bullet and go with buying 20 single family homes, or should I think about all the garbage dealing with so many property managers and just take the middle road of "7 Years to 7 Figures" and buy two 20 to 30 unit apartment buildings and just use the cash flow until I can flip them for the 75 to 100 unit apartment building.
My wonderful step mother beat cancer 4 months ago, but now she has no lymph nodes and her doctor told her if she gets sick it might kill her. Right now she isn't feeling well, and if I had hair I would be pulling it out (I shave my head) but she says she is fine (she is a really tough woman and never wants us kids to worry)
I am ALL ABOUT THE CASH FLOW I don't care about the take the money and party, go on vacation, or any of that other nonsense... I just want to do the right thing with the money, and then hid until my grief passes. And I want to make that happen as soon as I can so that my grief does not get in the way and I do something stupid like buying a condo in Costa Rica and thinking I can start a coffee farm, or even worse a hard wood farm. (20 years for cash flow... are you kidding me?)
Any advice you can give I would love a heads up, think about this, you need to worry about that, kind of stuff.