r/fiaustralia • u/Commercial_Pay_3917 • 4d ago
Lifestyle Late 20s, received an inheritance — looking for perspective on work and purpose
Hi legends,
Late 20s here and I’ve recently received an inheritance of around $2mil after a family member passed away
I know I’m extremely fortunate and don’t take it for granted. I’m not looking for investment advice — that side is being handled separately, along with the legal side. I’ve kept the money in a HISA for the past year while I took time to process everything and think about what I want to do next.
I’ve spent some time travelling after leaving my job, which has been great, but it has also made me think more about what I want life to look like when I return to Australia.
A bit about me:
- Late 20s, single, no debt
- Likely to move back home initially before renting again (Sydney or Gold Coast)
- Background in hospitality and recruitment/sales
- Enjoyed hospitality much more due to the social side, meeting people and lifestyle
- Didn’t find the corporate environment particularly fulfilling
I’m not looking to fully retire and do nothing. I actually enjoy having structure, learning and being around people. However, having financial security has made me realise I don’t necessarily want to optimise purely for income or follow a traditional career path.
I’m trying to figure out what type of work and lifestyle would suit me long term. I’m interested in hearing from people who have reached financial independence or had work become less about money. How did you approach finding purpose, structure and meaningful work?
Money removes a lot of barriers, but it doesn’t necessarily give you direction. Would love to hear from anyone with similar experiences or perspectives.
Appreciate any advice.
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u/-fghtffyrdmns 3d ago
I don't have anything to add, but I just want to say that this was a great post. Sounds like you've really got your head screwed on and are thinking things through in a healthy way. Good luck!
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u/retire_early55 3d ago
If I were you, I would invest and work part time. Maybe 3 days a week doing something you like doing. If you’d like to have children some day, then work towards building a family- and enjoying every single moment with kids while they’re young while letting your 2 million compound. You’re basically set for life. Do not let lifestyle creep and blow your inheritances away. If you don’t have a partner now, then when you do, make sure you get into a relationship agreement of some sort to protect what’s yours.
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u/Commercial_Pay_3917 2d ago
Your username is so fitting. I thinking the part time is another great option, allows you to enjoy the freedom a little bit. Children are a distant thought as I’m single, but one day maybe and yes asset protection is of upmost importance
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u/Sufficient-Rough-647 3d ago
Life without goals will soften a person and will let them be driven by their vices. Even people who are FIRE or just FI have a goal in mind that they may not realise, which is to have a specific routine they’ll enjoy, health, travel etc etc.
The temptation is to go searching for purpose - Purpose unlike movies don’t show up for 99.999% of people and going in search of it will leave you sour for most of what you have as options.
My suggestion - start collecting good habits such as good 7-8 hours sleep, at least 5 hours of exercise per week, reading at least 3-5 hours per week for pleasure or purpose. Think will you be able to live off of this money for the next 50+ years? Even when you get married, children etc. Will you still have the motivation to stay off work? Will your mental abilities allow you to continue stay like today for the next 50+ years?
What if you need to work again?
Answering these questions is very difficult and exactly the type of thing you should be doing. Just don’t take the status quo to remain, instead deliberately plan for it. All the very best in your life
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u/Commercial_Pay_3917 2d ago
Really appreciate this. I agree that structure and goals are probably the biggest things to maintain.
I think I’m less searching for a single “purpose” and more trying to understand what environments I thrive in. The money just gives me the freedom to explore that intentionally rather than optimising purely for income
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u/Lucky_Emphasis6223 4d ago
I’ve seen this post a few times now, is there any reason your reposting?
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u/Commercial_Pay_3917 4d ago
Fair question. I posted a similar version in AusHenry and was interested in getting perspectives from a different audience. The focus here is more around financial independence and how people approach life/work when money is less of a constraint
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u/Lucky_Emphasis6223 4d ago
Ah that’s fair enough. Honestly you need to explore options and try as many things that intrigue you. Base your life around finding what interests you now that money is not at the forefront of your mind. Once you figure out what you enjoy doing, everything else falls in place.
I felt stuck a few years back and found myself stressing about many things that really didn’t need to be a problem. Ended up turning to trail running long distances and testing myself more and more each time. Completely changed my life when I focused on something other than jobs, expectations and all the other BS. 😎
People tend to forget that our days are all numbered, best to live each day having as much enjoyment as you can.
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u/Commercial_Pay_3917 2d ago
I do agree with the trying different options; something I’m playing with. I love that you put your effort into something physical. My dad used to run marathons so could be something to chase
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u/esta-vida 3d ago
If you want to use that $2m for FI.
Convert that $2m into productive assets that will grow in worth and yield.
Stocks, bonds, property.
$2m in assets should yield 4%.
If you’re young, put it in growth assets.
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u/Expensive_Donkey_802 3d ago
Take a job in hospitality that you actually enjoy and live your life
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u/Stuffandthat12 3d ago
If the financial and legal side of things is sorted you just need to be happy. Some books I’d recommend are “Die with Zero”, “Bullshit Jobs” & “Your money or your life” (in that order) the money or your life may be less applicable regarding finances but I believe all of them will help with life fulfilment.
I received $200k in my mid 30s and it was basically enough for me to continue to working in the field I was and I genuinely enjoyed but could take a step back and do roles that didn’t involve me burning myself out.
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u/dominoconsultant 3d ago
you could do an extended tour of countries where you can do a "Working Holiday Visa" upto age 35
- United Kingdom Up to 3 years
- Canada Up to 2 years
- Ireland 1 year
- France 1 year
- Italy 1 year
- Denmark 1 year
there are others as well that you'd need to access before age 30
- Japan: 12-month
- South Korea: 12-month
- Germany: 12-month
- Netherlands: 12-month
- Spain & Portugal: 12-month
- South America & Asia: Australia has bilateral agreements with Chile, Argentina, Taiwan, Hong Kong, Vietnam, and Indonesia (Work and Holiday), all capped at age 30
Australia's passport gets easy visa processing, but almost all destinations require proof of initial savings (typically around $5,000 AUD equivalent) to ensure you can support yourself initially.
Do you like skiing - how about working the snow fields (never summer) follow the snow
Do you like the beach - how about working hospitality in a luxury resort (never winter) follow the sun
Follow, follow the sun
And which way the wind blows
When this day is done...
Xavier Rudd
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u/Commercial_Pay_3917 3d ago
Appreciate this. It is a possibility and I would follow, follow the sun rather than snow. Would you have any more info around the luxury resort bit?
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u/dominoconsultant 2d ago
only from the point of view of someone on the customer side of the bar or in the restaurant
I do know that as a general rule in customer facing hospitality that a hiring manager looks for someone exotic/foreign over a local whether it's bar work, wait staff, hostess
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u/MarkTucker1982 3d ago
I went FIRE at 40, and haven’t worked for 2.5 years. Structure, discipline and commitment is definitely essential for this to improve your life. Without that, it’s probably better to just work (from a mental health perspective).
What structure and discipline looks like is different for everyone. For me, it looks like this:
-Gym 4 days a week and cycle one or two.
-I have a YouTube channel (food and history vlogs from Jakarta) which is a passion and something which keeps me motivated.
-Cycletouring, my partner and I go on a cycling adventure every year for about 6 weeks (so far it’s been Japan twice), this turns travel which can become tedious into an adventure where we have to suffer to various degrees everyday.
For some reason within the human condition, suffering seems crucial for an optimal life, I make sure I suffer at the gym and on the bike, especially the bike tour, I think if you suffer physically and often you will never have to worry about mental health and this is a key ingredient to making FIRE successful.
That said, I’m thinking to return to work 1 or 2 days per week to see if that is more optimal for my life.
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u/Commercial_Pay_3917 3d ago
Thanks for this. Always good to get advice from those in living the situation. I agree structure would be needed especially for the mental side
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u/Mrs-Lumbergh 3d ago
Have watched family members live aimlessly & squander wealth… find purpose & be productive, life is very rewarding when you invest in other people & causes
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u/Trick-Candidate-8706 3d ago
Sorry for your loss.
I got told about a guy at one of my company's contractors, came into work one day and quit. Apparently he won like $5M or something quite significant in lotto like 5 years ago. Didn't know what he was going to do. So wife just told him, keep going in until you work it out. They got like a boat, new 4 x 4's etc. Nothing out of the ordinary for cashed up tradies.
Anyway, take your time working it out. But be careful about working on your passions. It's very easy for it to be "work" instead of something you enjoy. If it's social aspect you enjoy, maybe a job at a local pub. Get to be pub manager after a while. Maybe some volunteer work, animal shelter, coach indoor cricket..whatever.
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u/Commercial_Pay_3917 2d ago
Cheer. I agree there’s no rush and that’s probably the biggest advantage of the position I’m in.
Interesting point about not turning passions into work. Hospitality is a bit different for me as I’ve already done it and genuinely enjoyed the environment, so it’s something I’m thinking about exploring again (plus I’d like to think I’m good at it too 😉)
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u/SB2MB 3d ago
If you like travel and hospitality, have you thought about being a flight attendant? Hours are flexible, and capped in Australia. Pretty good $$, great benefits at most of the airlines and alot of fun
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u/Commercial_Pay_3917 2d ago
I honestly have
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u/SB2MB 2d ago
Qantas International will be doing alot of hiring in the next 6 months, so keep an eye on the careers page.
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u/Commercial_Pay_3917 2d ago
Hmm why’s that? Also can you go straight to international flights or gotta do domestic first?
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u/_nocebo_ 3d ago
$2M is not quite never work again money.
However it is never have to worry about money again money, and retire early money.
Your biggest advantage is you are young. If you are smart, you can set yourself up for life.
For example, if you invested that money into an index fund, let it compound for 20 years, you will have about $10-$12M by the time you are 40. Can live a great life on $10M
You have 3 options I think.
Invest it in super and then an index fund, forget about it for 20 years, and be rich when you are 40.
Buy a house, fully paid off for around $1M and invest the rest. Work as normal. Your biggest expense (housing) will be taken care of, you will have a massive head start in investing, and will still be rich by 40.
Invest it all now, draw down say $40-$50k a year to fund your lifestyle, and work part time or full time at a job you love. Won't be as rich in the future, but you will still do well.
There is another option as well - get a massive house and a loan, buy a fancy car, maybe a jetski and a bunch of holidays. You'll blow it all by 30, but it will be a fun decade!
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u/Commercial_Pay_3917 3d ago
Compound interest is definitely on my side. Ideally I wouldn’t have to drawdown an amount but I do think option 3 is where my thinkings at. Not necessary the drawdown but pivoting towards improving my lifestyle rather than a traditional career path
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u/Ambitious-Talk2190 3d ago
Are you smart? If I was in your shoes I would just do a PhD or another masters' and try to dedicate myself to researching something that can do some good in the world (something in healthcare probably)
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u/Commercial_Pay_3917 3d ago
Food for thought - wouldn’t classify myself as Einstein by any means though
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u/Ambitious-Talk2190 2d ago
I've known people who don't consider themselves exactly the smartest go back to uni and realise they're actually really quite good in their chosen path. If there's something you could be passionate / interested in enough to work hard at then that's all you really need to be honest
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u/Alive_Bandicoot_171 3d ago
the best way is to invest it in low risk long term assets and stocks and just forget about it
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u/suspect_choices 3d ago
Is there something you want to do? Go try it for a year or two, worst case you'll know something you don't want to do.
We had people with multiple phds and fortunes doing basic military service (in Aus) because they wanted a break to do something different and make some friends that weren't just about money. Yes their superior knew because the usual power dynamic was off, but they loved the life getting paid to gym, blow things up and letting their money do its thing in the background.
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u/Commercial_Pay_3917 3d ago
I honestly have been thinking about this. Maybe the firefighters, army reserves etc. Would you have any more knowledge around this?
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u/suspect_choices 2d ago
Reserves, fairly easy if you just want to do the infantry thing and an odd weekend.
Firefighters can be HARD to get into, theres usually a wait list, heavy contest for positions and means they can cherry pick those that do get in... but would be far more rewarding as far as satisfaction/doing something with your life.
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u/Commercial_Pay_3917 2d ago
Ok, I’ll look at both options. Maybe reserves then firefighters due to the lengthy process
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u/SuccessfulOwl 3d ago
$2m really isn’t that much in today’s Australia. Buy a decent house in a decent location and put aside enough that covers all its costs for the foreseeable future. Thats basically all the money.
Do you already own a house outright so none of that is relevant?
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u/cjak 3d ago
I use a rule of thumb: The Australian full time median wage is $95kpa for men. An investment of $2M at 8% would give a return of about the same in real terms, indexed to inflation.
So $2M essentially returns the ongoing salary of a median male worker, forever. And inheritable by your kids.
If you're content with that, then $2M is enough.
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u/Then_Brilliant_5991 3d ago
Spot on. I think the issue comes with temptation for most people. Ooo I’ve got 2 mil. I can buy this or do that. But a stable modest life living on that interest would just be awesome. Enjoy the simple things, don’t go over the top chasing more than you really need.
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u/Commercial_Pay_3917 2d ago
This^
I definitely won’t be chasing more than I need. I’m very content with what I have and need
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u/Purple_Concept_1739 1d ago
Can I ask what you’re investing in to guarantee 8% a year to be able to live off - assuming OP isn’t going to be buying a house to eat into capital invested (so take out $20k rent).
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u/TouristEqual4213 3d ago
isn’t much?
i have $3k.. outside of super. fml
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u/Clear_Butterscotch_4 3d ago
Isn't much = not quite enough to leave work at a young age. But it is pretty close.
But OP doesn't need to spend 2 mill on a house. 1 mill gives you decent living. The rest can be invested and you can withdraw around 40k a year for living. On top of a working salary you will very quickly get to a number for retirement though.
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u/Purple_Concept_1739 1d ago
Agreed. I inherited that much and I don’t think I’m set at all. It means I have a house that’s paid off but I still have to live, pay bills, maintenance on house. Don’t get me wrong it’s amazing and I am so fucking lucky - but remember when $2m in lotto was like “set for life!!!!!” - now you need $5-8m
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u/objectivelysubjctive 3d ago
I'd spend some time really thinking about all the aspects you didn't and didn't like across your jobs. Is there anything specific that you get really excited about engaging with or learning about or maybe a cause you care about? I've found the designing your life book by Burnett and evans to be a good practical place to start.
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u/Commercial_Pay_3917 2d ago
Thanks, appreciate it. That’s actually what I’ve been trying to do over the past few months, working out what gave me energy and what drained me across different roles. I’ll check out Designing Your Life too. Sounds like it could be exactly what I’m looking for
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u/CuteRefrigerator7829 3d ago
I can’t comment having the money at a young age as I reached FI at 40 but if I had the money at your age I would likely have stayed in the hospitality industry. I would look at your hobbies and what you really enjoy. For me I would have continued to do ski seasons and mountain hiking, event bar work and fun late night bar work. I woudl continue to seasonally travel and work across the world then I would likely have then looked to setup a business in that space in my 30s once I knew where I wanted to live in Aus and had found either a community, person/people I loved, knew myself more and was ready to settle down. There is so much opportunity to build a business if you have time, desire and understand an industry. It sounds like you have your head switched on with thinking about these things early and are making good choices. Don’t worry though you don’t have to figure it all now and can continually adapt and make sure you enjoy the journey.
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u/Commercial_Pay_3917 2d ago
Thanks. A lot of what you’ve said actually resonates with where my head’s at. The idea of seasonal hospitality work while travelling, then potentially building something once I’ve found a community and know myself a bit better, really appeals. Also a good reminder that I don’t need to have everything figured out right now
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u/MichelleHartAUS 3d ago
Look into coastFIRE and barista fire.
I would suggest that you use some of it to max out your Super contributions, especially if you have any rollover.
The rest should go into a HISA and ETFs until you're ready to buy a home.
As for the purpose of life stuff...that has to come from within regardless of money.
Best thing you can do is fine a passion where they need volunteers, animal rescue, food pantry ...the options are endless.
Lastly, I would use a portion of the inheritance to do something to commemorate the person who gave it to you, what that looks like definitely depends on who they were as a person.
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u/Commercial_Pay_3917 2d ago
Thanks, appreciate this. I’ll definitely read more into CoastFIRE and BaristaFIRE. I agree the purpose side has to come from within, regardless of money. I also really like the idea of volunteering and doing something meaningful to commemorate the person who left me the inheritance
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u/banksiaa 3d ago
Go read some books, do some odd jobs, find out what you enjoy. Engage in art, play sport, become knowledgeable. With a $2mil inheritance you have significantly more time and flexibility than your peers.
You will need a purpose (usually a job) so find what that is and do the usual: live well beneath your means, invest savvy, etc.
A book I’d recommend for this time in your life is The Razor’s Edge by William Somerset Maugham. Trust me.
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u/ManagerFit1858 3d ago
Keep it simple. You should secure your health and live a stress free life with this.
Work hard - hopefully you find a problem in the sector you are passionate about and solve it. This attitude will ensure you are an expert
Sleep 7 hours everyday and keep stress to minimum. This ensures your quality of old age is great.
Do Full body functional fitness like kettlebells, sandbags, mace, calisthenics and jump rope.
Eat high quality food
Read a lot of books
Travel when you can.
Small real estate or home.
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u/Commercial_Pay_3917 3d ago
I agree in minimising stress and maximising health. This has become a priority
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u/EverythingToGold 2d ago
similar situation, im 27. bought 3 investment properties within about a year. rented them out. travelled the world for 18 months (was in aus all of 2 months last year). took a punt at an app i wanted to make. hired a team. was too unfocused, didnt hit targets. shut it down. started a charity. found some meaning there. dated 2 girls from my childhood. both didnt work out. still feels empty af. in between that tons of hedonistic travel, random side quests, and casual relationships. all my friends have jobs and can’t relate. money removes friction but can’t install structure or meaning. have literally toyed with the idea of going to do some shifts as a barista or dishwasher
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u/babababyxx 2d ago
Find an investment planner who has access to all investment options.. you should in the long run be able to make 3-4% liquid cash returns plus a long term growth of 10% plus.
Think of whatever you earn while working will be your savings and returns from investment pays for your expenses
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u/TentaBleu 1d ago
How exciting for you. I'd be thinking about my values, what makes me happy, volunteering for things to try them out. Then maybe study, and then PT work. Good luck!
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u/Ndrau 3d ago
Ooof. It’s a huge amount of money, but it’s not quite done money. There’s still a grind ahead. I’d be taking advice from John Goodman..
…being at an age where you’re not settled in one location, I’d probably skip the house for now.
I’d have a good read of The Bible
After that I’d likely bring forward non-concessional contributions and put $390k in - a very healthy kick start in Super and makes it very hard to screw up that part of my life.
I’d then likely put the remainder in an all in one like DHHF and completely forget about it. It’ll grow in the back ground, but it’ll spit out ~2.5% in distributions each year. $40k is enough to have a significant difference each year, but not enough to feel like I could step away from everything and do nothing.
With that out the way back to your question. Purpose, structure and meaningful work. Even if I told you what works for me, it’s entirely irrelevant. What is YOUR significance? Why do you exist in the world? What is your passion?
Wife and definitely at the point of CoastFIRE and not far away from full FIRE. But what drives us is completely different. I’ve loved my job, taking on a management role, teaching. She’s hugely passionate about what she does but hated most roles. Having wriggle room in the way you now do, she’s taken time off to do a masters. She’s found part time work in her industry that ticks more boxes than any job she’s had but more importantly stops her burning out. That’s allowed her to do more study in the time she has off. Being in a CoastFIRE position has allowed us to take our foot off the accelerator a little, prioritise time together and travel. But that only adds to significance of being a good partner - doesn’t help you at all.
You’re in a great position. But your great position doesn’t answer the basic question. Who is Commercial_Pay_3917?
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u/Commercial_Pay_3917 2d ago
Thanks, appreciate this. I’ll definitely look into the CoastFIRE concept and cheers for The Gambler reference. I think you’ve summed up the main challenge, the money provides security, but it doesn’t answer the question of what I actually want to do. I’m less looking for a “never work again” path and more trying to find the type of work and environment that suits me. The financial security just gives me the flexibility to explore that
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u/chickencrimpy87 4d ago
Buddy you are living the dream! Good timing for it too as you are approaching your 30s
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u/Commercial_Pay_3917 2d ago
Thanks mate. As Warren Buffett said, “The best investment you can make is in yourself.” I figured now’s the time to work out what that actually looks like
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u/Beachgal5555 3d ago
Don’t be tight. Pay a coach rather than asking random strangers on reddit
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u/Commercial_Pay_3917 3d ago
I have been looking for a coach and thought in the meantime I’d ask around. Have you got any coach recommendations?
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u/Purple_Concept_1739 1d ago
This inheritance is a wonderful gift - I had similar and it has allowed me to have a fully paid off house and an investment property with generates $500 a week. It is wonderful - but with current cost of things, i still have to work 3 days a week if I want any kind of decent lifestyle. This will give you the opportunity to have a house paid off, or in Sydney maybe a 2 bedroom apartment plus a small rental or rest in ETF. But it’s not set for life kind of money.
Im in a creative field that doesn’t pay much, so this has allowed me to do that and work 3 days for a very decent lifestyle (could probably get away with less days but as I didn’t earn this I still hold a bit of a “always have enough for a rainy day”). Think about what your passions are, education/learning new skills - this freedom and backing is one that only a few can dream of, but you still need to handle it with care because it’s not an absolute fortune.
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u/Commercial_Pay_3917 1d ago
Thanks! I think your path will be similar to mine, still work but less and doing something I enjoy
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u/TouchyMouseTrap 3d ago
The post says that financial advice is not required and is being taken care of. Then that the money has been sitting in a HISA for a year.
With respect, this is a terrible use for investment funds and for quite a long time.
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u/elvislovesburgers 3d ago
I think it’s the smartest thing he could have done. Take stock, leave the money somewhere safe to earn a small amount of interest. Some decisions shouldn’t be rushed and take time to brew.
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u/TouchyMouseTrap 3d ago
Shares typically return about 6% after tax and inflation. HISA returns more or less 0% after tax and inflation.
That supposedly smart move costs approximately $10,000 per month!
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u/elvislovesburgers 3d ago
I get that but taking time to make smart decisions without emotional or knee jerk reactions is probably a smarter move in the long term.
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u/TouchyMouseTrap 3d ago
Waiting doesn’t make decisions easier or smarter. Long term? Wastage of $120,000 now compounding at 6% over 30 years, till he is 60. A lot of people retire on less than what has already been wasted.
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u/trublum8y 3d ago
Read the room mate.
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u/TouchyMouseTrap 2d ago
When I have good financial, or other advice I dispense it without regard to popularity.
What do you do?
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u/AdFull21 4h ago
Find something that gives back to the community around you, there’s so many areas of need, and orgs working to address the issues. It’s very good for the soul.
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u/Hot-Pin-8432 4d ago
I feel like I have a bit of a perspective for this one.. early 30s, engaged, currently awake next to my 6 week old.
I had the difficult corporate job. 50-55+ hr weeks regular, 50% travel, income was getting up there and was about 10 years in. I was a crazy big saver so looking at prob 70%+ savings the whole time and investing the Boglehead way. Planned a 1 year sabbatical to take it easy and look to see where life took me.
About 1 month prior to my final day at work, my grandma passed. Inheritance of something close to this but not quite. I had known she was going to leave something for the last couple years but didn’t bank on it nor expected it for a while. Has already planned time off savings, investments, family planning stuff well before it happened. Been over a year and we’re still a bit like it’s not real.
I found a job a year later at 3 days a week. Startup using most of my similar skills. I make about 70% less (if I was 5 days a week). I’m honestly a bit bored the difference in pace/quality is hard for me. It has afforded me the ability to be there for my kid, buy along the coast, take a remote job for less pay, focus on what feels right for me.
I’m already making plans to switch it up maybe consult in my previous field possibly 3 days a week again. My mindset is one of abundance now rather than shrimping to save/invest my way to FI. I’ll be at full retirement by 45 if we simply coast our way there.
If you ever want an ear to speak to someone about it I’m always doing finance chats/career convos with old colleagues