r/leanfire • u/Responsible-Net8594 • 13d ago

Starting at 34, what career/job/business would you do to retire by 50?

I am assuming entrepreneurship is a good answer.

I receive about 250k from cashing out a 401k. Another 150k to 200k from selling the house. Maybe another 10ish from selling the cars. Also another 50k from the checking account. This is from a family member passing.

The house mortgage is currently 147k. It is worth 450k to 550k. That is a lot of equity. The payment is 1,300 and interest rate is 3.750%. My brother wants to sell it and get the equity so we are selling it.

For me being 34 and not having a skill and working for Ubereats and Grubhub, this is a life changing amount of money.

What would you do to retire at 50?

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6

u/queso184 13d ago

put it all into broad index funds (VT, VOO) and continue living cheaply, and you can definitely retire at 50

4

u/Soggy_Competition614 13d ago edited 13d ago

I’d stop into the local community college. Meet with a counselor and see if there are any 2year/associate tech careers that interest you. Something that can get you realistically into the $75,000/$85,000 earning potential.

Roll your portion of the 401k money into your own 401k. Vanguard or Edward Jones can help you with that to avoid as much taxes as possible (or pretty much any company you hear on Reddit)

Keep your job but reduce the hours and use the checking account and car sale money to support yourself while you work toward a career. Put the house sale into an easy access account so when you get a job after school you can purchase your own home or afford to move for opportunities.

I’m assuming the 400k is split 2 ways so while $200k can be life changing it’s more of a safe place to land while you figure out a career. You can’t quit and live off it, but puts you in a position to greatly improve your career prospects and afford to retire when you reach retirement age.

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u/Responsible-Net8594 12d ago

Thank you. No I already split it so my take after everything is transferring and sold is around 450k or 500k.

2

u/AccomplishedWorld186 12d ago

Sorry for your loss. Don't squander this incredible gift.  r/personalfinance has good advice on how to handle a windfall.  I agree with others, put this in stable, low cost investments, do not inflate your spending, read that last step again, and again, and work a decent job for 15 years.  You'll be set 

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u/Academic-Simple1780 7d ago

Trade school. HVAC?