Here is a quick background. I live in the Bay Area, I'm a software engineer so I have a 9-5 job. I hate that life/setup and I always wanted to work for myself with no boss. I will have about $1 - 1.1 million cash coming in from a family trust. I'm all about working hard and building things by myself, so I'm not proud about that trust money... I'm seing it as a huge opportunity for me to transition to my ideal life, no debts, no boss. I do have a wife and a baby to take care of and ideally we would want our own house.
So, my idea is to move out of the Bay in a cheaper place, where we would buy a descent house for about $500k cash. No mortgage, we would pay-off our car loans (about $40k) in order to completely get out of debts. Now, with about $500k left I was thinking I should keep about $100k in a savings account as a buffer. Then I'd like to invest the rest ($400k) for my future retirement. The missing part is generating an income by myself to pay the remaining bills, etc. But with such a setup, I feel super lucky to give it a shot.
What would you guys do in my case? Is this the right approach to get out of my 9-5 job while taking care of the rest?
So, my idea is to move out of the Bay in a cheaper place, where we would buy a descent house for about $500k cash. No mortgage, we would pay-off our car loans (about $40k) in order to completely get out of debts. Now, with about $500k left I was thinking I should keep about $100k in a savings account as a buffer. Then I'd like to invest the rest ($400k) for my future retirement. The missing part is generating an income by myself to pay the remaining bills, etc. But with such a setup, I feel super lucky to give it a shot.
What would you guys do in my case? Is this the right approach to get out of my 9-5 job while taking care of the rest?