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r/wealth • … • u/MildlyUnhingedNPC

First 5 steps after becoming wealthy?

Bottom line upfront: Suddenly very wealthy, what should be my first few steps?

Background: I started a technology company a few years ago and left my fortune 500 job to put it all on the line. About 6 months ago I finally got to a point that I was able to pay off all my personal debts. I maxed out all my credit lines and took not VC money. My family thought I was nuts.

I had been a guy who was making 300k a year prior to jumping into this. So I lived comfortably, but never lived beyond my needs. I am very modest with my life style (paid off cars and a mortgage of only about 200k right now).

Yesterday I finally closed out a deal where I am going to be very well off for a mid 40 year old guy with a wife and no kids. I will certainly never need to work anymore if I wanted. I still also own that company.

Also need to determine if I even care to keep running the company or just live life for me. I am a trailer trash kid who joined the military out of high school, went to college and work my way up on my own. So I certainly don't have much of a blueprint from anyone in my family.

I don't care about generational wealth so philanthropy will certainly be something I will start looking at soon.

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