I think that most people here understand that. My previous comments about timberland are something I've thought about for a while.I’m with you on this Larry. Sure, you could spend the $1,000,000 principle pretty quick, or donate it, or help your kids, but then it’s gone forever.
If you invest it wisely, you can get a modest stream of income that will last your entire life to supplement your other retirement savings and SS, or, reinvest the interest and historically double it in 7-8 years to $2,000,000. And then double that again in 7 more years.
So if I got it today, I’d probably put it in with our other investments and sit on it for 14 more years and leave my kids $4,000,000 more than they’re gonna get if we both croak at age 75.
Yeah, it’s life changing a bit. But not that much. It’s a safety net for our kids until they get in the same position financially as we are now. Then they’ll be able to continue it for someone else.
When my mother is done with the family homestead it will be sold, and split amongst her heirs... all told it will probably be close to that amount. Yet it isn't my money. Investing in timberland is something I am familiar with and would enjoy, the closest I could come to having my cake and eating it too. Unlike financial investments you can generate income from selling off the timber at the rate which it's growing; yet it also will appreciate in value at least at the rate of inflation.
Fortunately she is in good health for her age and takes care of herself. Hopefully she's still around and living in that house for many years to come.