Parents have offered to gift me $1,000,000 USD, and I was hoping to get some advice on what the best way to invest that would be. My situation is rather unique, but I'll do my best to apply any advice I receive.
My parents currently live in the US, and I am a US national currently living in Japan. I have previously received a $300,000 gift from my parents, which upon the advice of this forum I put into a Vanguard index fund (currently it is in a Target Retirement fund, but considering moving it into separate index funds to reduce costs). Would handling the $1 million gift in the same way be best? Would there be any tax implications/other considerations for the larger amount? I recognize that I should be eventually talking to a tax professional, but I was thinking having the advice I receive here as a starting point would be good.
The other consideration is my residency in Japan. I am currently working in Japan with a salary of around $40,000 USD. The job is mainly for personal/visa reasons, and I am interested in retiring early if I am able (currently 32 years old). The exchange rate between USD and JPY is also incredibly favorable right now (currently 1 USD = 147.66 JPY), and since I have committed to living in Japan for the long term, I was wondering if it would better to transfer that money to Japan now and invest it here, or what other options are available (would it be possible to purchase JPY in the US and leave it in the US?) I know there is a separate board for non-US investing, so I can also crosspost there if it would be better. Thank you in advance for any advice.
My parents currently live in the US, and I am a US national currently living in Japan. I have previously received a $300,000 gift from my parents, which upon the advice of this forum I put into a Vanguard index fund (currently it is in a Target Retirement fund, but considering moving it into separate index funds to reduce costs). Would handling the $1 million gift in the same way be best? Would there be any tax implications/other considerations for the larger amount? I recognize that I should be eventually talking to a tax professional, but I was thinking having the advice I receive here as a starting point would be good.
The other consideration is my residency in Japan. I am currently working in Japan with a salary of around $40,000 USD. The job is mainly for personal/visa reasons, and I am interested in retiring early if I am able (currently 32 years old). The exchange rate between USD and JPY is also incredibly favorable right now (currently 1 USD = 147.66 JPY), and since I have committed to living in Japan for the long term, I was wondering if it would better to transfer that money to Japan now and invest it here, or what other options are available (would it be possible to purchase JPY in the US and leave it in the US?) I know there is a separate board for non-US investing, so I can also crosspost there if it would be better. Thank you in advance for any advice.
Statistics: Posted by brightside01 — Thu Jan 25, 2024 5:06 pm — Replies 4 — Views 1339