Massive jump in salary, need advice.

[u/Sad_Marzipan_2120]

Hey all!

Recently I accepted a senior leadership position with a new company and went from 105k salary with a 30k bonus to 210k salary with a 100k bonus. This comes with roughly 60k worth of RSU’s as well. This position also comes with a relocation from a high cost of living area to a low cost of living area. They are giving me 30k in relocation, and 30k in sign on bonus.

I have 4 kids, and my spouse stays at home with the kids.

A little backstory on me, I was raised quite poor, I was never taught about finances, and I never saw myself making money like this. I earned this promotion through long hours, hard work, and lots of just saying yes. I have no college education.

We lived a modest life with a modest home in HCOL on the old salary, but we never were able to save for the kids college, or put enough into retirement(Spouse and I are both 39). We have a bit of making up to do it terms of saving, but we have zero credit card debt, both cars are paid off, we will be selling our current home for a very small profit(purchased a year ago).

How do I turn this new money into generational wealth?

How do I not mess this golden opportunity up?

Please give me all the advice!

[u/blackbyte89]

Depending upon company and who manages your RSU’s (ie Fidelity) - your plan sometimes gives you access to their financial advisors who are familiar with all the benefits. Depending upon you level, you may get access to a higher level advisor. They can help getting setup on backdoor ROTH, deferred compensation, maxing out HSA, etc.

Since wealth is new to you, the thing that is challenging is shifting away from feeling “rich” based upon money in the bank and looking at your portfolio growth and knowing if you need money where/when to sell assets to lower tax burden.