@EMTAdam
I think your really on the right track as far as your money is concerned.
If I read correctly, your bringing home around 40K and your expenses are
about 1.6K per month. That leaves you roughly half of the money you bring
home each year for savings. Your debt free, own what is probably a pretty
darn nice house, own a very nice car and have the 600K left in the bank.
There are two extremes to financial intelligence. People tend to fall towards
one of the two and a small percentage in the middle.
1) Being flat broke within hours of that paycheck hitting your hands
2) Being so cheap that you can't get a nickel out of your wallet if you put it in a vice.
I come from a family that is full of people who made/make poor financial decisions.
I became so financially conservative that it was starting to affect the quality of life
that I live. Being smart about money is one thing, but being too conservative is
almost as bad as being to free with your money. Who wants to die at 70 or 80 years
old with 2 million in the bank. The only people that will be happy about that are those
who will inherit it, after the crazy tax hit they take.
You want to aim somewhere in the middle or just a shade on the side of being financially
conservative. You can't take the money with you when you die, but chances are there
are lots of bills to pay until that day comes. Plan for the future, but don't forget about
today either.
It sounds like you already have a finanical advisor. It's one of the first things I'd ever do
if I came into any serious amount of money (regardless of how). Decide what your goals
are and work with that person to come up with a plan (if you haven't already). As long as
you stick with that plan, then spend as you see fit.
You make a little more money than I do, but your 8 years older as well. If your maxing out your
401K then your saving a good chunk of money each year not counting returns on that investment.
Real estate isn't a bad play. The demand for land is only going to continue to increase. More and more
people are born each day. Getting a few rental properties isn't a bad idea, as you said you can see a return
on your investment in as little as 10-12 years. After that your money is returned and you have the
home/land. When your daughter grows into adulthood, that home (or the one you currently have) can
go to her. Your in the drivers seat since you can pay cash for a home and have the spare change lying
around. No interest on a loan, and those looking for a quick sale usually take a hit on valuation. Shop
around like you did for your home.
If you want the truck and the boat, I say go for it. If they are something your really going to use, and
get a lot of enjoyment out of, then do it.