this post was submitted on 14 Nov 2023
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I have an opportunity with no idea what to do with it (alien.top)
submitted 1 year ago by bellabaayyy@alien.top to c/entrepreneur@indiehackers.space
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I’m coming into about 250k in a couple months from an inheritance. It’s currently in stocks, bonds, REITs. It doubles roughly 7 years, so I’m told by my financial advisor. I could take it out in cash or leave it there for it to slowly grow.

My situation right now is rough. I’m living in a small apartment, can barely pay rent, my electricity just got shut off a couple days ago, my car note is 4 months behind. I work a dead end job and I’m broke as hell.

I want to use my inheritance to help me out of this rut. Not to spend it all on useless crap but either a home, or a business (PASSIVE preferably). I don’t have many business skill sets or anything like that. If I could make money online that would also be great. Not sure where to go

How do I begin with my little experience? It takes money to make money right? And I have that shortly so… what would you do?

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[–] Jxey_n@alien.top 1 points 1 year ago

I agree with pretty much everything people are saying about the money being in the right place, and leaving it where it is will bring the best ROI, HOWEVER... No one is paying attention to the fact that you're broke and lack the skills to manage a large sum of money, so 7 years from now when it doubles, if you are still in the same place you will likely blow it anyway. 70% of lottery winners are bankrupt in a few years. (According to the National Endowment for Financial Education) even if you wait until its a couple mill you will likely blow it. So here's what I would do in 6 steps.

  1. Take a small amount of money out for 1 years rent, and look for a super cheap room-share of around $500-$700 (Lets say you're paying $900 including bills that's-$10,800 from the inheritance. Now you can stop stressing about sleeping on the street, and go from the defensive to the offensive.
  2. Next I would work at that dead end job for another 12 months, then invest all of my income and free time on learning business skills focusing on learning sales/digital marketing and accounting. No partying, no spending money on stupid Sh*t. This is not the season for that.
  3. After the 12 months, now that I have learned a few skills, I would look for a better job with skills that I learned (make sure you have certificates to prove your skills to employers). So now that I have a better job I can afford to pay my own rent. Then take out another $5000 to $10,000 to start an online business in my free time,
  4. Leave my job, once I have product market fit and I see the business growing well enough to over take my current salary (I would wait approximately 3 months while working both for myself and my employer then leave on month 4 to pursue the business. Oh and I'd wait 3 months to ensure its not a fluke/seasonality.
  5. At this point i would go all out to reach my first $100k whilst still living as lean as possible. At the $100K mark I would then start injecting money on business growth say 50K at that point to grow to a Million.
  6. Once I'm at a million I would then start adding money to the inheritance rather than taking it out.

Let me know if this was helpful!