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

Use some of the money to stabilize your living situation, even if it’s renting a cheap apartment. Catch your bills up. Pay off any high interest debt that’s drowning you.

And then to figure out what you’ll do for income - if you have no business sense, there’s no sense in starting a business. What if you go back to school?

It’s okay to use some of this money, but don’t get carried away. $250K really isn’t a lot of money and if it truly does dbl every 7 years, it is best to use as little as possible, but you also shouldn’t be living in poverty.