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

I would just give yourself 1K a month on a schedule, and leave the rest, while you learn how to live a sustainable life.

I come from abject poverty, like homeless level poverty, and I can say that if I was given the money I have now, back then, it would have evaporated. As advice, I would learn how to save up 50K worth of your own money before even considering touching more than 1K a month of the 250.

250 seems like a lot, but it can go fast.

True story. Someone in my life close to me, a some years ago, got a settlement of around 150K. Around that time I had saved for many years and had 70K, working for like 25K a year (at that point). 7 months later we talked, and I had maybe 80K, and they had 10K left, and they were asking me for cash so they could make a home purchase. I was flabbergasted -- where did the 150K go in like 6 months ?!.

This is someone I grew up with, family. So be careful is what I am saying -- once you start using that money .... it can go