this post was submitted on 14 Nov 2023
1 points (100.0% liked)
Entrepreneur
0 readers
1 users here now
Rules
- No Personal Attacks - criticism of ideas is allowed, attacking people is not.
- Self Posts Only - links can only provide supplementary material. Your post must contain enough content to have a discussion.
- No “How To Get Rich Quick” posts - This community is not about making a quick buck. Posts asking the community how to make $X, without making specific reference to a reasonable idea, are not tolerated.
- Avoid unprofessional communication - Please treat fellow entrepreneurs like respected coworkers, label conversations if NSFW and avoid deliberate provocations.
Please feel free to provide evidence-based best practices, share a micro-victory, discuss strategy and concepts with a frame work, ask for feedback, and create professional conversation. Treat every post as if you're at work and representing the best version of yourself.
founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
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