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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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[–] miamiscubi@alien.top 1 points 11 months ago

Don't you fucking touch that money. You have not demonstrated in any way that you have any ability to touch that money.

You also shouldn't buy a house unless you could sustain it without the money. You can barely pay rent, what will you do when insurance rates go up, when you need major repairs? This is one of the worst times to buy a home. Your best option is to not touch it at all.

Also, there is no such thing as passive business. I mean there is, but that income is priced into the purchase price, so you're going to wait a good 5 years before being able to do anything.

The real question is:

- how many hours are you currently working?

- what are you doing to get yourself out of your current situation?

- what can you do to reduce your monthly spending? Can you live with roommates or family?

Get yourself into a place where you have more financial stability ASAP.