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

Lots of good advice here. My advice is mostly a summary of what's been said and reading your comments.

save as much of that inheritance as you can. Doubling every 7 years with an S&P tracker is realistic.
don't buy a business.
minimize your outgoings.
if you're going to spend some of it, spend it on upskilling yourself. Take an inexpensive course in something that interests you.
Sounds like you might also want to spend some money on therapy or coaching and that would be ok but again don't overdo it.
if you want a career and you have the academics for it, look into consulting as you get to experience a wide variety of industries and project types.
nothing you pick now is permanent. The most interesting and happy people I know now have had multiple careers. Pick something that is interesting to you and throw yourself into it.

Good luck.