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

Congrats on your windfall! Firstly, I think you’ve done better than most by already speaking with a financial advisor. I was in your position a few years ago and it was absolutely daunting to me.

If you are interested in a passive income, I’d recommend learning how to invest in stocks, which is what I’ve done. With your current set up, you’ll be making roughly 10% a year. Historically, that is close to the S&P 500 annual average and it’s a fine return. However, there is an opportunity cost in that you can be making more than 10% a year. I would recommend you read ‘One up on Wall Street’ by Peter Lynch- it helped me grow my understanding of how to manage my portfolio and have much higher returns. There is always risk involved, so you have to consider what works for you- I completely understand the need to sort more pressing parts of your life.