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?

  • jaysonrobinson@alien.topBEnglish
    1·
    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.