I am likely to be seeing somewhere between $40-50k in a settlement.

>>17837316

Split between renovating the barn and saving. Investing your money into the barn saves you money, right?

Go with the 2nd option.
After you get nice and settled start investing your money into a 401k and put it away in Savings. Cheap rent and no utility bills will help you with saving more money.
3rd option is stupid, youd probably make it 1 year then have to go back to square one.

Buy your parents a hot tub too.

I'm embarrassed to ask, but what is a CD in this context?

>>17837345
Not op but Certificate of Deposit i think

>>17837326
It does, long term too. And besides, it'll give my dad lots of work (he's freelance), which will go right BACK into the house. I basically live in Hey Arnold's house, except my room sucks.

>>17837333
There's a hot tub in the barn. I wish /adv/ supported spoiler tags

>>17837345
>>17837373
I'm stoned as fuck and even though this is my plan, I don't remember off the top of my head. Basically, I put a bunch of money in the bank and I'm not allowed to touch it whatsoever for however many years decide on. It gains a nice, fat interest the longer it stays in there.

Basically I can put some $10-20k in for 10 years, and then give myself a really awesome birthday present in a decade.

>>17837373
>>17837383
Ah, thanks.

>>17837316
depends on a lot of things

are you working, studying?
do you have debt?

but straight up I can tell you
1. never put money into anything that isn't in your name, never
the title holder isn't going to respect the asset because it wasn't their money, they might not want to insure it, or might sell it suddely after a fight or for some stupid reason

my friend put money into his moms car on the basis that they both got to use it, one day she just sold it to pay a medical bill

2. if you put money into a term deposit, demand compounding interest
no compounding interest=walk away, no exceptions

3. owning things isn't investing, putting money into a house that will loose value is just throwing money away
so is buying a car
investing is risky, and people will straight up lie to you about the risks and rewards (see: the whole of /biz/)

4. studio apartments are a known property trap
because demand for them is low, you are unlikely to be able to rent it out
if it's not sgned as a dwelling, the property inspections can cost a ridiculous amount
if you live in it, you are saving zero dollars
a much better option would be to buy a small apartment somewhere if you went down that route

if it were me, I'd just put it all in savings
you are young, and will need the money now more than ever
while the money is in your bank account, it's security, it's money you can use to move for a better job, for an education

>>17837519
This is good advice, thank you.

>are you working, studying?
I'm working full time at a decent, but ultimately transient, job. I have my EMT certification, I want to be a firefighter/paramedic some years down the line. I've found that service is usually a good career move for someone who is broke and isn't very good at traditional education.

I have less than $2k of debt. I could probably pay it now if I wasn't so poor at managing my money.

>>17837546
pay all your debts (no point paying interest for no reason) then just keep the rest in your bank

I mean you could put some of your money in a term deposit (with compound interest and a decent rate) if you are worried about blowing it all, that would be a bad option

managing money aint easy, especially for people who didn't do so well at school

I find that an easy way is to split your bank accounts, and get your pay split between them
one account is for your fixed bills, water, power, rent
the other is what you can spend
then you get your fixed bills automatically deducted from your bills account

you put the work into getting that set up, it's hard to fuck it up later
good luck man

>>17837316
Put 50% into the property.
Put 40% in the bank, for the highest interest you can find.
Splurge 10% on a gift to yourself.

>>17838063
Excellent advice, thank you friend. Having the split accounts is an awesome idea.

>>17838072
This is what I'm thinking, more or less. I've had three different people close to me have $50-100k fall into their lap and spend ALL of it in a year on nothing. I have a computer wishlist, I'm gonna get myself a nice big bag of weed, and other than that I'm a pretty happy dude.

Don't get a CD, the paltry intrest literally takes decades to amount to anything (it's not much more than a savings account). Thats like something you would leave for your grandkid and have their parents keep it a secret until they graduate