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Hey guys/goys
Just received word that I will be receiving an inheritance of 34k USD in february. I will also be cashing in some matured bonds within the month so by February I should have a total of 37k USD fairly suddenly. Any taxes on the inheritance have already been handled by the exector.
I was wondering if any of you have been in a similar situation and how you handled it/may have done it differently. My current plan is:
>Buy a couple bitcoins to hold because meme magic
>set aside 3.5-5k to travel this summer with a friend (southeast asia to keep it cheap)
this leaves me with about 30k left. I was thinking of two options:
>take 6-8k and putting it in a savings account to incur future moving costs/emergency money as i will be graduating college and potentially relocating (no student debt). Then put the rest in a vanguard acc. and forget about it
>or do the same but put it in laddered cd accounts so i can withdraw 1,2,3,4 years without penalties
pic related my reaction
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I think you have the right plan. 5k to Vaycay/snort hookers off cocaine's ass, and 5k emergency fund. Since you'll be just out of school, maybe make that closer to 10K, as you may be wandering around without a stable salary for a year.
The rest I would invest in aggressive stocks and or ETFs. If you get a little luck, 27k or so invested wisely now could triple itself or more with ten years. The high five-figure amount is your best bet as a down payment on your first home.
Final tip: As soon as you make money, move an equal amount of cash over to a Roth IRA. The max each year is $5500, and you should basically be matching that income with IRA investments funded by your inheritance.
Free money when you're young kicks so much ass. I got 70K as a Freshman in highschool, and through strategy and luck, have used it to cut the amount I need to work to succeed by 80% or more.
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On a similar note to OP:
I'm 24 and have $14k cash saved up from constantly adding my surplus at the end of the week over to my savings. I've thought lately if I double that money, would it be worth buying a investment property ($100-150k) that worst case if it doesn't work out I keep as a second home? Or should I just start putting it all into a CD or Roth IRA immediately?
I'm not a fan of the latter option honestly, scared I'll die in the next 20-30 years and just have a bunch of money saved up that I'll die with.
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>>1626313
Rental brah. The die quick mentality will leave you poor, unless you got a nice business scheme. Eat more salads and exercise and look before crossing the street.
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>>1626348
Already do. My fear is more not being able to use that money until I'm 60-70 and wrinkly worrying about my inheritance getting split up between three shithead kids and a crappy wife. Why I'd like to avoid something like a IRA.
I'd be tempted into something like a rental just to supplement my income though. So I should save my money and buy rental properties.
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>>1626277
24 doesn't feel very young though! If i had received this as a freshman, I would have already blown it on stupid shit - i was quite the shithead in highschool.
Thanks a lot for your thoughts.
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