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?
Honestly man, if you already admit you don’t have any business sense.
Please don’t start a business, your going to blow through the cash trying to make it work and be in the same spot.
You’re best bet is to take some of that inheritance, pay off the car, get your bills current and go to college/tradeschool.
I’m biased, i would recommend accounting. Public accounting (audit and tax preparation work) will start you at 60k/yr at most firms. 6 figures is possible within 5 YOE if you get your CPA license.
If you can add, subtract, multiple, divide you can be an accountant.
Won’t make you filthy rich but I’m living well.
I know this isn’t the answer you wanted to hear, but getting a lump sum of inheritance doesn’t mean you can run a business.
Plenty of rich kids go broke after their parents kick the bucket.