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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Consider a small business, maybe something you’re passionate about.
Pull it out and convert to 5 year jumbo CD’s at $100K each.
I’d say you should suck it up and suffer.
Doubles every 7 yrs sounds too good to be true
Bro, books are free at a library, before you spend money on a business venture you may not understand check out some staple business books. Educate yourself while your money grows until you’re ready to do something with it. But you also have to survive first.
List some books you recommend
if it ACTUALLY doubles every 7 years you have a amazing financial advisor!!! id ask for proof that it has done that in the past and take out as little as possible to get yourself on your feet.
i went to a 9 month trade school for 18k. i made 91k my 2nd year and took two months off during that 2nd year. if you don’t know what you wanna do the trade’s definitely need people. i did welding but if i could go back im time i woulda went into plumbing. good luck!
I’m curious as to why you would have chosen plumbing over welding??
https://money.usnews.com/investing/articles/the-rule-of-72
Basically he’s just assuming 10% annual return.
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.
I would watch Undercover Billionaire, the Profit, The renovator, Pawn Stars, Shark Tank shows for Free on these sites. I would learn the principles and start making small money. I would read the 10x book online from Grand Cardone and apply the principles on a daily basis.
If you touch your inheritance WITHOUT being financially literate YOU WILL FAIL and LOSE it all. Leave the money where they are.
THE Profit -
www2.putlocker.digital
Do a search for “10x rule pdf” and you will find it.
Treat that 250k as invisible, draw out some for expenses I would say 10-20k, until you are fully ready to weld that money. It can be a double edge sword. With the right skills and resources, you can 10x this in years. If trapped onto the wrong mindset(not saying you are), this money could vanish in seconds.
whatever it is in that will ensure that it doubles in 7 years - so the 250K becomes 500K then just let it double. you may need to sell something to get you out your current space - so what ever 50K can do - not sure what state you live in and how far that can go –
to be clear that would be selling the REITS (which may be down significantly) to go find a safe space
hope that helps - but it is easy for 250K to go poof
First, get this passive business nonsense out of your head. Second, get a new job and/or new skills, and get out your financial mess. Third, leave it alone. Pretend this money never existed.
PLEASE DO NOT BUY A HOUSE WITH THE MONEY.
The money will only change your life momentarily. You kinda have to figure out what you’re doing wrong with your life and fix that first.
Don’t touch it, act as if you never knew about it. Go soul searching and get wiser.
Def take out as little of that money as you can out of the market. It’s set to go mega bullish soon, into about 2026, you’ll make a killing in the markets if you wait.
I would take half and keep the rest tied up and pretend you don’t have it. Then take a forth of the half of the half you kept and put it in a high yield savings account and pretend you don’t have that as well. I prefer SoFi but there are plenty others. As for making money online or at home follow me at Cadiee03 on TikTok starting next week I’m going to document my path to making that 6 figure income that you can achieve from learning these high income skills. Let me be your Guinea pig so you don’t waste your time and money