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That's really not that much money. My fiancee and I are 23 and 24 and have more than that (once the proceeds from selling the house come back next week). Our lifestyle is no different from any other people our age.
We moved to a lower COL area, so we are buying a much cheaper place. The rest will go into investments.
That's really not that much money. My fiancee and I are 23 and 24 and have more than that (once the proceeds from selling the house come back next week). Our lifestyle is no different from any other people our age.
We moved to a lower COL area, so we are buying a much cheaper place. The rest will go into investments.
I actually sold my car to buy a cheaper one.
Good for you! You sound like you posses the qualities required to be extremely successful in life.
I would invest in real estate (renting). I have 2 rental properties that are worth about 140-170K combined. Though I bought them for a lot less. The generate about 9.5% return on my original investment before counting tax deductions. Also when I decide to sell them I will also make a hefty profit.
If you asked me what I would do if I received that money later in life, my answer would be different. Because I have to manage the properties, its a little bit of extra work. But since I'm not retired I don't mind doing that work now.
what would you do? Let's say you have either an associates or bachelor's degree, no debt to speak of, no real job experience or particular "specialty", but you are smart and able to pick stuff up.
would you start a business?
Work a low wage job (or best you could get obviously, which generally in todays world ain't much as a 20-something) and work on investing the 150k and building it?
Spend a little bit of it on something/s cool?
Travel the world for a while?
Real estate?
I've got a buddy who's inheriting some money, that's why I ask. I think he's going to be getting more at 30 and 35, some kind of delayed release trust thing. I guess that changes things, even if he blows the 150 now he'll get another shot at 30, & 35.
He asked me what I thought, I don't really know so I figured I would throw the idea out there and see what you guys think.
How much money is he going to get at 30 and 35?
He could travel a bit and then he could purchase a rental property or two and by the time he is 55 they will be paid off.
I understand them just fine, and the rigor required to do them correctly requires that you either take forever to achieve them, or you don't work "on the side" while you attempt them. 15k a year is very little toward living expenses, if anything.
If he put the 150K into a retirement account, added nothing for the next 40 years, at a conservative 6%, he would have over $1,500,000....
Since he has expected funds coming later, sounds like he could have his retirement fully funded with those draws....
Spend a little of each on something fun and frivolous and invest the rest...which is how the money probably came to be in the first place...
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