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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What are your best skills?
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!
Not much, maybe a vacation to Monaco
i suggest multi billion dollar bussiness
“fruit burger”
Wait a minute… on what basis is the prediction that it will double every 7 years?
dude… you have $250k and it will be $500k in 7 years??
how is that not enough incentive to just get you excited to start the day??
get into a new routine… you’re broke working a crap job… stop doing what you’re doing. you have the abiltiy to change your life around now knowing you have REAL money waiting for you.
you can try so many new things… dont just jump into business without any idea or experince of what to do… thats the fastest way to lose money
Why not go work at a bar. meet new people. socialize. make money and have your day time to work on a side hustle or new venture idea.
This money is already passive income. Take a small amount to fix your current issues. Pay off the car, get your rent situated, don’t be paycheck to paycheck. Keep the rest invested.
Check out the personalfinance subreddit.
Entrepreneurship is kind of a gamble not a means to an end. It is unlikely that you will double your money every 7 years as a business owner. You might…but you might not.
lol double in 7 years? I highly doubt the management company is averaging MORE than 11% yearly because that’s what you need to double your money in 7 years.
Ask for PROOF, I’m guessing the financial advisor is the one who has been managing the money until now. They are probably telling you some nice number hoping you and your family keep your money with them, so they can keep collecting their management fee.
Going of your post, you don’t seem like a business minded person, so I wouldn’t jump in and try to start a business out of thin air. Look at things in your day to day life that annoy you.
Do you think you could find a solution for it?
Do you think other people share this same nuisance?
Do you think the nuisance is enough of problem that people would be willing to pay for your solution?If yes on all 3, you have an idea that might turn into a business.
If I were you, I’d take some money to get out of the financial shitstorm and to pay inheritance tax. Pay a service to rewrite your resume and start applying to higher paying jobs.
How old are you?
Do you have a degree if yes in what?
Do you have certain interests?