What should I do? Should I invest it? I’m 21 and still live at home. I’ve been extremely responsible with my money ever since i started working so I’m not going to blow it dumb. Only thing I want to do is buy a 30-35k car and that’s it. What should I do with the rest after that?
Just won 600k after tax off a scratch ticket.
r/Advice
Comments
First of all, CONGRATS!
I’d diversify into any EFTs as majority of them make great gains and they also pay dividends.
Retain a good fiduciary financial advisor who works on a fee-only basis (rather than a percentage). You can deposit the check at your bank. But don’t just walk into any bank and ask to speak with their advisor. Do some research.
invest and also, give some to your parents. 30-35k car is a lot…plus you’re gonna pay a lot of insurance on that.
give it to me, i’ll keep it safe. trust me.
Put it in to high yield savings. Right now you will earn about 4.5%- thats $2,200 per month.
While its safe in there talk to a fiduciary financial planner. Do not blow it buying shit. You could buy a home at some point.
You don’t tell a fucking soul, first and foremost, call up a lawyer who specializes in financials, get them to quote an hourly rate before you tell them why you’re calling. Call a financial advisor, do the same. Let that money sleep for a year or bring it out slowly, never more than 25% of your net income at a time. Get your own place first, then tell your parents, give some gifts to some people, prosper.
Buy the car and make sure to already have insurance on it when you drive it off the lot and enough cash to pay the insurance for at least a year, especially if you aren’t earning a lot.
Invest the rest in an S&P500 index fund. Open a brokerage account with Schwab or Vanguard if you don’t have one already (Vanguard’s S&P index fund is VOO).
The S&P500 index fund is comprised of 500 different stocks, so it’s already diversified. Index funds have very low management fees and will outperform any stocks you pick yourself.
The S&P is up 40% over the last 2 years, even with the recent downturn, and it’s up about 100% over the last 5 years. In a regular brokerage account you can withdraw funds whenever you want and only have to pay the capital gains tax rate.
Whoooooohoooooo!!!! That’s awesome dude!!!!
Buy kss and bb stock.
Tell no one
Don’t tell anyone.
Consider buying a home in a good neighborhood, do your research.
Start a Roth IRA.
Buy physical silver bullion.
Buy a good but used car, trust me you’ll be sad if you get a new one then f it up.
Put it towards education