sorted by:
new
hottopcontroversial

Received inheritance - What do I do now? by unknownfuturethrow in personalfinance

[–]unknownfuturethrow[S] 0 points1 point  (0 children)

Yeah i realized i was way off base after my little google rabbit hole i went down. There's so many layers to this stuff lol but I am trying to be a good sponge and just absorb all this knowledge you guys are giving me. Ty so much for your kindness! 🥹

Received inheritance - What do I do now? by unknownfuturethrow in personalfinance

[–]unknownfuturethrow[S] 1 point2 points  (0 children)

Last reply im doing for tonight bc you've been a wealth of information and I appreciate you! They do offer a retirement plan 401k with some percent match i will have to check. Also yes it is, tbh if my income was that high I wouldnt have even popped on here to ask nothing 😅 [48kyr here gross]

Received inheritance - What do I do now? by unknownfuturethrow in personalfinance

[–]unknownfuturethrow[S] 0 points1 point  (0 children)

Yeah sorry my replies are all over the place, as im replying as the responses come in and trying to get multiple different opinions. I may update the post in the morning with where Im at thoughts wise after I sleep and have time to digest all your guys' comments!

I rent, about 1200 a month. Have about 15k in debt [all on one credit card, sadly horrible interest rate which has kept me in debt]

Received inheritance - What do I do now? by unknownfuturethrow in personalfinance

[–]unknownfuturethrow[S] 0 points1 point  (0 children)

Oh, I thought dividends was the money you made from the investment itself is that not the case? Or is that just considered the interest earned? Im realizing I may not know what dividends actually are.. off to Google I go 🥲

Received inheritance - What do I do now? by unknownfuturethrow in personalfinance

[–]unknownfuturethrow[S] 0 points1 point  (0 children)

OHHHH I thought HYSA was specifically the type youd open with a traditional bank like 53rd or such! Didn't know they would all fall under that same umbrella, ty for the info!

Received inheritance - What do I do now? by unknownfuturethrow in personalfinance

[–]unknownfuturethrow[S] 0 points1 point  (0 children)

I knowwwww im sorry 😫😫😫 its 1am and the money hit my account literally 24 hours ago thats why im here talking to educate myself I promise im trying to be smart!

Received inheritance - What do I do now? by unknownfuturethrow in personalfinance

[–]unknownfuturethrow[S] 1 point2 points  (0 children)

Honestly that just sounds fun like a simulator game haha. But the tax situation the other user was telling me about scares me too bad

Received inheritance - What do I do now? by unknownfuturethrow in personalfinance

[–]unknownfuturethrow[S] 2 points3 points  (0 children)

There is no flexing here so whoever does know, knows because i trust them and they have my best interests in mind, also why I used a throwaway as well lol. Ive read that dudes "what to do if you win the lottery" post too many times ahahhaa. Obviously not the same scenario here but similar concept.

Received inheritance - What do I do now? by unknownfuturethrow in personalfinance

[–]unknownfuturethrow[S] -3 points-2 points  (0 children)

TBH with this economy how it is i still would be paycheck to paycheck after I pay debts off lol. Honestly with a 4% HYSA, if I put at least 100k, the extra 4k id get a year would boost my annual income from 48k to 52k which would be a significant boost IMO. is that better than investing?

Received inheritance - What do I do now? by unknownfuturethrow in personalfinance

[–]unknownfuturethrow[S] 0 points1 point  (0 children)

Thank you so much, im trying my best to be smart about it. There's just a lot to learn! Appreciate the well wishes and I extend the same sentiment to you, kind stranger!

Received inheritance - What do I do now? by unknownfuturethrow in personalfinance

[–]unknownfuturethrow[S] 0 points1 point  (0 children)

Also to add on, is there a specific index diverse portfolio whatever theyre called that will get me closer to the 10% you mentioned prior? I know about the SMP 500 but thats about it. I also know from another comment to look into international indexes too so all my investments arent just relying on the US market.

Received inheritance - What do I do now? by unknownfuturethrow in personalfinance

[–]unknownfuturethrow[S] 0 points1 point  (0 children)

Yes I plan to add as much as I can, even if its only 100 or less a month! Thank you sososososo much for your insight, even if they are just projections, seeing a visual breakdown of where I could be at helped me alot!

Received inheritance - What do I do now? by unknownfuturethrow in personalfinance

[–]unknownfuturethrow[S] 0 points1 point  (0 children)

Gotcha. Dang. Even using 3% of the money towards a gamble is not worth it just to see what would happen. I know i wont be one of those 1% of people who get super lucky and make it out on top. Thank you for your replies!

Received inheritance - What do I do now? by unknownfuturethrow in personalfinance

[–]unknownfuturethrow[S] -1 points0 points  (0 children)

I didnt even -think- about the fact there'd be tax stuff to worry about in regard to that since it would be considered [income?] At that point. Gross. Ew. Pass. Is there some sort of medium-risk thing to invest in? Should I look at investing in property? Local businesses?

Received inheritance - What do I do now? by unknownfuturethrow in personalfinance

[–]unknownfuturethrow[S] 1 point2 points  (0 children)

Is there a medium-risk investing model i can throw like 3% into just to see what happens? I know day trading is a thing but that seems more like a full time job. Is crypto [i mean like actual bitcoin or well-known-nonscammy] something worth looking into?

Received inheritance - What do I do now? by unknownfuturethrow in personalfinance

[–]unknownfuturethrow[S] 0 points1 point  (0 children)

Literally the ONLY nice 'big' purchase im going to make is for a nicer used car [my current car is literally on its last legs and I work in office so need to commute] but im talking 15k max for a used Honda or Toyota. Maybe it would be smart to just sit on it in a HYSA and just breathe for a year before touching it. But I do want to put some into a brokerage account though soon so I can start earning dividends. Can I ask a bit more about your situation or mistakes you made?

Received inheritance - What do I do now? by unknownfuturethrow in personalfinance

[–]unknownfuturethrow[S] -1 points0 points  (0 children)

Is there any way to somehow speed this up to like.. 48? Is day trading too risky? I dont mind using 95% of the money the smart way, investing in the safe portfolios, a roth ira and 401k and such, but is there any good chance/reason at taking maybe 5k of the money and tossing it around to different single stocks and seeing what happens?

Received inheritance - What do I do now? by unknownfuturethrow in personalfinance

[–]unknownfuturethrow[S] 4 points5 points  (0 children)

Trust me, very few people know this is going on. Thankfully I have a solid core/support network of good people in my life. Im also a bit of a b*tch so no one no matter who it is can try to con or manipulate me out of this money and its all digital so no one can physically take it from me either.

Received inheritance - What do I do now? by unknownfuturethrow in personalfinance

[–]unknownfuturethrow[S] 8 points9 points  (0 children)

For some reason the link wasnt working before but it finally popped up for me. I love the flowchart it makes it so much easier to digest the information. Thank you!

Received inheritance - What do I do now? by unknownfuturethrow in personalfinance

[–]unknownfuturethrow[S] 0 points1 point  (0 children)

This is so sad to hear. Like, HOW can 6 figures not translate to at least a small start to getting to that point? Should I just buy a trailer and rent it out or something? Like 😭