83
84

So I essentially just got handed a few million and now I dont know what to do with my life anymore (self.asktrp)

submitted by goldenguy2017

OK hear me out. I was raised privileged without a doubt by great parents. But when I turned 18 my parents gave me the boot. I didn't get a shitty car, money for school, nothing. I lived at a friends house and saved up money until I could buy a bike etc etc. TL;DR i've struggled for everything I have from 18-25

OK so, last year I ended up making a decent amount of income, so I took some of it and now I'm enrolled in college finally at 25 years old, so I can start a real career (ive been an electrician past few years)

But I just turned 25 years old, and.... SUPRISE! i have a large trustfund that my parents have perfectly kept a secret my entire life. Apparently them forcing me to struggle was the plan all along, knowing that I was going to be handed money in the future they wanted me to struggle financially and learn life lessons and all that bs

so here's my question, I suddenly have an absurd amount of wealth. I know this sounds fucking stupid, but my last 7 years of my life ive just been focused on making as much money as possible. well, suddenly now I have it. I was going back to school so i could get a job in finance and make a decent living. But now, what the fucks even the point? Im very confused on what to do with my life anymore. I guess im still in shock, but... wtf do i do now? It feels like if youre playing a video game, and then all the sudden half way through you unlock cheat codes and the game is no longer very fulfilling

what do i do i just am confused... do i remain unemployed and just get new hobbies i enjoy? should i still get a degree in a field that was ment to make me money in the future? wtf do i tell people? do i still pursue a career which is probably not very fun anyway??


[–][deleted] 150 points151 points  (18 children)

"all that bs"

That's the most telling phrase.

Your parents did you a solid.

you are not ready to be a millionaire.

I think your parents knew that because the trust age is uncommonly high.

Secondly, a few million can be blown through in a single year by an idiot....it is in no dimension an absurd amount of wealth... the simple fact you think you're rich now tells me you are still not ready for this windfall.

So. Remind yourself you're not rich.

Pay yourself a living salary from the trust. The rest goes into investments and retirement shelters. Real estate is always a winner if you pick wisely.

Respect your parents and treat this like both the amazing gift it is and their reluctance to turn you into yet another pathetic trust fund kid with affluenza.

"Couch was unable to understand the consequences of his actions because of his financial privilege."

[–]frequentlywrong 81 points82 points  (3 children)

Your parents did you a solid.

Not really. They were 10 years too early as evidenced by this post.

[–]BernaySaynders 15 points16 points  (0 children)

TBF if he wants to do something with it that's time sensitive his parents might not have wanted to waste 10 years. At least now he seems not to be a total idiot and has a better grasp on life.

[–]Random_throwaway_000 0 points1 point  (0 children)

If my parents would've waited till I was 25 to give me a trust, I would've avoided university and just went into a trade, something that I don't enjoy as much. Many life decisions would've already been made.

[–]Joehogans 0 points1 point  (0 children)

Yeah they would have been wise to wait till his was 35, then he would have been much more established in life. Career, wife, kids. Maybe even as a wedding present. Something. 25 is too young.

[–]menial_optimist 10 points11 points  (2 children)

I could see a potential downside here. Knowing you did absolutely nothing for access to millions of dollars would be an issue for me. I want the feeling of being able to say I earned it.

[–]BernaySaynders 3 points4 points  (0 children)

That's kinda my life. My parents have the financial ability to give my sister and I the opportunity to never work a day in our lives. They're pretty open to us about how they likely won't just leave us each with a nest egg, and tbh I'm not sure I want them to. Kinda how lottery winners have pretty shit lives.

[–][deleted] 0 points1 point  (0 children)

Yea, I’d probably use it as a safety net, it would free my mind up so I could go all in on my career without fear of failure.

[–]mrpCamper 3 points4 points  (0 children)

I think your parents knew that because the trust age is uncommonly high.

Not from my experience. 30 is a common age as well.

[–]Senior Endorsed ContributorFieldLine 7 points8 points  (9 children)

Your parents did you a solid.

I disagree. There is no virtue in living in poverty or struggling financially.

Sure, maybe there's something to be said about earning it yourself, but if you're going to get it handed to you anyway, being forced to struggle through your early 20s is retarded.

Imagine where he could be now if all along he could afford the best tutors, private lessons in all his endeavors, the luxury of time to do whatever he he wanted -- instead, he was busy bussing tables or wiring someone's lights. Way to go, mom and dad.

The idea that you shouldn't use every possible advantage at your disposal to get ahead is a joke. It's meme. Put the answers in your graphing calculator, if the professor is so lazy they can't write a proper exam. Use steroids to build muscle, if you can afford them. Use your above-average allowance to pay a some nerd in your class to write that paper for your art history class so you can focus on shit that matters.

I'm friends with people who have a net worth of hundreds of millions of dollars. Nine digits. Some of them are fucked up, some aren't, just like those who struggle. If anything, in my experience, those who grew up with money are better adjusted than those who grew up worrying about making rent.

Trying to teach your kid some weird life lesson by making them work hard unnecessarily, only to later hand them the keys to your Porsche, is shitty parenting.

[–]npstobie 4 points5 points  (0 children)

Saying there is literally NO virtue in struggling financially is a joke imo. Struggling to pay bills while bussing tables or doing any other similar menial job that pays next to nothing teaches you empathy, builds character, and shows you the value of the dollar. It teaches you how to mentally manage financial stress, that life goes on even when your finances feel like they're crushing you, and that money is just a means to an end. Sure, there are other ways these life lessons can be introduced but to say that experiencing financial stress can do no good for a person is completely false.

[–][deleted] 3 points4 points  (2 children)

Hey son, now that you're five, here's 5 million bucks. Have fun!

[–]Metalageddon 5 points6 points  (0 children)

That's pretty damned extreme, I could believe it if you said, (highschool graduation) or something. Which is the most I've seen. Grew up around some stupid rich people, (including international grain, oil, health, and tech), and from a stupid rich family.

The cutoff thing though, that's surprisingly common. I was cut at 18, as were more than half my social group, it's been a decade plus, I'm on excellent terms with my family. So I agree with you I think.

I cried the first time (pent up frustration and joy) that I could fill my fridge. Really fill it. It took me 2 years alone to achieve that without worrying about utilities, rent, roommates, other things. Being cut off was the best thing that happened to me. Granted, being cut off was "starting this day you get nothing. Here's 100 bucks. You have about 2 months to your birthday, the day after you need to leave. Good luck. We love you but you need to do this."

On the other hand, now that I don't need the money I wonder, if I ever have kids, would I do the same? This thread is shedding a lot of nuance on it.

But I won't have kids so whatever.

To op directly, you're not rich.wealthy You've got a lot in the bank all of a sudden. But until you can't outspend your passive income you're not rich. wealthy. A bad habit will burn everything down. Stay sharp and keep your fucking mouth shut about it.

[–]Random_throwaway_000 0 points1 point  (0 children)

Hey son, now that you're 18, here's 1/3 of a million bucks. Same for every year for the next 15 years. Have fun!

FTFY

[–]empatheticapathetic 0 points1 point  (1 child)

Only works if the kid is driven himself.

[–]cdogg75 0 points1 point  (0 children)

hunger and living on the streets is a great way to be motivated and driven to work your ass off.

[–]whereTheBoysKeepItG 0 points1 point  (0 children)

Imagine where he could be now if all along he could afford the best tutors, private lessons in all his endeavors, the luxury of time to do whatever he he wanted -- instead, he was busy bussing tables or wiring someone's lights. Way to go, mom and dad.

You have a good point if the parents intention of withholding the money is just to make his son feel the burn of poverty. I agree, there is no virtue in that. But I think his parents had a legitimate concern, which is that young people tend to be more reckless with money and decisions in life in general. For example car rental companies charge double the price for people aged under 25. There's a reason for that.

So giving the money at a later age just makes it less likely that he'll blow through it all in five years. They want him to use this money as an investment to do great things with. It takes a certain level of maturity to be handed 3 million dollars for example and hang on to it for the rest of your life. Most people would just blow it. Hopefully he puts it in real estate if he wants to keep busy with it.

[–]cdogg75 0 points1 point  (0 children)

i think the age of 25 was so that he didn't blow his cash on cars, drugs and women. Living large at that age would be many people's top choice if given the chance. Good character is usually built by failures and struggles. Just like hard work to earn money helps most people value their money because it didn't come easy.

[–]Swelfie 89 points90 points  (14 children)

1) Learn how to keep the money. Sure.... You are rich right now. You still have (hopefully) a long healthy life in front of you. That money is going to burn up. You need to keep it working for you. Google "Three fund portfolio." This is a low overhead, low risk portfolio allocation that if you are talking 6 million plus, will likely last you the rest of your life if you don't get spend happy. You should probably have about 40% bonds 60% equities. You have a low need to take much risk, so investing in some startup or something, no matter how awesome it sounds, not only has the potential to net you huge amounts of money, it also has the potential to bankrupt you quickly, and being set for life, you simply don't need to take the risk with your nest egg. If you want to do some cool risky shit, do it with the money you make ON TOP of your nest egg, but stay set for life even if that goes bust.

2) get a tax advisor. NOT an investment councilor. But someone to shield as much of this money in 401K, IRA, HSA, etc... Where it's protected in case of lawsuits or whatever and minimizes taxes, and maybe an umbrella insurance policy. You are a target for lawsuits and the tax man now.

3) DO NOT TELL ANYONE. Keep your goddamn mouth shut. ESPECIALLY to any relationship you might get into. Remember, you are a target for lawsuits which means any one night stand could cost you millions with some made up rape allegations and there is now serious motivation to do it. And your buddies don't need to know or they will be resentful and be borrowing money all the time.

4) do some soul searching about what you REALLY want to do. Until you figure it out, just go on with life as usual. Finish degree (although you might change majors if the money doesn't matter anymore), get a job. Probably take a few big trips in between just to see the world, but until you really have your new plan figured out, keep going with the old one. Quitting everything now is likely to find you bored as hell, kicking back on the couch with a bong and an Xbox controller trying to fill the time. And that's just pathetic.

5) DO NOT go buy the huge house and cars and start throwing parties. Unless we are talking 30+ million, you will bust in short order. You say "a few" million, so I'm going to assume you mean under 10. That kind of money WILL NOT get you to your 90's with any kind of lavish lifestyle. You need to be living conservative middle class if you have no solid income.

And explore side gigs for money that are fun. You have the cushion to do risky businesses that might not bring in much and might go bust, but then again, if successful could be hella fun and net you 6 digit incomes. Most people need the guaranteed paycheck, but you can explore a lot more. That doesn't mean throwing down hundreds of thousands in startup costs... You aren't wealthy. It does mean you can go pursue your music career ythat was just a pipe dream before today because you ain't going to starve if you don't make it.

[–]Swelfie 57 points58 points  (3 children)

And SERIOUSLY think twice about marriage now. Divorce is going to extra devastating.

[–]party_dragon -3 points-2 points  (2 children)

Why? If the money isn't his but technically only belongs to the trust fund, can the divorce court still touch it?

[–]Swelfie 20 points21 points  (0 children)

Divorce is nasty in the best of times. If he's got a nest egg that sets him up for life, and she's going to have to go a Denny's waitress when they divorce, those trusts better be locked down harder than fort Knox because she's going to get the best lawers in the business to get at it and he's got absolutely zero sympathy from the judge. In the least, it's going to be extremely expensive just in lawyers fees just to litigate... And he's going to be paying for her top tier lawyers.

[–]Metalageddon 1 point2 points  (0 children)

That depends entirely on how well the fund is set up, where it was set up, what the controls and stipulations are, how much she's making or tends to, how you split, what judge you get, any leverage, do you have children, who paid for what during...

Too many factors.

[–]trancedj[🍰] 5 points6 points  (0 children)

Well said: just to echo

You ain’t rich beyotch Don’t buy a brand new car - if you need a car get one you can easily explain Keep your mouth shut

You’re job now is to lay low and continue on with life. You’re not the first man to come here with this problem. This is the best advice. Live frugal until you can explain your wealth (got a good career, invested EARNED money in business x, etc.)

Live frugally and quietly like nothing has happened until then.

Be well.

[–]TJmartimn 0 points1 point  (0 children)

Yes never tell women you're dating how much money you're worth if they ever find out you have an inheritance make it seem like it's much smaller than it is you have the right to privacy there's a reason Samson never told Delilah the reason for his strength until...

[–]BernaySaynders 0 points1 point  (3 children)

Why wouldn't you advise getting his funds set up with a financial advisor? With that kind of money I'd be sure not to fuck it up.

[–]Swelfie 5 points6 points  (2 children)

Because the investment mix I recommend is simple ( about 40% us equities index, 20% ex-us index, 40% total us bonds market index.) You don't need an advisor to do that. Advisors extremely often will put you into all sorts of investments that are equivalent to that, but break it up into 16 different funds so it looks complex and then take their fee plus a kickback commission from the high fee funds they put you in. A kid with no investing knowledge walking in off the street with $10MM is a prime target for that. Investors of different levels of wealth don't need different investment advice.

What they do need is different tax advice. Taxes are very different at different wealth and income levels, as are retention risks. So he's going to be less concerned with income tax deference than most of us high wage earners are, so standard traditional 401k and ira advice is going to be shit to him. He's going to likely want to be maxing Roth and hsa instead, be more interested in trust construction, have greater insurance needs, maximizing deferral of capital gains... That gets incredibly complex and is highly dependant on his personal situation.

[–]BernaySaynders 0 points1 point  (0 children)

Fair enough

[–]frequentlywrong -3 points-2 points  (3 children)

You should probably have about 40% bonds 60% equities

Bonds and stocks are in a giant bubble ready to pop anytime in the next 1-2 years.

[–]Swelfie 3 points4 points  (2 children)

Investment grade bonds don't pop. They fluctuate in current market value on their way to maturity then pay a set amount of interest. Treasury bonds are risk free (unless your government goes away in which case you are just fucked anyway because all your money is worthless). Bonds are only risky when not held to maturity. So if I have a known $10,000 expense in 1 year and I buy a $10,000 treasury bond expiring in 30 years, then yes, my bond may not be able to cover that expense if yields rise, so it's very risky. However, if I buy a 1 year treasury bond for $10,000 then I will guaranteed have the $10,000 plus today's interest rate as a bonus. There is zero risk there even if yields skyrocket catastrophically (which they have actually done in the that 6 months.) There is just no risk. Now here is a kid who's 25. With increasing life expectancy he should be planning on living to 100 or so. That's 75 years to maturity he can sit out. He's not taking any kind of bond risk there (in Treasuries) and only minor risk due to catastrophic and widespread corporate default in investment grade. If he puts it in BND which is over 50% Treasuries, he has ABSOLUTELY nothing to worry about except mild inflation risk. If he puts about 20% of that in TIPS and I bonds he eliminates the inflation risk altogether.

As for equities... They are ALWAYS about to pop. Expect a 50% drop in value at any time. No one can predict when. If we knew they were in a bubble, then we'd all fucking sell, yet the entire industry is invested, including the greatest investment minds out there, which is what fucking forms the bubble in the first place. Because no "crash" prediction metric works. They happen regularly but no one knows why until after the fact and every one is different. What we do know is that if held for long periods, the aggregate returns are an order of magnitude more than bonds. This kid is holding for 75 years... I think he can ride out the dips.

And where else are you going to put your money? Cash? No asset consistently loses money faster than cash due to historically pervasive inflation (good CD's id count as treasury bonds since they are similar in structure and federally guaranteed.) Gold? That's historically kept up with inflation only and is hella volatilile to boot. Real estate? That's historically a bit more risky than bonds but pays a bit more, not a risky as stocks, but pays less, so it's in between but has a horrible tax structure. Commodities? Historically similar to gold, inflation returns only but volatility up the ass. Factors? (Value, momentum, quality, profitability, term, credit risk) they have scant data in comparison to the rest and return lower than stocks with similar volatility.) These other classes do make good diversifiers, but he's 25 years old and I don't want to encourage him into some crazy slice and dice portfolio when he probably doesn't even have an IRA yet. Stocks and bonds in 60/40 ratio in low cost index funds are the most reliable historically returning investment and simple to set up. If he takes 10million to an investment planner and he's nieve then they are just going to gouge him with fees and commissions and that's a guaranteed loss for him, so I think for now his best course is to just put it in vanguard in a three fund portfolio and if he takes an interest in investing later and wants to add 5% commodities or something then good on him. If he doesn't then his money will be nice and secure in a solid long term bucket.

[–]frequentlywrong 3 points4 points  (1 child)

There is zero risk there even if yields skyrocket catastrophically (which they have actually done in the that 6 months.)

And will continue to rise for a while. TIPS still undershoots inflation because the consumer price index is purposefully formulated to be as low as possible.

Gold? That's historically kept up with inflation only and is hella volatilile to boot.

Gold bullion is in no way volatile compared to other assets and is safe as hell as a long term investment. In fact due to huge money printing actions by the FED/ECB/JCB it has gone mostly up for 10+ years with a short bull run ending in 2013. Right now it is sitting at about the bottom as it possibly cold be for the foreseeable future.

Gold numismatics are even more safe as a long term investment and have always outperformed bullion. No one is making coins from a hundred years anymore and they have zero tax burden while you hold them.

[–]Swelfie 0 points1 point  (0 children)

TIPS still undershoots inflation because the consumer price index is purposefully formulated to be as low as possible.

True or not, Tbills handily beats the CPI in nearly all periods, and his bond side is going to pay way better than tbills because of it's extended duration. So with long periods of over performance in a long term hold portfolio, he's only going to be concerned if there are short periods of high spiking inflation where the bonds severely underperform. That's where the TIPS would come in to pick up a little of that slack and have him underperform less in such an anamolous period.

As for gold. I'm not implying it's not safe. We have 2000 years of market history showing how very safe it is. But it's also not an appreciating asset, it's a retention asset. I have some gold and I were setting him up a more complex portfolio I'd probably throw a bit in there, but trying to keep it simple for a new investor who needs an appreciating portfolio. If he has less than 6 million he's likely to run out of money with an inflation matching portfolio before he hits old age if he doesn't see growth. I'm pretty sure a world total equity market portfolio is going to see plenty of growth over a 75 year period. If it doesn't that means no net output from labor was produced planetwide in 75 years and we are probably facing the apacolypse anyway, so who cares if you have money at that point.

[–][deleted] 19 points20 points  (1 child)

No matter how much money it is... do NOT drop out of college.

[–]SelfUnmadeMan 4 points5 points  (0 children)

Spend your time at school exploring your options and figure out what you LOVE to do. Get a degree in that. You've got the funds to take your time and get excellent instruction in that field, whatever it may be.

Then, spend the rest of your life reaping the rewards.

Based on your OP, it sounds like business may be for you... it's where you make your small beans turn into big ones. Just make sure you take the time to get a proper education on the subject before you go and blow everything on risky ventures.

[–]ddbsirt 7 points8 points  (0 children)

Go on the subreddit r / personalfinance so you can make sure you make the best of that money so you never have to worry about money because the money is working for you.

[–]LudwigVanTrumpHoven 6 points7 points  (0 children)

Become President with your small loan of a million dollars? Nah just kidding If you can make money, why not multiply what you have an use it for a good cause. Help people to help themselves, instead of just throwing money at charities that throw money at things symptoms not problems.

[–]IncognitoMaster91 5 points6 points  (0 children)

Start first by calculating how much you need to invest so that you can have passive income coming in and adding to your supply and you never go broke. (may be hard to imagine but people spend stupid when they don't plan) .

[–]2johnnight 2 points3 points  (0 children)

Peterson says: if you like drugs and a hedonistic lifestyle, the worst thing that can happen to you is unlimited money that enables it.

Peterson says: we find happiness and satisfaction in the struggle on the way that leads to a meaningful goal, not in just landing at the goal line.

Edit: If you have no savings, your job is to work to create savings. When you have savings, your job is to manage the savings productively. You have to switch your skill set and personality traits to the latter.

[–]TheRiseAndFall 3 points4 points  (0 children)

I believe r/personalfinance has a wiki section on "sudden windfall". This sounds like it would apply to you.

From a personal perspective it sounds like your parents failed in their attempt to make sure you learn the value of money. Typically parents who hide money behind a trust fund that becomes available later in life are wanting their kids to learn to make their own money so that when they receive it they will maintain and grow their wealth. If you are thinking of giving up at 25 because you "made it" with this fund then all you will do is spend it.

There is a reason why "rags to riches to rags in three generations" is a thing. Good luck, OP.

[–]_Ulan_ 3 points4 points  (0 children)

A few millions is not rich, it will fly away in a few years

[–]PM_ME_UR_BOOBSSSS 2 points3 points  (0 children)

Now that you aren't shackled to the chains of the societal grind, use your time to find yourself. Meditate, read, and create. What do u enjoy doing? I wouldn't pursue a career unless it was a deep passion u had.

Edit: also, goodluck brother.

[–]Fielder57 1 point2 points  (0 children)

A lot of other people have already given you some really solid advice. I was thinking about what i would do if i ever won the lottory and didn't need to work again and came to the conclusion that I would like to make a full time job of being The best version of myself. For example, Monday 9-12 would be spent doing Archery lessons, 1-5 would be spent Reading, Tuesday 9-12 doing a Driving course, 1-5 learning Fencing and so on.

There is an Old saying; ‘The true burden of all gentlemen is to lead an interesting life’. You now have the financial means to lead as interesting a life as you desire. We should all be so fortunate.

[–]AnjaJutta 1 point2 points  (0 children)

Step 1. sit down and write a short term and long term plan of who you want to be and what you want to achieve.

Step 2. Follow the plan.

[–]redpillbanana 1 point2 points  (0 children)

Two good resources:

https://www.bogleheads.org/wiki/Managing_a_windfall

https://www.reddit.com/r/personalfinance/wiki/windfall

TL;DR: don't make any sudden decisions. Take care of any emergencies then take a few months to just learn about how to best manage your money.

[–]drqxx 1 point2 points  (0 children)

Don't touch it. Unless you're buying yourself appreciating assets. Get yourself a job shut your fucking mouth and be humble. Calmly and collectively ask yourself what do you want in other words set some goals work towards them.

Above all else do not get cocky. Many people before you have had a lot more money and they've lost it all.

I wish you luck sir.

Edit: don't tell any of your friends or family.

[–]Ironic_Gangster 1 point2 points  (1 child)

Put your money in an index fund with that pays relatively high dividends, and has low fees. I suggest the Vanguard firm. There is no speculation involved and it's virtually fool-proof. For specific suggestions to which fund you should put your money in, message me. You're just going to find the same advice in the personal finance sub. I'll tell you which fund I have invested in, personally.

Do not spend it. Keep living life as per usual. Continue putting your OWN money into the fund for the next 15 years. Allow the dividends to roll over for that 15 year period. Do not tell anyone. And for god's sake. Do not. DO NOT. Do not put your money in goddamn bitcoin.

The index fund you pick should pay out a 2.5% dividend annually AT LEAST. 2,000,000x.025=50,000 per year on ONLY FUCKING DIVIDENDS... but don't use any of it until 15 years has passed...

Listen to me, don't listen to anyone else here.

[–]whereTheBoysKeepItG 0 points1 point  (0 children)

This is the answer. Put it in index funds. I do think its unrealistic to say don't touch any of it. Its the ideal, but just by reading his post you can tell he doesnt have the discipline to do that. It's better to find a middle ground. For example at least let him take in the dividends every year.

[–]frequentlywrong 0 points1 point  (1 child)

Good new you just won the lottery. Bad news the vast majority of lottery winners go broke in a few years. Do not take the easy path by buying a bunch of shit or going on some extended vacation.

Is the money literally in a bank account? If so find a safe long term investment for at least 3/4 of it. My recommendation would be gold coins. It can also be land but that has tax implications. Otherwise the money is just being inflated away.

Then go on with your life exactly as planned. Forget you have the money. If you don't go through struggle to find yourself you will be forever lost. And you must do this in your twenties. You will never have the energy/time to do it again. If you do not, you will be one of the many many miserable rich people. Without a mission/purpose a man is nothing.

Do not tell any women you have this money until she is at least pregnant with your child.

In my opinion they fucked you by giving you the money too soon. Should have waited at least 10 years more.

[–]whereTheBoysKeepItG 0 points1 point  (0 children)

I wouldn't recommend speculative investments like gold. Index funds are the way to go in my opinion.

[–]ReddJive 2 points3 points  (1 child)

ugh. I have said this before.

MOney, fitness, they are meaningless. They are the easiest things for a man to improve and off set the negatives he can't.

In the end it's all about your frame.

I have met wealthy executives. Men who make million dollar international deals. Men from Google, Microsoft....sales execs. They all have the same thing in common. They can't find peace in their lives. Despite their money they still chase what Red Pill men have. Contentment. A mission.

Having money makes some things easier and other things harder. It doesn't change the game. Just what level you play.

[–]Kidterrific 0 points1 point  (0 children)

Well said.

[–]Stokestix 1 point2 points  (1 child)

Damn... Most (not all) people go to college to get a degree to get a good job. Do you want a 9-5 job?

Find your passion. Find your mission in life. You could travel. You could learn to invest to make even more money. You could help your family or other people. Basically do anything that will make your life worth living.

[–]throwaway2_5_5_2 1 point2 points  (0 children)

Aside from the investing part this is "How to burn money" advice.

[–]sixseven89 1 point2 points  (2 children)

well the one thing I'll add here is don't fucking marry without a good ass prenup

[–]1ANGRY_ATHEIST 0 points1 point  (0 children)

well the one thing I'll add here is don't fucking marry without a good ass prenup

Even prenups don't always work. Better just to keep the government out of your relationships completely.

While you're at it, get a vasectomy. Freeze some sperm if you have to. You don't need to be married to have a one-night stand pull an "oopsie" and then sue you from some shit hole. Oh, you wanted to travel the world? The judge just ordered that your kid has to stay in some town in the outskirts of Topeka and you have to pay her cunt mother child support too. Guess you'll be living there for the next 18+ years if you want to be a father! Oh, but even if you don't, she'll still take that child support, refer to you as "the sperm donor", and they'll be some person with your genes running around without a father.

[–]budfox26 0 points1 point  (0 children)

Build your empire.

[–]Fun2badult 0 points1 point  (0 children)

What the guy swelfie says. And Travel! See the world

[–][deleted]  (4 children)

[deleted]

[–]PhaedrusHunt -1 points0 points  (3 children)

They wanted him to struggle like they did. If you read the Millionaire Next Door, you'll see this is actually a sound strategy.

[–][deleted]  (2 children)

[deleted]

    [–]whereTheBoysKeepItG 0 points1 point  (0 children)

    I agree with that. I think the parents did a good job by not giving the trust fund till 25, but a bad job by not giving him anything at all.

    [–][deleted] 0 points1 point  (0 children)

    Agreed. Knocking out college and possibly graduate school early is key. Not many people can just mentally and physically commit to 8 years of schooling at age 25.

    [–]JTCX 0 points1 point  (0 children)

    You have to find new meaning to your life.

    Probably best to take a few weeks/months out away from where you’re at to clear your head. Go travel and experience life.

    You’ll comeback to your native country with a new perspective and fresh ideas on what your next step could be.

    [–]The_Sloth_Racer 0 points1 point  (0 children)

    1. Keep your mouth shut. Don't tell ANYONE! You'll have people coming out of nowhere to be your "friend" and everyone asks for "loans."

    2. Get a tax attorney, accoutant, or a professional involved in money so you know the laws and don't get screwed later.

    3. Put a bunch of money away for retirement.

    4. Put money away in a fund for if/when you have kids. The average childcare cost in the US today is $30K per year and it just keeps going up.

    5. Make good investments. Buy stocks. That type of thing.

    6. Don't be an idiot and spend money frivolously. Don't buy a fancy car or house or anything like that. A few million won't even last a few years if you do that.

    I have never been rich but grew up in an upper middle class/upper class community and saw many kids I grew up with get money and blow it in a couple years.

    [–]1kick6 0 points1 point  (0 children)

    There are few things more satisfying than a job well done. I’d start a business, and now that you have enough to not worry about making rent, it can be something risky that you actually enjoy.

    [–]Arnoux 0 points1 point  (0 children)

    I could answer your question for 100 000 $.

    [–]bigbodybuilderr 0 points1 point  (0 children)

    Don't get married

    [–]Thinkingard 0 points1 point  (0 children)

    I would at least read a couple dozen books on finance and money. Then I would look for a job I would really like doing and not care about the pay. Preferably something that would allow me to take a lot of mini retirements and still be able to come back to the job. I wouldnt start my own business either unless you wanted to stick with being an electrician. Read a bunch of blogs from guys who live off of passive income like mr. Money mustache or smartpassiveincome. Those kind of blogs could give you better ideas of how to grow and mature. I dunno man but good luck.

    [–]Theebenedetto 0 points1 point  (0 children)

    Others have said what I want to say. Just don’t be short sighted. Don’t buy that bmw. Pride yourself on making good decisions.

    And go crush some tail.

    [–]HitchensTwoPointOh 0 points1 point  (0 children)

    1 pay off any and all debt you have 2 splurge maybe 1.5k for a knockout bespoke suit 3 open up a vanguard account and binge on coffee this weekend while learning the basics of investing, and put all of it away there sans enough to cover 6 months expenses - keep that in your bank savings account 4 live as if you never got the money

    [–]mugenowns 0 points1 point  (0 children)

    Get a vasectomy and freeze some.sperm.

    If i we're you I would be very careful. Remember that powerball lotto that happened like 2 or 3 years ago? Where the prize was like 20 billion or something ridiculous? After they announced the winner I came across an article about lotto winners who ended up worse after winning than before. The biggest amount was like 4 million, but most were like 200,000 -800,000. Still all these people were living normal lives just like you, then someone handed them free money and within like a year or so some were homeless, some dead. All of them were broke at least. Isn't that crazy? Someone hands you a check for tons of money and it makes you worse off than before. Same thing as professional athletes. I read somewhere on here that like half of NBA and NFL players are bankrupt within two years of retiring. Most of these people make more in one year than the average American does in 10 but they can't manage their money.

    Anyway my point is going forward be very careful. If I were you I'd do the following

    -Put 200,000 into a CD ladder. If you don't know what that is look it up but basically you get a better interest rate if you agree not to pull out the money. And you set it up so money matures every year (divide it into 1/5) I would do this at 5 banks. CDs are FDIC insured so you won't lose the money. They insure up to 250,000 per person per bank so your interest is insured and you'll have money saved in case something happens.

    -Buy a two bedroom house that's more than enough room for just one person don't buy a mansion or anything ridiculous like that there's no need for one person and you don't want people to know how much money you have. The key here is to not get attention. - buy a new Toyota. I'd go with a Camry. Honda's are also good. But don't buy auxery car unless you buy it very used (like 2008 or older).

    • don't tell anyone how much you have. Get jobs whenever you feel like. Maybe start a blog or something and when people ask how you afford to live tell them you inherited just enough to pay for your house or part of it and that you got a good deal on the car blah blah blah whatever you have to tell them to say your bills aren't that much.

    -dont change anything on social media. Don't play Floyd Mayweather on there. Especially because criminals will go after you and your family. Letting people know how much money you have can actually put you in physical danger.

    And as for the rest of the actual money let's do some math. Let's say you have one million. That means you can spend 40,000 a year for 25 years. Four million means you can spend 80,000 for the next 50 years. Just keep that in mind. Even a million can go a long way. I'd avoid financial advisors since they charge fees and what not but I'd stick the rest in some simple ETFs that track the s$p 500 (I like VOO a lot) then I'd just give myself a weekly paycheck. Like do the math to how much you can spend until you're 90 and then figure out how much that is per week and then every Monday draw some out. Force yourself to stay within budget. Want to go on a cruise? Save up from your alllowance.

    Lastly I'll say this. Don't throw parties. Don't tell women how much you have. Get your junk clipped, don't get married and if you do make her sign an ironclad prenup. Tell her it's in case you win the lottery because you're still not telling her how much you actually have. Not your wife, not your best buddy. Nobody. And definitely be low key everywhere you go because some lottery winners have been harassed by the police (a symptom of living in a system where fines go to the police). Once the cops find out you're loaded expect to be getting fined for everything. And don't start a restaurant or business or anything like that. Just keep your head down

    Peace you lucky bastard

    [–]crespo_modesto 0 points1 point  (0 children)

    Dude if this is real, I live on just under $20K per year. You could subsist on that and then pick up some skill/build something/have all the time in the world.

    I don't know, depends what you want to do. Don't buy a $500 grand car haha.

    Also go to personalfinance and look into ways of saving that money/investing some of it/roth or something like that.

    [–]cenie 0 points1 point  (2 children)

    Wire me the money.

    [–]Kidterrific 0 points1 point  (1 child)

    I scrolled this far down to see this?

    [–]cenie 0 points1 point  (0 children)

    Was it a positive experience for you?

    [–]bob13bob 0 points1 point  (0 children)

    you already famliar with a trade, use a small portion of your captial to flip a house or buy investment property.

    [–]throwaway2_5_5_2 0 points1 point  (0 children)

    I'm not going to repeat the advice of others, but the fact you are actually considering just living off the money indicates you are not yet financially responsible. Your parents may have taught you hard work, but they forgot financial responsibility.

    You really need to listen and follow through with financial advice. You need strong self-dicipline or you will burn through this money.

    [–]LichterLichtus 0 points1 point  (0 children)

    Its like cheating in GTA.

    [–]11-Eleven-11 0 points1 point  (0 children)

    If I ran into that money I would buy a cheap house, cheap car, pay off any debts, set aside enough for school, and invest the rest. I'd actually invest in rental properties probably. Buy another cheap house, flip it, rent it, make back some of your money, rinse repeat. With that money you could retire before 45 if you invest properly. And dont let any gold diggers know you have it

    [–]DevilMayCry 0 points1 point  (0 children)

    Open a Roth IRA.

    [–]lukeyj_gtfc 0 points1 point  (0 children)

    60k a year for 30 years is 1.8 million. That'll take you to 55. It becomes clear you cannot retire.

    Put it in a bank account until you know what to do with it. Just because you can, doesn't mean you should. Real estate or a house is a great investment. That saves rent long term and you can always sell if you need.

    Soul searching time. What do you want your life to be. Don't tell anyone too. You'll be the one constantly getting the drinks and the wrong type of attention.

    [–]shubhidoobi 0 points1 point  (0 children)

    You are still not a billionaire, so I guess finish college, work your ass off until you are a billionaire.

    [–]Senior EndorsedVasiliyZaitzev 0 points1 point  (0 children)

    A. Do NOT fucking TELL anyone. You will be AMAZED how many new "friends" and "relatives" you have if you do....until the money runs out.

    B. Are your folks still around? Because they obviously know how to handle money and, in theory, should be able to give you advice.

    C. Hide in plain sight - live BENEATH your means. Kind of like now, only with more peace of mind.

    D. Get an accountant and a lawyer...then get a second lawyer to watch the first lawyer. Have them structure something for you to preserve capital while shedding some current income. Your goal should be to have fun and do what you want in life, while preserving capital.

    E. Get some insurance. I don't know what your particular circumstances are, but I'd get an umbrella policy or two. I'd also get at least a "catastrophic" health insurance policy. Based on the amount your talking about, you no longer give a shit if you have a $10K deductible, but medical costs can add up quick.

    F. Read: Life After 30: How to Be an Old Guy - You have one life. Here's how to enjoy it.

    [–]rcwhitaker 0 points1 point  (2 children)

    Pretty simple course of action here, if you've read any personal finance books you'll know to get a fiduciary and invest.

    You'll want to go fairly safe. An average annual return of 7% is enough to live off of with a few million in the bank. After inflation, you'll get to keep 4%, which is about 120k a year. very nice. Go travel, go read, explore the things you love, help people who need it.. the game hasn't ended just because you're now without the need to work in order to survive.

    [–]Ironic_Gangster 0 points1 point  (1 child)

    Good luck finding a bank with a 7% interest rate. And you're wrong about the 120K coming from 4%.

    [–]rcwhitaker 0 points1 point  (0 children)

    7% is generally considered a fairly safe rate of return provided you've set up a portfolio with a fiduciary whose worth his salt.

    Whats 4% of 3 million? 120k. the other 90k goes back into the bank (portfolio) so that the 7% return holds the same real value year after year.

    [–]a_strategos 0 points1 point  (0 children)

    Get the degree!!!! You'll know when someone is fucking with your money at a minimum. Plus you can get college pussy readily

    [–][deleted]  (1 child)

    [deleted]

    [–]goldenguy2017[S] 0 points1 point  (0 children)

    Yep. Waste of 7 years, agreed. I worked 40-66 hours a week the last 7 years just trying to pay bills. I didn't have the affluence to think about what made me 'happy' or fulfilled. I wasn't willing to go into debt and go to school. Hence I became a tradesman. Now I'm stuck with a problem at 25 that is usually normal for 18 year olds

    [–]NewBoomAction 0 points1 point  (0 children)

    Lol you lucky bastard.

    Find a mission like every other RP man here.

    Maybe you can use some of that money to help clean up our shitty earth.

    [–]Marxs_Beard 0 points1 point  (0 children)

    dont get married , keep your wealth hidden from woman, learn investment

    [–]chasebandz01 0 points1 point  (0 children)

    put a shitload of it in a mutual fund. use the rest to buy some rental properties. travel the world and fuck bitches.

    [–][deleted] 0 points1 point  (0 children)

    Pay for my grad school..........damn why do you even have to ask?

    [–]cl3537 0 points1 point  (0 children)

    I am older (42) than you in the same situation but noone gave me anything, I earned it when I sold my business and through good investments.

    But having money only solves some problems, having a career, being in a position of power, learning to network and deal with people, employees, colleagues, bosses, are very important life skills.

    It sounds like you know nothing about investing, well you should learn, and you should keep going for that finance degree you might consider becoming a PM and that will allow you to invest your own money. Alternatively you can become an Activist Investor and get into Private Equity. If you have money and some brains a lot of doors will be open to you that are shut to the poor working slobs.

    I do agree with Ironic_Gangster you should be in long term, low fee, index type of investments that you won't touch for a long time until you can leverage your knowledge and experience into better active investments.

    Don't change your lifestyle, keep your work ethic, and just live off the interest or dividends and what you make working. I wouldn't touch the principal for a long time. I am sure your parents will appreciate you being prudent with your inheritance.

    [–]Joehogans 0 points1 point  (0 children)

    You're parents shouldn't have done that. Yes the game analogy holds true....

    [–][deleted] 0 points1 point  (0 children)

    A few million is not as much as you think. Meet with a financial planner, max your IRA, and invest the rest into the market. Take out what you need to complete your education and pay rent. Real estate investments are also a solid option with the ability to pay in cash.

    I'm not sure your parents thought process once this money was made available to you. Setting you up with long-term planning and mentoring on how to invest wisely is worth its weight in gold.

    [–]whereTheBoysKeepItG 0 points1 point  (0 children)

    Two major pieces of advice here.

    1. Index Funds. Go ahead and put at least 90%, if not 100% of your money in index funds. Use the dividends to supplement your lifestyle.
    2. Don't tell anyone. I got my hands on some extra money when I was playing poker. Nothing major. Just like $65K over the course of a year and a half. But my poor friends were clearly jealous of it. Two of them ended up stealing from me. One of them got mad because I didn't accept concert tickets as repayment of a loan. Another one was constantly telling me I wouldn't achieve my goals in life. Another friend who I hadn't talked to in a while straight up called me and said "hey I heard you're making it big at poker... blah blah... can I borrow money?"

    Poor people will rip your guts out to take money from you. The jealousy and envy will at the very least make them resent you. Don't tell them no matter how much your ego wants to.

    [–][deleted] 0 points1 point  (0 children)

    One option is to set up a trust that pays you out a set amount per year with exceptions for buying a home, buying a car, etc. to protect yourself from yourself while it earns whatever percentage through the usual vehicles.

    [–]Senior ContributorSkorchZang 0 points1 point  (0 children)

    That crisis feeling of not knowing what to do anymore is more precious than the money.

    [–]WalkItOffAT 0 points1 point  (0 children)

    Thru hike the Appalachian Trail. Hiking 2'200 miles in the woods amongst awesome people has a way of letting you see things clearly. You will realise how little one actually needs in life. Plus you accomplish something to be proud of if you make it.

    Watch YouTube videos on it.

    Hit me up if you need advice. I start my second attempt next week.

    [–]TJmartimn 0 points1 point  (0 children)

    Take five hundred thousand and give it to a financial advisor to invest for the long term, Buy a 300-400 k House in the suburbs and a 50k Toyota Land Cruiser or similar something that will retain good value even after several years. Take a 100 K and buy an empty Lake lot in a heavily wooded area that's waterfront - install a dock on it and it will give you a great place to fish and camp and also a place for a future lake front cottage property etc. Okay so this is just a little over half the money I would recommend finishing school get your degree in business or computers or whatever it is you like to do. The scenario helps establish a foundation and you can take the rest of the money and buy your own Taco Bell franchise or whatever and you will make more than you inherited the next ten years if it's in a good spot

    [–]cootershooter420 0 points1 point  (0 children)

    ball the fuck out dont listen to these fags

    [–]melonsle 0 points1 point  (4 children)

    I don't know what you should do, its a novel situation. Here's what I would do.

    Since you have the maans to do so, you have the luxury of time - take an extended period off from obligations. Let's say 3 to 6 months. Use it to do whatever your heart desires - traveling, eating, visiting friends. While doing this, listen to your heart and journal each day, seeking to know what you want. If you listen for inspiration, it will come to you. If you listen and wait for ideas, they will come to you.

    Giving yourself this space, you will develop a cache of hopes, projects, ideas, clues - strands of thought to follow and expand on. One of them will stay with you, and become a dream. You can follow through and execute that dream, knowing that you put the time in to find out what was right.

    That's just what I would do. Whatever you choose: good luck, enjoy your good fortune. :)

    [–]frequentlywrong 3 points4 points  (3 children)

    While doing this, listen to your heart and journal each day, seeking to know what you want. If you listen for inspiration, it will come to you. If you listen and wait for ideas, they will come to you.

    This is complete nonsense. No intelligent idea comes from idling around "listening to your heart". It comes from working hard at something.

    [–]melonsle 4 points5 points  (2 children)

    Well, if ideas come to you while working, that's cool. I could line up a lot of famous names whose inspiration came in moments of idleness, leisure and solitude.

    [–]frequentlywrong -2 points-1 points  (1 child)

    List them

    [–]melonsle 2 points3 points  (0 children)

    No thanks

    [–]ContreversialViews22 0 points1 point  (0 children)

    Save at least 50% for a rainy day use the remaining 50% to pay off all your debts once you've finished college/uni

    [–]blackblack 0 points1 point  (0 children)

    stash the money somewhere and continue on as you were?

    [–]Bedtimeshine -2 points-1 points  (0 children)

    I would buy a nice cheap house and a solid car. And I would do it in a city I like. Like LA or something. I would go to college and grad school for the challenge/experience/accomplishment. I would major in something helps with managing my own wealth. Then I would sit on half of it (mutual funds probably) and put the other half to work. Start a business that I can handle on my own or with friends. Do what you like to do. Live cheap. Like if I won the lottery today. I would wake up and hit the gym (in Los Angeles), come home shower, eat something healthy, smoke up and then... honestly. I would probably have a threesome with a couple bomb ass $1000 an hour hookers.

    [–]PhaedrusHunt -1 points0 points  (0 children)

    Keep going forward in finance. Reading: The Millionaire Next Door The Richest Man in Babylon Think and Grow Rich One Up on Wall Street Your Money or Your Life

    Invest in what you know. Protect the money before you try to grow it.

    Learn basic handyman skills (you're an electrician already so it should be easy) and buy a duplex or two.

    Live frugally.

    [–]ShotgunTRP -1 points0 points  (0 children)

    Travel the world

    Hookers, blow, festivals

    Easy

    [–]mrHappyPotatoe -2 points-1 points  (0 children)

    You have cool parents. You ahould imvest ot and keep struggling in poverty. The more money you have the more you can make.

    Pls. Dont come here with first world problems.

    [–]AstuteBlackMan -2 points-1 points  (0 children)

    You're not rich really. You can ruin all that. I would still get a job or start a buisness. Learn to invest.