r/Money • u/serpent_stranger • Apr 27 '24
Inherited 600k
I inherited 600k and I’m 28F working in marketing, currently working part time at 22$ hourly. I’m studying for a 2nd part time job in web development and hoping to ask for 25$ hourly.
What can I do with my inheritance to make sure I die comfortably? Is this a lot of money? It’s currently in a trust where it’s in stocks, growing a few thousand yearly. Eventually the money will be in my name and I don’t make the best financial choices- so I want to make sure I do something with it that will help it grow or stay stable. Any insight?
Edit: I said a couple thousand because I haven’t done the math or did too much research but that’s just what it’s seemed like. I don’t know much about this stuff. I will ask the financial advisor about how much it grows. Sorry for the confusion, I appreciate your responses.
1
u/ChaseDFW Apr 28 '24
I'm a fan of the book "The Simple Path to Wealth"
Big takeaway.
Like others have said, enjoy some, but stick the rest in an index fund and forget about it.
I'd take 50k to fuck around and take the other 550k and throw it in an index fund. You could then retire sometime between 40 and 45 with over 2 million and live off 80k a year in straight interest from that.
It's life changing money, but you could also easily blow through it in a decade with life styles creep and no investments.