@jtinc07
- Wait. Inheritance can take YEARS to clear.
- You will likely have to pay A LOT of tax on that, maybe half.
- When you have it all in a bank, and the tax is paid... then you have X million. Well done.
What to do!?
1. Get a small, but nice place to live in a location you would like to live long term. Now you have no rent. Do not buy a mansion they cost a fortune.
2. Buy a nice (not flashy) car. Now you have transport.
3. Work out the minimum you need to survive (not thrive, just survive .. it won't be much) stick 3 years of it in an account called "emergency"
4. Split the rest of the money into 4. A,b,c,d.
A. Invest in an index fund, sp500, or something. Leave it alone.
B. Invest in an a high yield fund, that yeild is your new income. It's not much but it's probably better than a minimum wage job.
C. With savings accounts giving 5%+ you can stick it in savings for now and the interest is additional wage for you. Don't spend the capital.
D. This is the most interesting lump. It's for you to build a life with. Buy a garage if you want that career, buy a fishing shop and work there, something that will make you money and keep you genuinely happy and interested. Build an app. Don't rush into this bit, and if you can fail on your first few attempts with burning much of this pot the better.
Overall, you probably ended up with 3million, meaning the pots are 750k and each one should be making you 40k per year. One is finding your retirement, one is now, one is fun, and one should give your life a purpose.
You're not going to be buying a mansion, or a new lambo. But you make more than 8/10 people without having to have a job! So relax and find what YOU want to do.