Current Events > I'm about to inherit just over 300k.

(+) Yeah! (+)

Im 36, I have a little over 10k in savings, I have a mortgage I have 19 more years on. I live alone and have no kids. I work a job I heavily dislike for a salary of just under 40k.

300k is a ridiculous amount of money for me but doesnt seem enough to retire, which my goal is to do as early as possible. If not retirement I was thinking maybe I could look at going part time or getting another job with less pay but less stress but Im really inexperienced at making these sorts of decisions.

Any sort or long term advice anyone could give me would be great.

Go to a casino and put it all on black

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Damn, TC suddenly became cuter.

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Be very careful with it because it can be used quicker than you think

NullAndVoidFC posted...

Any sort or long term advice anyone could give me would be great

$MSFT

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How much do you have left on the mortgage? Also where do you live?

Either pay off the house and get a less stressful job, or move to a cheap efficiency apartment and stop working

300k isnt even close to retiring at that age imo, but you can knock out that mortgage and not worry too much about a job. You could just find something else like you said which has less stress

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Definitely consult a financial advisor and lawyer you'd contact should anything happen to you.

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While you're still working, open up a Roth IRA and max that shit out each year.

invest it all in blue chip dividend stocks, only spend the interest you get after paying the capital gains taxes

Probably some combination of paying off the house and putting a large bulk of the money into a brokerage account and just letting it sit in an index fund.

Essentially use the money as a way to greatly kickstart your retirement fund
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300k is nowhere near close enough to consider taking a pay cut. Depending on the place part timers may not get medical insurance. One medical emergency and all of that cash is gone.
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2Pacavelli posted...

How much do you have left on the mortgage?

This. Also, how much is it per month? Im guessing that paying this off might be a decent option, if youre planning on staying in the house for the long term.

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I would not pay off the mortgage. You probably borrowed the money really cheap and can earn a return % higher than the mortgage rate %.

some combo of

-pay off your house as much as you can. you're spending a lot on interest.
-use the money for certificates or school to get a better job. life is too short to be spending it in a job you hate and people underestimate what they can do.
-financial advisor for what's left. compound interest is magic.

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Let's say you put $100k into your house and pay it off.

Reduces your monthly bill by 1200. That's $14k more for you each year

Invest the rest of the $200k in a safe high yield stocks or dividend stock and gain 3-4% each year. That's about $7k more for you each year

You'd be "making" $20k more each year, so you could quit your shitty job and find a fun or part time job.

Since you're single you could just sell the house and buy a smaller place in a town you like more for less money and have even more money to invest

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Cuticrusader09 posted...

300k is nowhere near close enough to consider taking a pay cut. Depending on the place part timers may not get medical insurance. One medical emergency and all of that cash is gone.

you can get cheap healthcare, try Aetna or Blue Cross

CapnMuffin posted...

I would not pay off the mortgage. You probably borrowed the money really cheap and can earn a return % higher than the mortgage rate %.

this is good advice. if your mortgage rate is low, don't pay it off. i recommend using the money as a safety net and investing for retirement.

you're right that $300k is not enough to retire with. yet. but you're 36, so if you invest that normally (S&P index funds), you'll be in good shape by the time you're of retirement age.

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if it were me I would take a few trips, go to Hawaii, Japan, Europe, Canada, just take a year to have fun

All in on BTC and ETH

Eramir posted...

invest it all in blue chip dividend stocks, only spend the interest you get after paying the capital gains taxes

be careful, high-dividend stocks tend to perform poorer than their low dividend counterparts

this is why they're favored by retirees - their inflation-adjusted depreciation doesn't matter much when you don't have that many years left

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TC, remember the time I loaned you $300k

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I'm going to say something different. Use that money to quit your job and get training in something that you want to do. Maybe something that pays more than you're currently making. Keep what you need to survive while not working, and invest the rest in some mutual funds or ETFs.

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CapnMuffin posted...

I would not pay off the mortgage. You probably borrowed the money really cheap and can earn a return % higher than the mortgage rate %.

Depending on TCs specific situation and level of risk tolerance, paying off the mortgage might be the way to go.

If they only have like 100k to pay off, they could feasibly do that as well as start dropping in for retirement. I would agree if its more like 200-300k then there might be better options. Im never for an all-in approach with any sort of windfall.

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Never do something for a pay check. My last job paid well but I fucking hated it. Making about half that here, but its a lot less stress

Payoff your mortgage and work a part time job lol

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Purchase 1 Bitcoin. That $55K investment will turn into $100K+. Put some into an S&P 500 index fund like SPY.

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Get in the CE stocks general

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What's your mortgage interest rate? Assuming it's a 30-year loan and you got it 11 years ago, I'm guessing around 4.5-5%? If so, it may be worth paying that off before you invest the rest. The peace of mind knowing you're debt-free will be worth a lot.

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Something along the lines of renting your house out and getting a cheaper apartment.

Takes money to make money. You have a decent bit of power compared to most.

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Pay your house and any other debt you are carrying. The ability to not be homeless should something terrible happen is a huge benefit.

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do not buy bitcoin LMAO. he's talking about wanting to retire, he shouldn't be making risky investments.

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Use the money to quit your job now and live off of until you find a new one, put the rest in an IRA.

The safest thing is to pay off the mortgage if you can and keep the spare cash.

But a lot of people savvy with money would tell you to use the money to invest in real estate, either a multifamily home where you can rent out all of the units, or use the money as a safety net and take out loans to do a fix and flip and stack money doing that

Let it all ride on bitcoin

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I would invest 30,000-50,000 at most in Crypto only after all the other business is handled

CaptainOfCrush posted...

What's your mortgage interest rate? Assuming it's a 30-year loan and you got it 11 years ago, I'm guessing around 4.5-5%? If so, it may be worth paying that off before you invest the rest. The peace of mind knowing you're debt-free will be worth a lot.

five years ago 30-year loans were still around 3.5%

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emblem boy posted...

Probably some combination of paying off the house and putting a large bulk of the money into a brokerage account and just letting it sit in an index fund.

Essentially use the money as a way to greatly kickstart your retirement fund

This.

Between inheritance and selling their house, I inherited about 600k when my parents passed away last year.

I haven't touched a penny of it, other than funds used for their funeral expenses.

I just have it sitting in a brokerage account. I'm 43, and don't plan on touching it for at least 15 years.

It has already grown about 10% in a little less than 16 months.

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Don't get financial advice from gamefaqs. Go hire an independent, professional financial advisor that you trust.

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Pay off any outstanding debts, save the rest or consider getting a house/mortgage once your credit is good enough.

If you only live to 60 thats only 10 grand a year so it will greatly enhance your life not let you retire.

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Lots of solid advice in here, but Im going to echo the suggestion to seek out a professional. They can help you sort out how you want to move forward, as it seems like you are a bit unsure about exactly what it is you want.

Ill also add that you maybe, just maybe might feel a bit differently about your job once you are in a position that you no longer need it.

Put it to the mortgage. I don't know what your loan looks like but you are bound to save a lot on interest.

SPY puts

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*flips hair*

Hey TC, I never noticed how cute you were

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