I don’t know if this is what some people would call life changing money.
safe bet: long term investment for retirement or to buy a house.
dreamer me: study the piano bachelor you always said you wanted to do, even if it’s just the bachelor, and not a master, even if you’re doing it not for the money or fame, but just because you want to play and maybe teach part time, but mostly because is something I enjoy doing, even if teaching the piano is mostly a side job to my main job.
I don’t know what to do. Feel free to read my previous post, because it’s related to this one.
a 150k present is going to have big taxes in the us unless the giver also payed it.
If you’re in the US, GTFO. Maybe you’d be better off financially by staying put but this country is so emotionally draining.
S&P500 indexed Mutual Fund. You can do this for free from the right reputable online brokerage. Then forget about it for a few decades if you can.
Always remind yourself that simply getting money doesnt make one good with money. Live your life as if you never got it. Hopefully it’ll be very useful when you’re older.
Buy a reaaallyy good pair of rollerskates.
Maybe two pairs
Wheely good?
I read your other post and thought I’d give you some insight about why you shouldn’t pursue another degree, especially in music. I did multiple degrees in music and I have never worked professionally in music. In fact, by the time I completed the program I hated playing my instrument and didn’t play for almost a decade.
The only reason to attend a university for music is if you need/want the credential or the ensemble experience. One uncomfortable truth is that most freshman piano students have over a decade of training before they start college. If you aren’t ready for the entrance audition now, then music school isn’t the way to go.
You can take private lessons (often from the same professors you’d have in school) for instrument technique, theory, repertoire, and ear training. You don’t need the university for that.
One thing people don’t like to talk about when it comes to music programs is that they are lifestyle degrees as much as they are intellectual degrees. There’s the classist element, the physical element (as a pianist or guitarist you can’t use your hands for any physical labor), and the financial element (instrument maintenance, performance quality instruments, travel, etc.).
Take the investment advice from others in this thread to set yourself up and then find some private teachers. You don’t need a degree to study music.
Edit: DM me if you want to talk about this more.
Wife asked if I ever thought of being a video game test. Shook my head no real quick. I like playing games.
Invest it index funds. If you must, set aside like 10 to 20% for something now. Vacation. Lessons. Whatever. Now ain’t the time to be whimsical with money.
My partner and I had something similar happen and we used about 40K to pay off our house and fix/update some house stuff. Invest the remainder in the S&P 500 Index fund. Then let it sit for 10 years.
You can afford 64GB of DDR5.
wise investment 💎🚀🚀🚀🌕
🙌💎🙌💎
I think the key pieces of information we’re missing here is how old are you and how life changing is this money for you.
If you’re young and poor, sock away about 2/3 of it in an index fund and 1/3 in a high interest savings. Take out loans and go chase that dream bro. Use the 1/3 in savings to cover your life expenses.
If you’re mid life and poor, use it to bolster your retirement. Defer the dream but chase it once you’re comfortable.
If you’re late life and poor, take lessons from a good tutor, don’t go for the Bach. Use it to subsidize Social security. Consider moving to a cheap country where that kind of money will support you for many years.
If you’re old and well off enough - go self actualize. Time truly is the scarcest resource.
~45k doesn’t get you that far these days depending on where you live. That’s $3750 a month for a year.
I am not a financial advisor, seek a professional.
My opinion: if you’re young, invest…now…and change nothing else about your life due to that money. Keep reinvesting the return. At some point, you’ll see you have over a million dollars and you’ll keep the snowball going – and you’ll find you can retire 10-20 years earlier than everyone else. If you’re older, still invest, but you may want to see what the best options will be for yielding good returns toward retirement.
Safe bet
How old are you? Do you currently own or rent your home?
Buy ETFs
If invested in a diversified portfolio, you could safely withdraw 4% ($6000) every year for the rest of your life and still have $150k.
While this is probably true, 4% rule will leave you with money left 95% of the time over 30 years, not for your lifetime. So if you’re going to withdraw money from this for longer than 30 years you should probably adjust your withdrawal percentage to less than 4%.
You can withdraw/shift allocation to more stable assets during bullruns and live off these stable assets until the rest of your more volatile assets have made gains again.
I know this is cherry picked days, but it’s happened many times over the last hundred years. From 2000-2013 the market was essentially flat due to crashes in 2000 and 2008. Are you going to have enough stable assets for the market being flat for 13 years? no. Plus you’re talking about timing the market and knowing when these bull runs will start and for how long, which is just guessing. Not the best idea with your life’s savings.
That just means no extra money during these times.
You don’t need to try timing the market.
You operate with thresholds instead: the $150k have become $150k + x -> move x to stable assets and wait until the next time there’s x extra.
What’s not working is trying to have a reliable, stable source of extra incoming.
Skimming gains is possible though.
Take 12-24k to sustain yourself for one year and do what you want and invest and forget the rest
the only criticism I have with this, is that I would say to add a quality used car. nothing fancy, nothing flashy, just something with rock steady reliability and low long term maintenance costs.
