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.
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.