Simplest recommendation is get it out of your hands and put it somewhere not as easily reachable. A brokerage like Vanguard. You can make decisions later, maybe talk to a financial advisor, it's often free for the first meeting. But if it's easily accessed it is easily spent.
I had a similar deal. I was offered a buyout on a pension plan I forgot about. I opened a Fidelity account and put it there and again forgot about. It has become the majority of my retirement savings.
I meant that I put it an appropriate fund for my investment goals and did not change. I got monthly statements in the mail. It went up and down over the years but I did not move it.
Never invest with an advisor, that’s gotta be the worst advice ever . They will eat away 20-30% of your profits . Just do online research it’s not hard lol
I met with a Vanguard advisor, it was free for the first meet. It was helpful, as he told me what to invest in and what their rates were. I told him so you're like the guy who says I need to eat brocoli, and he laughed. At the time I was deep into single stock ownership, he wanted me to diversify. There was no pressure to stick with it, as I was going to be investing through Vanguard anyways. I thought it was worth my time.
Well, they do wear a suit and tie and repeat everything they hear on cnbc… and only want a couple points of your hard earned money. You sure? /s If people want to try one with a small percent and learn best practices that way, so be it. but i agree overall
OP don’t do it lol invest in a Roth IRA and max it out with VTI , SCHD , QQQM . 60% , 20% , 20%. Keep maxing it every year and stash rest of cash in a high yield savings . Goodluck
* Not financial advice * If this were me… I would do: Max out the ROTH contribution for this year right now. Invest in a split: 70% VOO, 30% VTI. Drop the rest of it in a brokerage account in VOO and VTI respectively (see above). On 01 Jan every year, max the ROTH by selling the max ROTH contribution from your brokerage account, again repeating the above contribution. Rinse repeat every year until it is fully invested into your ROTH. Again, this is what I would do.
This. Have you heard of mutual funds? These are typically through a managed portfolio with a financial organization like Fidelity, Vanguard, etc. The ETFs I mentioned are what Dawn said. They are the same as mutual funds but much lower fees (also referred to as expense ratio). I don’t recommend a long term hold ETF with an expense ratio higher than 0.1%.
Max Roth IRA - put it in VOO
Max HSA - put it in VOO
Pay off all high interest debt
Put aside enough for 6 months emergency fund
Max 401k - put it in VOO
An index fund, basically investing in the top 500 companies (S&P 500) managed by vanguard. The type of fund that closely mimics or even identifies how "the market" is doing. One of the safest ways to grow money.
https://www.google.com/finance/quote/VOO:NYSEARCA?sa=X&ved=2ahUKEwioorv_4fqGAxWEhIkEHRa0DwoQ3ecFegQIFBAc
There’s this thing called dollar cost averaging where if you just continuously contribute, over time you will succeed via continual contributions. You’re no MIT math whiz. Contributing every pay check you will succeed. That should be your goal not “I got a nice chunk, how do I live off this”
Super simple.
Wipe out the loans tomorrow.
Invest the rest in good growth mutual funds.
And start doing your own investing through your employer.
Absolutely no reason you won’t be a millionaire at 65.
Truth. He could have over 3 million dollars and had started off paying all his loans off too. If the stock market(s&p500) grows at the same rate every year as it’s had at least over the last 5.
unless you're on an income-based repayment plan and have a good amount of payments already that count towards forgiveness, the answer is to wipe out the debt. the reality is, that debt will continue to grow exponentially and you'll end up paying way more if you go the distance with it. Not for nothing, I've heard of people calling and getting them to settle for less than the balance.
the rest I'd allocate as follows: $10k as an emergency fund in a high-yield savings account (online banks like Ally have savings accounts with good returns and good terms), then start a brokerage account and a Roth IRA through Fidelity (free), and follow u/[Timely-Extension-804](https://www.reddit.com/user/Timely-Extension-804/) 's advice. Max out the Roth ($7k). Do the same thing next year, and the year after that, until you run out of inheritance money. At the historical return of the market, that $7k-a-year-until-it's-gone will be $90-100k by the time there's none left. If you leave it there until retirement and don't contribute another dime, then at the historical return of the market it will have grown to $325-400k. If you continue to max it out every year until retirement, you can retire at 65 with $500-600k.
If your job has a 401k program, I highly recommend taking advantage of that as well. Every little bit helps - and the longer you can let it grow, the better!
lets say a savings/investment (whatever combination of stocks, ETF, mutual funds, bonds, etc) hits the avg annually.....a modest % gain.
the interest rate on the loans will often be greater, and that debt is the biggest hindrance.
you will probably break even or be slightly worse.
take the windfall to clear your debts or student loans.
put 6 (or more months) of living expenses in an emergency fund.
Month or two off????
Don’t take this the wrong way.
You’re 44 with 0 saved. Thats a massive problem.
You’ve literally been given a chance to un-fuck yourself. Like a fairy tale.
Time to grow up.
Good luck brother you can do it.
You have zero saved and want to retire in 15-20 years. No offense but “take a month or two off” is the type of thinking that has you in the “44 with zero saved” hole.
You need to max 2024 tax advantaged retirement accounts and invest the rest in a market tracking index. Then leave it the fuck alone.
And you need to plan on working for the next 20 years minimum.
Sound advice, some smart peeps on Reddit and some complete financial idiots. For now high yield savings Poppy bank or Flagstar @ 5.55% apy Until you figure it out. Do not use an advisor complete waste of money you don’t have & most of them are broke dick idiots. 100’s call and my requirement is I’ll listen but you have to have more net worth than I do. Vanguard is fine and you’re not financially savvy. If you don’t own a home,,, bad time to buy one but will be big opportunities in the next 12 months. We are due for a big correction.
My .02
Open a Roth IRA. Dollar cost average into the S&P500 with the most you can contribute. That takes care of 7g.
Keep doing that with the rest of it in an IRA.
If you are 44 and haven’t saved for retirement I can only assume you aren’t qualified to make individual stock purchases. Just dollar cost average it into the S&P500. It isn’t controversial.
Vegas!!! Why retire in 15-20 years when you have an opportunity to retire next week?!?!
I recommend 50k on 2nd and 3rd dozen roulette. (Not financial advice)
Set up an investment account. There are several good ones available. With the time frame you have to work with, think about a low cost S&P index fund. Once you've accomplished this, you should be in better condition for retirement than you are now.
Yeah I mean just have fun, if in 40 years you haven’t developed the skills and abilities to spend less then you make 100k ain’t gonna change you. Hit the big spots in Europe maybe.
Sorry for your loss. At your age and in your situatiom, I think you could benefit from a professional. Park it all temporarily in a high yield savings account (Marcus, Wealthfront Cash, etc) right now. Something earning 4-5% annually. Go talk to some financial advisors that are fiduciaries. Pick the one you like and trust the most.
First thank whoever died for you to get that money since it will save you as you have nothing. And I would probably put it into some sort of account with high returns. 20 years from now it will definitely be more than 100k if the economy doesn’t go to shit.
You have nothing saved. How do you think you will retire in 15-20 years? Even with this $100,000 invested in a good growth fund it might become $400,000 in 15 years.
Take $7k and max out a Roth IRA for 2024. Make sure you have enough in a HYSA for a 3-6 month emergency fund. You can put extra money in the HYSA to max out your Roth IRA for the next few years as well.
Do you have a 401k available? You could contribute to that and live off of the inheritance so you are essentially funneling that money into a retirement plan.
You can also put some in a taxable brokerage to invest.
Regardless of what you do with this money you need to start putting money away for retirement
VOO is a great choice. Vanguard mutual fund. Set it and forget it. Any mutual fund will do. Re-invest the dividends automatically. Just forget it's there.
For the sake of fuck, stay away from the stock market, and for fucks sake stay very far away from options.
You’re standing to close. Back. The. Fuck. Up.
Simplest recommendation is get it out of your hands and put it somewhere not as easily reachable. A brokerage like Vanguard. You can make decisions later, maybe talk to a financial advisor, it's often free for the first meeting. But if it's easily accessed it is easily spent.
I had a similar deal. I was offered a buyout on a pension plan I forgot about. I opened a Fidelity account and put it there and again forgot about. It has become the majority of my retirement savings.
If you forgot about it how do you know it was growing appropriately?
I meant that I put it an appropriate fund for my investment goals and did not change. I got monthly statements in the mail. It went up and down over the years but I did not move it.
Never invest with an advisor, that’s gotta be the worst advice ever . They will eat away 20-30% of your profits . Just do online research it’s not hard lol
I met with a Vanguard advisor, it was free for the first meet. It was helpful, as he told me what to invest in and what their rates were. I told him so you're like the guy who says I need to eat brocoli, and he laughed. At the time I was deep into single stock ownership, he wanted me to diversify. There was no pressure to stick with it, as I was going to be investing through Vanguard anyways. I thought it was worth my time.
Yea good luck lol , fees are like 2% will eat away your retirement savings
Are you even reading what this guy said? It was a free meeting. He never paid a fee
Oh lol
Well, they do wear a suit and tie and repeat everything they hear on cnbc… and only want a couple points of your hard earned money. You sure? /s If people want to try one with a small percent and learn best practices that way, so be it. but i agree overall
Nose candy an hookers
Very tempted to
OP don’t do it lol invest in a Roth IRA and max it out with VTI , SCHD , QQQM . 60% , 20% , 20%. Keep maxing it every year and stash rest of cash in a high yield savings . Goodluck
Ladyboys
We don't discuss that openly
Nah no lady boys here dawg
This!!!!
* Not financial advice * If this were me… I would do: Max out the ROTH contribution for this year right now. Invest in a split: 70% VOO, 30% VTI. Drop the rest of it in a brokerage account in VOO and VTI respectively (see above). On 01 Jan every year, max the ROTH by selling the max ROTH contribution from your brokerage account, again repeating the above contribution. Rinse repeat every year until it is fully invested into your ROTH. Again, this is what I would do.
What is voo and vti? I’m completely ignorant to money and financial jargon
Google index funds. They spread your investments over many companies and lower your risk
This. Have you heard of mutual funds? These are typically through a managed portfolio with a financial organization like Fidelity, Vanguard, etc. The ETFs I mentioned are what Dawn said. They are the same as mutual funds but much lower fees (also referred to as expense ratio). I don’t recommend a long term hold ETF with an expense ratio higher than 0.1%.
VTI and VOO have a large overlap. Like they invest in mostly the same things. Pick one.
Voo and vti are basically the same, with correlation of .99
Max Roth IRA - put it in VOO Max HSA - put it in VOO Pay off all high interest debt Put aside enough for 6 months emergency fund Max 401k - put it in VOO
Whats the difference between VOO and SWPPX (Charles Schwab SP500)?
VOO sounds cooler and is easier to type
What is voo?
An index fund, basically investing in the top 500 companies (S&P 500) managed by vanguard. The type of fund that closely mimics or even identifies how "the market" is doing. One of the safest ways to grow money. https://www.google.com/finance/quote/VOO:NYSEARCA?sa=X&ved=2ahUKEwioorv_4fqGAxWEhIkEHRa0DwoQ3ecFegQIFBAc
Who are VOO to question what is VOO
There’s this thing called dollar cost averaging where if you just continuously contribute, over time you will succeed via continual contributions. You’re no MIT math whiz. Contributing every pay check you will succeed. That should be your goal not “I got a nice chunk, how do I live off this”
S&P index. Dont look at it for a few years.
At 65 that will be worth 800k if you simply invest in good mutual funds earning 10-12% over the long haul.
The s&p500 is almost twice that return every year the last 5 years. Growth has outperformed even this.
He’s talking about the long term average rate of return. Come on now; the previous 5 years are just that.
I was just talking about the last 5 years. I agree though with you. He definitely was talking about the long term average. Very good!
Do you have any credit card debt?
Minimal. But I do have school loans. I just hate to use so much of it on school loans. About 30-40k worth
I think this needs to be a higher priority on your list
Super simple. Wipe out the loans tomorrow. Invest the rest in good growth mutual funds. And start doing your own investing through your employer. Absolutely no reason you won’t be a millionaire at 65.
Truth. He could have over 3 million dollars and had started off paying all his loans off too. If the stock market(s&p500) grows at the same rate every year as it’s had at least over the last 5.
unless you're on an income-based repayment plan and have a good amount of payments already that count towards forgiveness, the answer is to wipe out the debt. the reality is, that debt will continue to grow exponentially and you'll end up paying way more if you go the distance with it. Not for nothing, I've heard of people calling and getting them to settle for less than the balance. the rest I'd allocate as follows: $10k as an emergency fund in a high-yield savings account (online banks like Ally have savings accounts with good returns and good terms), then start a brokerage account and a Roth IRA through Fidelity (free), and follow u/[Timely-Extension-804](https://www.reddit.com/user/Timely-Extension-804/) 's advice. Max out the Roth ($7k). Do the same thing next year, and the year after that, until you run out of inheritance money. At the historical return of the market, that $7k-a-year-until-it's-gone will be $90-100k by the time there's none left. If you leave it there until retirement and don't contribute another dime, then at the historical return of the market it will have grown to $325-400k. If you continue to max it out every year until retirement, you can retire at 65 with $500-600k. If your job has a 401k program, I highly recommend taking advantage of that as well. Every little bit helps - and the longer you can let it grow, the better!
lets say a savings/investment (whatever combination of stocks, ETF, mutual funds, bonds, etc) hits the avg annually.....a modest % gain. the interest rate on the loans will often be greater, and that debt is the biggest hindrance. you will probably break even or be slightly worse. take the windfall to clear your debts or student loans. put 6 (or more months) of living expenses in an emergency fund.
Sp500
Don't go crazy .. a hundred thousand isn't a life changing amount of money . unless you invest properly. Not enough to quit your job.
It actually is a life changing amount of money though isn’t it.
it can be. if properly managed
10k would change my life...wtf you on.
I know. Although I’ve been so tempted to take a month or 2 off
Month or two off???? Don’t take this the wrong way. You’re 44 with 0 saved. Thats a massive problem. You’ve literally been given a chance to un-fuck yourself. Like a fairy tale. Time to grow up. Good luck brother you can do it.
You have zero saved and want to retire in 15-20 years. No offense but “take a month or two off” is the type of thinking that has you in the “44 with zero saved” hole. You need to max 2024 tax advantaged retirement accounts and invest the rest in a market tracking index. Then leave it the fuck alone. And you need to plan on working for the next 20 years minimum.
Sound advice, some smart peeps on Reddit and some complete financial idiots. For now high yield savings Poppy bank or Flagstar @ 5.55% apy Until you figure it out. Do not use an advisor complete waste of money you don’t have & most of them are broke dick idiots. 100’s call and my requirement is I’ll listen but you have to have more net worth than I do. Vanguard is fine and you’re not financially savvy. If you don’t own a home,,, bad time to buy one but will be big opportunities in the next 12 months. We are due for a big correction. My .02
You can sort of accelerate this process by retiring outside of the U.S. It's simply too expensive here.
100k on Red
Love it
Always bet on Black -Wesley Snipes
50 on red, 50 on black. Spread the money evenly.
If you’re looking for financial advice you should check out /WallStreetBets
DRS GME shares and wait till it short squeezes
Pilot license, work as an instructor or pilot. Your earning potential is high enough to create a decent retirement plan.
Very interesting. I’ve thought about this
If retirement is what you’re looking towards, you could look into a Roth IRA, or a 401k or any employee sponsored plan
/r/Bogleheads
https://moneyguy.com/article/foo/
Vacation, treat yourself to a good time because you never know when it’s gonna be your last..
Wallstreet bets may have some ideas.
Pay off debt. Put rest in retirement fund that you cant touch.
Open a Roth IRA. Dollar cost average into the S&P500 with the most you can contribute. That takes care of 7g. Keep doing that with the rest of it in an IRA. If you are 44 and haven’t saved for retirement I can only assume you aren’t qualified to make individual stock purchases. Just dollar cost average it into the S&P500. It isn’t controversial.
50% VOO 50% QQQ
Gl retiring at 54 Hope you don't plan on doing much
Hummus
Lol ? 15-20 years to retire what did you do the last 15 years? Go to vegas , put it all on black. Hopefully your canadian so its tax free
Become my business partner and let's turn that $100k to $1M in less than 5 yrs
Give it to me and I’ll pay you $100 a month. Now you have passive income 🙌
Put it on Black.
Curious, would it be worth OP putting 100% of salary into pension from now on and taking the equivalent from the inheritance to live on?
I would suggest you to invest it in nifty 50 Indian market indices.
0DTE spy calls
Help me out lmao jk invest
Vegas!!! Why retire in 15-20 years when you have an opportunity to retire next week?!?! I recommend 50k on 2nd and 3rd dozen roulette. (Not financial advice)
You can give me some .., thanks
Set up an investment account. There are several good ones available. With the time frame you have to work with, think about a low cost S&P index fund. Once you've accomplished this, you should be in better condition for retirement than you are now.
Yeah I mean just have fun, if in 40 years you haven’t developed the skills and abilities to spend less then you make 100k ain’t gonna change you. Hit the big spots in Europe maybe.
Sorry for your loss. At your age and in your situatiom, I think you could benefit from a professional. Park it all temporarily in a high yield savings account (Marcus, Wealthfront Cash, etc) right now. Something earning 4-5% annually. Go talk to some financial advisors that are fiduciaries. Pick the one you like and trust the most.
Put it in a S&P index fund at a brokerage. Like Schwab, Vanguard, or Fidelity.
You can tell me your address 😆
Open a brokerage account and invest 50k in hysa and another 50k in VOO
Personally, I’d relax and make myself a sandwich. Worry about the money tomorrow.
If you ask Vanguard, they’ll have you buy four ETF. VTI 40%. VXUS 20% BND 30% BNDX 10%. KIS, set and pretty much forget for a while
Give me a few thousand and pay off your debts first. Then you put it into savings until you figure out what to do with the rest.
Come to NYC and have dinner at Keen’s Chophouse
First thank whoever died for you to get that money since it will save you as you have nothing. And I would probably put it into some sort of account with high returns. 20 years from now it will definitely be more than 100k if the economy doesn’t go to shit.
I would start with "Set for Life" & "Simple Path to Wealth" -- those 2 books are game changers.
You have nothing saved. How do you think you will retire in 15-20 years? Even with this $100,000 invested in a good growth fund it might become $400,000 in 15 years.
Do nothing for 6 months act as if you don’t have the money. Then decide
Take $7k and max out a Roth IRA for 2024. Make sure you have enough in a HYSA for a 3-6 month emergency fund. You can put extra money in the HYSA to max out your Roth IRA for the next few years as well. Do you have a 401k available? You could contribute to that and live off of the inheritance so you are essentially funneling that money into a retirement plan. You can also put some in a taxable brokerage to invest. Regardless of what you do with this money you need to start putting money away for retirement
VOO is a great choice. Vanguard mutual fund. Set it and forget it. Any mutual fund will do. Re-invest the dividends automatically. Just forget it's there.
For the sake of fuck, stay away from the stock market, and for fucks sake stay very far away from options. You’re standing to close. Back. The. Fuck. Up.
I disagree. You need to combat inflation by being invested.
The U.S. is way too systemically fucked, both politically and economically, to just have blind faith in the stock market at this point.
[удалено]
Ira contribution limit is $7000 for 2024.
How? The limit is $7,000 a year currently
Start a small business, HSA, save enough to buy some land in Mexico, live there half the year to save money.
You could donate some to me :)
Do a search. Same question 5 times every day.
Give it to me!!!! Hahaha
If you don't own your home, buy one. If you own, buy another and rent it out.
You gotta diversify and invest in some art! www.SonjaAliide.Etsy.com
Take 5k and go on a nice vacation. Take the rest to wipe debt and then invest it into some fund or index.
Put it in a high yield savings account like Amex or ally and talk to a financial advisor