I inherited over 100 grand...what would you do

You're already smarter than me. I had 300k in savings 5 years ago and then proceeded to burn through all of it. As someone else said, it's very hard to get back once it's gone. I've been trying to climb out of debt for the last year and barely making a dent in it.

 

Why does this feel like a lottery winner story that blows it all in a few years? Luke, in the long run, $130k ain't that much when it comes to retirement. Probably about 6 grand a year extra for an old fart to live on. Is that a lot to you?

You did great paying off your debts. It's a good start, but you aren't going to retire on the rest. Take $100k of that money right now, go find someone you know and respect who already has a lot of money (seriously, why would you ask a broke ### someone for a reference), and ask them to recommend a retirement advisor. Then tell the advisor you want to put it away safely for your retirement (not theirs).


Use the other $30k however you want to. My advice, invest it in something that no one can ever take away from you - education. Or go for the carpet cleaning business.

 

You see, there you go. If you wait long enough someone would come along with the answer YOU are looking for. Forget all the good advice you've gotten, do it your way, then by all means stop by this time next summer and let us know how things are going for you.

 

I wanted to add into this with another thought. how old are you? if under 30 put all but a very small amount, say 5k into a trust fund( set up as invested in a safe very low risk mutual fund, rolling over all dividends) that you can not touch till you are 30. maybe 35. those years might give you the maturity not to blow through it. not saying you are immature, I'm saying all of us are/were immature in our 20's. and very few of us were good with money then. getting a big chunk, when you have never had much, is very difficult to deal with in a money smart way. and it goes fast man, real fast.

 

I had an old trucker friend tell me once what he'd do if he ever hit the lotto. His statement? "Keep trucking until I lost it all."