My mom passed away a few months ago and I'm about to get life insurance check for just under 100k. Now, I'm only 20 years old. I used to think having over 1,000 dollars was overwhelming. I'm so scared I'm going to handle it all wrong.
My thoughts so far are:
-first and foremost talk to my boyfriends uncle who is a VP at a large bank about investing. He definitely knows how to handle that much money. If anything that's pocket change to him. But I'm scared he's going to tell to just invest it all. Which actually might even be the best idea but idk.
-buy property in the city I currently live in. I was thinking if I owned a condo in a growing neighborhood, I could sell it for a lot more in a few years. I could even make a down payment with half the money and then invest the rest. Also if I get a 2 bedroom, the other person renting would pay enough to pay the mortgage and I'd save a lot of money. (Everyone I know at my age and older is renting) -I also want to pay my dad back for the ~10,000 he's given me for college. But I'm not even sure he'd accept it. Just a thought.
-my stepdad also offered to let me invest in the home he just bought for 230,000 but was valued at 300,000. But i don't know much about that.
-I'm not sure what I'm doing with my life yet but I might want to start a company of a related field of my college major and I might want a business loan.
-I also want lasik eye surgery but that's only 2,000 and I supposed I could save up from working. It's technically a cosmetic surgery so it was always out of reach to me because insurance won't cover it. But I've bought my own glasses and contacts since I was 15 so I'd be saving money in the long run. (I.e. I don't consider it frivolous)
-same with a new laptop and stuff like that. I know I can buy it otherwise if I saved my money but I think I'd be able to justify using the insurance money because it would be beneficial to my career. (Right now I don't have a laptop so I have to go to my school all the time and they're not always open)
Thoughts I don't have: -blowing it all on frivolous things -buying a car or anything with a sunken coat -putting it all in savings. I am really broke right now and I'm about to not have anywhere to live this upcoming summer. -my sister's wedding is coming up and I think that would be shitty to use any of that money to pay for the bachelorette party and a gift and stuff. Right? I'm not sure. -making a large and risky investment -doing anything with it that wouldn't make my mom proud of me.
Thoughts?? Anyone else been in a similar situation? I guess it's different because I'm not an adult with a steady salary. Idk!!!!!! If any of this sounds really dumb or idyllic in anyway please let me know. Don't hold back (obviously) I NEED to make the right choices. This is a huge responsibility and I've always fucked up in life with money, and this is my chance to redeem myself. TLDR: I have more money now than I've ever had in my whole life and I'm only 20. What now????
Submitted February 25, 2017 at 02:14PM by throwinitawaywayway http://ift.tt/2laZ4Yi
