I learned this week that when I turn 25 (In two days) I will inherit a trust fund with $68K in it...apparently the value of it is 70K but the market is down or something...as the title says this world is brand new to me. Its currently in a fund held by Wesbanco with a $300 annual fee. Since a decision had to be made about what to do with the money on the date of my birthday (12/18) I told them I wanted to roll it over into an identical mutual fund until I can make a better informed decision. I have a few friends who are in to real estate investing so I have discussed that path briefly with them but that is about the extent of my thought and planning for the money up to this point.
Current financial situation: I am a freelance action sports filmmaker with no education beyond an American high school diploma and limited earning potential. Until now, I have always assumed that I will have to work until the day I die. In 2019 I will likely earn $20-25K and that will be nearly double what I earned in 2018 and will be far and away the most money I've ever earned in my life. In 3 weeks Ill be moving into my truck to live in CO and snowboard for 3 months with my dog. In the short term, stability and comfort are definitely not priorities for me.
As far as goals go, I would love to have a substantial source of long term passive income and I have some plans to begin working towards that while in Colorado through a Real Estate marketing related business venture. The real estate related business is still in a startup/ideation phase though so I have no idea yet as to whether it is a workable long term solution.
What are my options for this money? I don't know the difference between a CD and a Bond or a 401k and a Roth IRA much less how to start learning about all of this. From an idealistic and naive standpoint, the idea of using this to start acquiring rental properties and scaling up from there and using property management companies SOUNDS nice but again, I don't know where to begin with that either...
Finally, If I decide this is all way too much and I want to hire a professional, how do I find someone that I know is working ¡in my best interest rather than their own?
Submitted December 17, 2018 at 01:16AM by odissonance https://ift.tt/2EzoxJc
