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.
Short-term: put it somewhere safe and don’t touch it. That might look like a combination of index funds and a savings account.
Long-term: figure out what you want to do with it. I’d suggest at least a large chunk of it as a long-term investment.
Save it. You can use it for loved ones in case they need it. I am glad I’ve got some savings. Not even anywhere close to that amount of money, but now I can help a dear friend who’s really struggling at the moment. She knows I don’t need it back anytime soon and I’m happy to help her with rent, food and vet bills for her dog.
You’re alive and sound of mind right now (I guess). Enjoy it now, you don’t know what’s going to happen tomorrow.*
*My opinion is based on my experiences and my experiences might not be a reasonable expectation for your situation.
Yolo
Learn piano online. You don’t need a bachelor. As a musician, no one cares is you’ve got a piece of paper, they just wasn’t to know if you’ve got the skills. Check out ‘pianoforall’ on udamy. Its $50. And is all you need.
Invest in s&p500 index. See bogelheads.org for the investment playbook.
You can afford 64GB of DDR5.
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.
If you’re in the US, GTFO. Maybe you’d be better off financially by staying put but this country is so emotionally draining.
I am not a financial advisor, seek a professional.
My opinion: if you’re young, invest…now…and change nothing else about your life due to that money. Keep reinvesting the return. At some point, you’ll see you have over a million dollars and you’ll keep the snowball going – and you’ll find you can retire 10-20 years earlier than everyone else. If you’re older, still invest, but you may want to see what the best options will be for yielding good returns toward retirement.
