I have $400k that my husband left me after the divorce. I never worked my whole life and I'm not finding jobs...seem to be procrastinating. Im also very irresponsible with money. I need to do something with this money so it's locked for me to dont spend everything and also I need to figure out a way to get some income every month so I can support myself. Can you please give me suggestions? I need to decide asap!
A “desperate and irresponsible person” should not invest in real estate and definitely shouldn’t lend out their money. You might as well light it on fire…
If you need to invest it more dangerously than a CD buy a home and rent spare rooms to co-workers, friend, relatives. But this also leads down bad paths for the desperate and irresponsible. Maybe buy a duplex, live in half and have a professional property manager handle the other half. If you currently rent you’ll save that money. If you currently own and it’s appreciated, sell tax free. If you currently own and it hasn’t appreciated, NM, go back to the CD.
I have $400k that my husband left me after the divorce. I never worked my whole life and I'm not finding jobs...seem to be procrastinating. Im also very irresponsible with money. I need to do something with this money so it's locked for me to dont spend everything and also I need to figure out a way to get some income every month so I can support myself. Can you please give me suggestions? I need to decide asap!
Hi "Isabella", there seems to be some confusion on how real you are, so here is a simple test, if your left hand has 6 fingers, how many toes are there on your right foot? If you take that number and invest in mutual funds for 12 months and sell, what is left over? Then we can help you.
Put it in a CD for 5.2% for a year and take any job you can start, any. Get income flowing. Take care of your health. Start walking and doing stretching at home.
I have been trying to get a job for over 8 months now. I have been fired of all the ones that I tried - server - because of my ADHD the other ones dont allow me to make enough money to support myself - sometimes people dont realize the real world - I have applied to over 200 jobs... I cant just be waiting. It has been 8 months now. I did counseling. 40% of homeless in NY have a job but cant afford cost of living. I just need some advice so I can get some extra income on the side with the money - dont spend it
If you’re worried about money, the best things you can do for yourself is learn to get and keep a job. The 400k won’t last forever.
I recommend not making emotional rash decisions (OMG don’t buy real estate or lend right now!), and instead trust the advice you’re getting here. I recommend the CD at 5% for 6-12 months and learn to keep a job.
Your strong financial foundation needs to start with developing a work ethic and appreciation for the value of money. You’ve told us that you don’t have these traits YET. I didn’t either 10 years ago, but they can be developed.
You’re trying to play high level financial literacy by worrying about inflation. Stick to the basics. CD and get and keep a job.
Help you out? No one here can help you. learn some responsibility or prepare to be broke real soon. The above Bill Brandts advice is a good as it gets, but as soon as you need your fix(whatever it is), there goes the house for sale. You need to change a deep seated bad habit.
I have been trying to get a job for over 8 months now. I have been fired of all the ones that I tried - server - because of my ADHD the other ones dont allow me to make enough money to support myself - sometimes people dont realize the real world - I have applied to over 200 jobs... I cant just be waiting. It has been 8 months now. I did counseling. 40% of homeless in NY have a job but cant afford cost of living. I just need some advice so I can get some extra income on the side with the money - dont spend it
Ok. So if you can't keep server jobs, stop taking them. Go get some counseling and figure out the right job for you. Then get out of NY....you don't need to be trying to make a new start in one of the most expensive cities in the whole world. Just my .02
@Isabella Mendes Have you considering being a PML? It sounds like you have looked into it a bit. I recently started doing it for real estate with some good success for SFH flippers in Orlando. I am happy to help if you got questions.