I'm 19, How Do I Not Blow My $100,000 Inheritance?

I'm 19, How Do I Not Blow My $100,000 Inheritance?

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[Justsayingthat]

Please don’t tell anyone! People know you inherited money and suddenly you are the one buying things for your friends. Seen it happen.

[fhuber]

One of the smartest things the 19 yr old could do... ask how to deal with sudden wealth and not blow it.

[aswinprasad]

That's the oldest sounding 19 year old I have ever heard

[samanthavasquez]

glad he called Dave before doing ANYTHING

[TedGetsBread]

Lol I wish I had this problem. Wipe that debt and Invest immediately man.

[BlakeBake]

This kid will be set for life if he plays it correctly. Even $50k in a decent fund that starts before he's even 20 will be a very nice start. He'll graduate debt free with an emergency fund, paid for car, and a huge start on retirement 🍻

[JordanWilliamsN]

Lol don't spend it! But I agree that finishing off school debt free is the best move.

[josephc]

I can relate to this. I inherited under 200K at 14. Haven’t touched it until recently because I’ve been educating myself on investing and the long term game.

I invested during March lows.

[LoveLife-oocz]

People are so lucky to have inheritance. Me and my husband both of us paid for our own college courses, parents didn't save any college fund. When we had full time jobs, just jobs, nothing else with a little better pay, suddenly we were the ones should pay for all. So whenever family member asked how much did I make this year I told them none of their business.

[QuestionEverythingButWHY]

“Too many people spend money they haven't earned, to buy things they don't want, to impress people that they don't like.”
― Will Rogers

[thetruth]

Love how Dave and Anthony always say buy a car 10k at most very true!!

[actuallyterry]

I wish I had a grandparent that left me money. So I have a plan to be that aunty to my niece.

[marshpartyoftabitha]

I love how he's papa Dave ❤ he talks to you like you're family

[Phougi]

Helped my ex spend her $100, 000 inheritance. We were young and dumb, her mom watched us walk for high school graduation and passed a week later. Retail therapy is terrible and money will NEVER buy you happiness. I have been there don't try to argue until you have spent $100, 000 like I have contributed too. Act like it is not there and build a life for yourself before you do anything emotional. 5 years later I built a life for myself, asked for forgiveness, and learned the value of a dollar earned.

[lography]

I would pay off my student loans - The rest, I would immediately lock into a 3-month GIC (I'm in Canadian, American's would do "money market"). This isn't a wealth-building option and I'd miss out on a bit of compounding but that's fine. Chris Hogan recommended this the other day and I entirely agree. If you have access to the money right away you'll likely blow it. I'd need to give my brain time to adjust so I could make wise decisions.

[joshuat]

I applaud this young man on seeking wise counsel first.

[ChrisandKnight]

I know I have a large sum of inheritance coming my way when my grandparents pass, and my gameplan is the same as they discussed here. When i first learned about it many years ago i had no financial skills and I am glad I didn't get it then.

[RachelASmith]

I have an opinion: only invest your money into things if you know how those things work. For example, if you don't know how the stock market works, don't invest your money there. If you do understand how it works, then go ahead. I don't think there's anything wrong with putting the money in a bank account or a CD and taking your time to learn how to invest. I also think it's OK if you don't invest all of your money in the stock market.
Does anyone agree or disagree with that? I'm open to suggestions.

[JessieOpportunityCostInvesting]

Kudos to Ramsey for giving away Ramsey+ to this student! This could have changed John's life forever

[AK-jtgx]

This was EXACTLY me three years ago. Same age and amount of money. I spent some of it on education and the rest is in mutual funds until I am ready to buy a home in the next 2-3 years. Just pretend it doesn’t exist except for education or purchasing a home, you’ll be good.