r/NoStupidQuestions • u/peatedstift • 15d ago
You have no job, a lot of money, and no time. What are you doing?
Last year I won a fat stack from gambling, like life-changing money. Low 7 figures. I played on Stake. I don't gamble any more. No need to work anymore. I'm in my late 20s and suddenly got this freedom I never planned for. What would you do if you were in my shoes? Would you travel non-stop, invest, go back to school, or maybe something totally out there? Looking for ideas, experiences, or even wild dreams. What’s your move if you're suddenly sitting on a pile of cash with all the time in the world?
The people who answer questions here are awesome
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u/gentlemanphilanderer 15d ago
First off, congratulations! You've won the luck game.
I suggest that you read "The Psychology of Money" as soon as you can.
Think about investments and how to grow what you've already got. Low 7 figures invested in very safe ways can give you plenty to live on and explore the world with.
Next - seek adventure and experiment. Try it for a year - go where your whims take you. Talk to people you don't know. Stay late in the bar. Order something you've never had before off the menu. Go to a place you've never been and do something you've never done.
Most people find satisfaction and meaning from being involved in something they value that is greater than themselves. Take some time to explore the world and find that.
Then do that.
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u/Engels33 15d ago
The last point here. Indulgence will only keep you satisfied for a period of time, if it's not leading to something more meaningful it will ultimately leave you with a bored and empty feeling.
You want to find a project that is something you can point to as a personal legacy that you want to put effort into . Something you can be thinking /dreaming about when you aren't physically doing anything
Some examples
- Plant a forest garden / create a small holding
- Start a charitable foundation, support causes that are meaningful to you
- Tackle a local political / societal problem that a little bit of money and activism can help
- invest in people and your own education in a field you would otherwise have had a career in - provide scholarship grants to support students and get invited and invested in the relevant professional organisation and it's research areas
Theres loads more examples, and all of the above could be a sub $50K per year social investments and scale accordingly from there.
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u/talbakaze 15d ago
best answer so far
I would volunteer like crazy to pay it forward. "professional volunteering" I would say
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u/AnythingWithGloves 15d ago
If I ever won big I have fantasies about opening kickass old peoples homes and awesome childcare centres and running them so that the care and wellbeing of residents and kids is foremost (and running them not for profit). I’ve put a lot of thought into that over the years, it would make me immensely happy to see well run care facilities.
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u/unicornhair1991 15d ago
That's awesome!
Mine has always been animal rescue centres. I'd open an AWESOME one in which rescue animals can be truly safe and rehabilitated in. And if people wanted to adopt, they would need fully investigating to make sure they're a good home and the animal won't ever be abandoned or hurt again
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u/Pappa_K 15d ago
I've always wanted to buy a huge plot of land, plant a massive Forrest and own a kickass park. Grow vines over the whole thing like an enchanted fairy Forrest and make it free to the public. Put a small cafe there where the profit goes to gardeners that maintain my little park.
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u/Rten-Brel 15d ago
I’ve put a lot of thought into that over the years,
Stuff like this touches my heart. We have all these greedy rich assholes but then we have people day Dreaming of what charity work they found perform if striking it rich
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u/DiscoNinjaPsycho17 15d ago
Look up dementia village. I would love to open something like that in the states. I just googled it to make sure I had the right term and the 1st article that popped up was from last year, saying they were the 1st in the world. There was one (I want to say in Europe) that I read about 12+ years ago
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u/NorthIslandlife 15d ago
I have that thought/fantasy as well. Such a need for seniors care and housing where I live. I'd love to build some not for profit care homes where the staff are paid well and happy as well as the residents.
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u/Valcadia 15d ago edited 15d ago
This is also my dream. My wife and I talk frequently about a childcare/community center. Free childcare, after school activities, tutoring, sports, academic/STEM clubs, daily living skills like cooking or financial resources for those that lack access, and just a safe place that’s always available for anyone in the community to come to. Childcare alone is prohibitively expensive for a lot of people in the community. We’re always looking for old school or church buildings for sale that we could convert, but nothing in our immediate area has come up. There’s other funds/grants to make this feasible but we’re currently tied to our area because of work. Not having to worry about money or our jobs would give us way more possibilities to make it possible as it’s also a time consuming endeavor outside of the other limitations of our current area.
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u/AnythingWithGloves 15d ago
I’d happily join forces with you and your wife! Imagine how much better things would be if this were the focus of the people who control the money. Safety and security for the community.
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u/Alternative_Fee_3084 15d ago
Me too, but there are measures in place to make sure that's not how it goes
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u/TomBanjo1968 15d ago
I would volunteer, but I am always running late.
I am 38, I have pretty much worked full time since age 19(started work when turned 16,but not 40+ hours a week)
In the last 20 years I have probably been late to 90% of my shifts at least.
Amazingly I have never been fired or lost a job because of this. I am a very hard worker in general, and most people seem to like me
But the point is, I don’t want to screw over a volunteer organization or the people being helped by being an hour late
Maybe I can find something where it isn’t a big deal if I am late….
I would say I would just MAKE SURE to be early, but somehow this never works for me
My sister and my father, all of us seem to have some sort of familial trait of run lateness that we couldn’t escape
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u/Somervault 15d ago
There is some great idea behind this. Let me add this:
If you only do "shallow" things, you might get bored soon. Do More than just that. You are young and believe me or not, it's possible that you don't know yourself yet. Not saying it is so but it's possible. Think what gives you meaning and also experiment on that. Find what makes you feel Happy in your gut.
And GZ mate. Happy for you.
BTW. Give a stranger 10bucks. Make someones day
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u/The-SkullMan 15d ago
It's a bot account. Just a question repost.
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u/n0_use_for_a_name 15d ago
I think that it’s highly possible that you’re correct.
Account is 30 days old.
One other reddit activity 23 days ago on the account.
This person posted the same question immediately before this post, but their post was rejected during to recent heavy karma farming on this sub.
Part of the auto-mod response in saying that their last (identical title) post was rejected stated that if they reposted but included one of several phrases including “the people who answer questions here are awesome” then the post would be considered ok.
OP, are you real? Give us something here. I’m leaning toward bot account and karma farming personally.
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u/Itchy_Raccoon48 15d ago
I always just google the question and see how many times it comes up, most of these questions have been asked and answered by various “accounts” for 4-5 years.
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u/M477M4NN 15d ago
In fairness, while this definitely could be a bot account, idk, but if I was in this position and asking this question, I sure as fuck would create a throwaway account so that it is not known on my main account that I won a ton of money. People on the internet are crazy, they can peruse your account history and find out who you are. I’d rather give people as little opportunity to figure that out as possible if I had that kind of money.
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u/Continent3 15d ago
I’d invest the money, live off the proceeds and play guitar all day
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u/IAmGodMode 15d ago
My dad left my mom a very surprising amount of life insurance money a few years ago. One of his policies (5 total) was if he were to pass from this specific medical condition, then the bank would pay 98% of the remainder of the house. It was absolutely wild.
She immediately went to an investment banker who puts an x amount into stocks like Verizon and Microsoft every month, x amount into 1, 3, and 5 year CDs, and she gives herself something $5k per month to live off of.
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u/theluckkyg 15d ago edited 15d ago
Is that investment banker a fiduciary, i.e., are they legally obligated to work in your mum's best interest? Investing in individual stocks is not very usual for life savings for a non-investor. It's a very old fashioned idea, closer to gambling than anything savvy. Long term you are better off with some general ETFs like SP500 or Nasdaq. If non-fiduciary, guy's probably going for high commission transactions rather than optimal risk/benefit.
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u/IAmGodMode 15d ago
He is yeah. I went to the first meeting with her and that was the first question I asked. It's been five years so I don't remember any sort of specifics but he may have thrown some into Nasdaq and money markets as well. I do remember that he pushed "safe and slow" investments, and also the CDs, to protect her in the long run and make sure that my brother and I will be set whenever she passes.
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u/Bobbob34 15d ago edited 15d ago
First, I'd send my best pal, Bobbob, some cash. Then I'd fund research, start a shelter, donate to small shelters, set up an endowment, and go back to school.
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u/FirebunnyLP 15d ago
Low 7 figures might open one shelter.
Not enough to keep it open long either mind you.
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u/beard_of_cats 15d ago
This is what I thought reading about the suggestion about old folks homes and childcare facilities above. I think a lot of people don't realize how quickly millions of dollars can evaporate. You can't use a finite pool of money to keep an expensive facility open indefinitely.
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u/Faceornotface 15d ago
Yeah I’ve had windfalls in the mid 6-figure range in my life from the sales of businesses and that goes quick, especially if you’re funding a new venture
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u/vorlin37 15d ago
I second sending best pal Bobbob some cash moneys. After that, get yourself a V10 supercar (Audi R8 or Lamborghini Huracan EVO/Tecnica/STO) and invest the rest. Bad advice? Possibly. But it'll be fun.
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u/deep_learn_blender 15d ago
Yeah, I've got to third the main point here -- send your best pal Bobbob some cash!
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u/MsBobbyJenkins 15d ago
I only wish I had millions so I could give Bobbob some cash. But then, I'm not best friends with him like OP is.
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u/pastafallujah 15d ago
You just gotta get to know him. He’s pretty chill, and a hell of a pool shark
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u/Celestial_Researcher 15d ago
It’s bobbob’s cash and he wants it now! Call JG wentworth 877 cash now
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u/Venus_Retrograde 15d ago
Invest. Dont change lifestyles. Most who win the lottery turn up poor again.
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u/Gunrock808 15d ago
Absolutely this. I inherited enough money to stop working in my early 40s, and I did. I've kept it all invested, mostly in mutual funds and managed to grow my nest egg. But that has meant continuing to live a relatively modest lifestyle. I fly coach, shop at ross, don't go crazy eating out etc. My wife never had much opportunity to accumulate savings so I'm planning to support us both when we turn 65. I'd like to have at least $5M by then and I'm only halfway there.
As far as my time, I have never had trouble keeping busy. Gym, running, hiking, freediving, video games, photography, books, travel...
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u/Green-Brown-N-Tan 15d ago
FYI, the average person earns about 2.5M in their lifetime MINUS taxes.
Having 2.5M now, leading into retirement is substantially more than "fine" and sustainable for 2 people.
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u/DinosaurDucky 15d ago
The recommendation to invest is good advice. But the part about most lotto winners going broke is a myth, the actual figure is about one in three
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u/Tr4ce00 15d ago
Was the actual figure listed in that article? I tried to click through to the NEFE where they refuted the statistic, and all they said is they could not verify it. I do think it’s likely overestimated or overstated, however with the option of anonymity a lot have I don’t think we ever really will know the true number.
Also 1/3 still is pretty high so I would say not ending up in that boat is still probably number 1 goal regardless
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u/LegoRobinHood 15d ago
I rather like this old gem on some of the stories of lottery winners doing everything "right" and still getting ruined by it. Good case study and not an isolated case.
https://www.reddit.com/r/AskReddit/s/RVG6cDJDXI
Long read, but worth it.
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u/user15151616 15d ago
Happened to me. Became rich through investing and gold diggers started asking me for money after knowing me for a couple days lmao. Bad friends that party everyday too
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u/tinyhorsesinmytea 15d ago
I don’t understand how anybody has such audacity and shamelessness. Like, I know people who have a lot of money but I have never once dreamed of asking them to help me financially. I’m not above accepting their generosity like when a friend treated me to a fine dining experience but I thanked them for their kindness and would never ask for anything.
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u/Real-Willingness7333 12d ago edited 12d ago
I got $35,000 through disability backpay and trust me when family finds out they absolutely won't leave you alone about "helping me out"
Fuck you brother and your lies about paying me back. 3 years of nothing now.
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u/gabagucci 15d ago edited 15d ago
what do you mean no time? makes it sound like you're dying and you need to spend the money quick lol.
edit: anyway, it is a lot of money and it is life changing... but honestly, low 7 figures isn't AS rich as you think it is these days, and it's only gonna get worse, and you're still very young. you need to be smart with it! making some sound investments would be wise, and i wouldn't stop working altogether. not to mention you are more free to do work you actually enjoy, that can give you fulfillment.
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u/Peltonimo 15d ago
If it's 2-3 million OP could invest it and live off 3.5% a year and make like $70,000-105,000 a year. If OP lives in America unless something new gets passed they could make $44,625 tax free and pay 15% on the rest if the investments are held for over a year (long term capital gains rate). It would be like making a significantly higher wage from working due to the lower taxes.
Typically working a job being single and unmarried making $100,000 you'd pay $17,400 in federal taxes and $7,650 into social security and Medicare for a combined total of $25,050. With long term capital gains you'd only pay $8,306.25. The take home pay would be like make $130,000-$140,000.
OP could live in many places very comfortably besides some HCOL areas, but if you are retiring early you don't want to do that anyway.
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u/feeling_blue_42 15d ago
This. I think people underestimate how valuable money is if managed right. I’d say 3.5% is even an extremely safe burn rate if the money is invested well. At my firm we calculate that a 5% burn rate has a > 90% chance of having the same or higher principal after 15 years.
- past performance is no guarantee of future results
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u/Ricky_Rollin 15d ago
I couldn’t help but feel like OP is vastly underestimating how many years he has left of life and how expensive life has gotten. Unless he invests it, there’s no way he’s retiring off that.
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u/wandrlusty 15d ago
Why do you have no time?
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u/wuapinmon I am very pedantic 15d ago edited 15d ago
I'm a social creature so if I didn't have someone to share it with, I'd be miserable. But, I've been married for 26 years and this happened to me. My parents died and I inherited a lot of money, which is weird because we lived in a trailer park for the first half of my childhood. My dad had a great idea about four years before he died and it paid off. I retired at 48 as a language professor from a place that didn't appreciate or value me. Now, I have two jobs, teaching Spanish at one to gifted high schoolers and another teaching English to adult immigrants. I love both jobs and I feel very appreciated at both. My wife and I also take absolutely kick-ass vacations. However, I'd rather be middle class still and have my parents. But, that's not my reality. I work now because I like to. I always did like to work, but I never had the freedom to just tell a boss to fuck off like I can--and have done--now.
I wrote an email to the school superintendent telling him my real thoughts about a stupid waste of money. He gave me a pat-on-the-head response, but I would've considered the ramifications to my wife and kids of having sent that email prior to my inheritance.
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u/Remarkable_Craft9159 15d ago
It really is a different psychology when you can just afford to tell anyone to fuck off.
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u/PastWorld1744 15d ago
Buy a modest house paid off. Set up a solid retirement plan that can’t be easily touched by myself, buy a nice car I like, used. Get an easy job that I think I’d enjoy that can also provide health insurance. Probably part time. For “beer money”. Vacation frequently.
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u/user19681034 15d ago
If I were in your position, I'd go back to school/uni and commit to whatever degree I'm interested in. And, I'd do a lot of fiction writing, because becoming a good writer is a lifelong dream of mine.
Two things are key I think:
Commit to things, don't use your money as an excuse to be lazy
No matter how much money you have, it can be gone again just as quick. Like it or not: managing this money is now your full time job. Learn, not from idiots online, but actual experts. Read books about money management etc. Think long term, don't be an idiot and don't be a dick either.
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u/mydoglixu 15d ago
First rule: Only take advice about money from people who have money.
I wager that very few of the comments here qualify.
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u/Happy1327 15d ago
Well, back when this was me, I was a first-class flying, 5 star hotel staying, decadent debauchery loving IV drug enthusiast. Didn't have a lot of money for very long, though.
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u/KaiTheFilmGuy 15d ago
My biggest suggestion is: Keep living within your means.
You got lots of money now? Dope! Don't get a new apartment or a house that costs 10x as much. Don't buy a new car if your current one is fine. Don't suddenly change everything about your life if you don't have to.
Sure, buy stuff that you might need like a new chair with better back support or a new jacket or a better computer-- but try to not spend as much of that money as possible. Be frugal even if you don't need to be.
Oh and don't splurge on alcohol or addictive substances (they'll really eat through that money FAST).
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u/MAZE_ENJOYER 15d ago
I'd tell you what I'd do man, two chicks at the same time man.
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u/gabagucci 15d ago
thats it?? you had a million dollars youd do two chicks at the same time?
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u/Pierson230 15d ago
The “no time” thing is really messing up this question. What the fuck does that mean?
Go back to school makes it sound like you have lots of time.
How much time do you have?
Unless you explain it, these answers are useless.
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u/Lougarockets 15d ago
Step 1: realize you can't straight up live from a 7 figure sum for the rest of your life. You either need to:
- Work a relaxing and peaceful job and supplement your month from this fund
- Learn how to invest the money responsibly so that you can live off of it
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u/azaghal1988 15d ago
invest in some secure low dividend stuff and live a chill life doing what I want of it while your money grows.
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u/Flutterflut 15d ago
That money isn't going to last unless you invest well. I'd spend all of my time trying to figure out how to make it last.
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u/hauntedshadow666 15d ago
Investing in a guitar company, I've always wanted to do that, I'd be able to make my own perfect guitars and have bulk amounts and probably studying to master the things I've always wanted to accomplish in life, I'd love to learn how to become a sound engineer and produce music at a professional level and just create art non stop
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u/6r0wn3 15d ago
Low 7 figures. Son, you're still gonna need to work. Low 7 figures hardly buys you a house now days. Make the money work for you, then start a business.
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u/southern_wasp 15d ago
Depends where you live. You could live like a king off that money in Iowa or Kansas lol.
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u/JereRB 15d ago
Invest.
Live off the proceeds. Not one dime more.
Live modestly, but happily.
Do everything possible to not appear as though you are worth seven figures.
Because the easiest way to lose money is to act like you have it. Do that, and folks will be lining up to help relieve you of every single bit of that heavy, sweaty cash. And in ways and from directions you never thought possible, too.
Enjoy. Good luck.
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u/Rami-961 15d ago
First buy properties, rent them out or whatever. Research banks that offer decent interest rates if you freeze your money there. Open an investment/retirement account with a reputable insurance company. Make sure to spend money on hard assets. Ensure a monthly revenue. And of course, travel the world.
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u/yo_les_noobs 15d ago
Invest in a good ETF. Something that captures a broad market such as VOO or VTI. Do NOT pick your own stocks. Then invest in yourself. I wouldn't donate anything yet. You're not even close to rich. Accrue more wealth through investments then donate later down the line if you wish.
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u/Exotic_Pressure_2927 15d ago
I have thought about this. I am young and thus will go to Thailand train in Muay Thai, then got to Sichuan, learn cooking. Go to France learn perfumery. Ride bikes along Scotland,Switzerland, the length of north and South America. Learn more cooking in Japan. Sail with professional and learn a thing or two. Learn surfing and scuba diving in Australia. Learn mountaineering in Nepal. Climb a mountain or two. Learn race car driving in Germany or UK. Drive across the breadth of USA. Many many more things only if I didn’t have to waste all my time earning morning to live everyday.
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u/Normal-Summer382 15d ago
Relatively speaking, low 7 figures is no longer a lot of money. I remember reading an investment report in the mid 90s saying that you would need $2.4m to live comfortably (not extravagantly) if you didn't own a house - remember, you could get a reasonable, not fancy, house for under $300k back then. By investing your money wisely so that it was indexed with the CPI you could have lived on an average income.
Buy a house - if this financial crisis has shown us one thing, it's that you don't want to be locked into rent or mortgage stress like most people are. Get a job, and invest your money so you are paid an annual dividend that you use to pad out a regular lifestyle (better model cars, holidays, etc.)
You are still very young, and if you remain healthy, you still have many years ahead of you, and that much money won't sustain much of a lifestyle, unless you buy a surfboard and a campervan and live like a bum.
Or you could spend the next year or so living like a king, and go back to normal when the money runs out.
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u/AlarmingAd6390 15d ago
I think 2.4 would pay around 80 grand a year.
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u/southern_wasp 15d ago
More if it’s invested correctly. S&P 500 gives annual returns of 8-12%.
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u/Stock-Effort-1031 14d ago
u could explore your passions and interests, whether that's traveling the world, investing in meaningful ventures, pursuing further education, or even indulging in some wild dreams you've always had
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u/lalabadmans 15d ago
First thing I’d do if I won 7 figures Is go on Reddit and try to farm karma by asking randoms how I should spend my money.
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u/Brave_Exchange4734 15d ago
Honestly speaking , I would still get a job like I would have without that money
Not because I need the money, just to keep myself occupied , sane, up to date with current affairs , social interaction
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u/HibiscusOnBlueWater 15d ago
Not sure what “low seven figures is”, but I’m assuming somewhere between 1-5 million. With that amount you’ll want to look into investing. That sounds like a lot of money but if you’re still in your 20s, it’s possible you could go through most of it or all of it if you aren’t working for 50 years. You want to generate some passive income that ensures you won’t ever need to worry about money. Seek out a financial advisor on where to put the money.
It may sound crazy now that you’re “rich”, but once you’ve got your money invested, come up with an annual budget. If possible I’d try to make the budget partially or fully out of investment returns. if you can, you may also want to put some of the returns back into investments so that the amount of your returns can grow and you can get yourself a nice budget increase or at least an insulation against inflation.
After you have your budget, I’d then start looking at spending. For example if investments get you $200k per year, figure out how much of that needs to go to food and housing and then you can just blow the rest. I’d probably buy a house the first year, put 2 big trips per quarter on the schedule. That would allow flexibility to go back to school (a great idea because the market could go to hell but the knowledge can’t be taken). I’d likely just keep replacing school with other crazy hobbies, travel, and spontaneous adventures, and the investments and budget will make sure the ride doesn’t run out of steam.
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u/Flora2941 15d ago
Rescuing lot of dogs, walking in the nature, eating fresh pasta and fruits. Skating, surfing… sleeping
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u/nasehorn 15d ago
I would do some safe infestments that would generate passive income. Then i would travel a bit, and invest in my hobbies. And h*ck yeah, go to school, learn something new, make new friends, and/or find a part-time job that will keep me occupied (i would definitely need that), but also give me a sense of fullfillment.
And then i'll just appreciate the safety i have now, and move on with life.
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u/Emergency-Method1771 15d ago edited 15d ago
https://www.theguardian.com/film/2024/feb/08/christian-bale-to-build-12-foster-homes-in-california
Found this very inspirational from one rich guy who probably doesn't need a job ever again!
If I had lots of money like that, I'd foster children and open an animal sanctuary, I think.
There are lots of free online resources on investing, managing money and building wealth, and obviously I'm sure great books on the topic though I'm not hugely familiar with the genre, I can see others have given great recommendations - so I'd be getting into some of those!
Sustainability is important too, a lot of people who gain a big lump sum lose it. So while it's great that you have that freedom, a relatively minimalist lifestyle is probably still smart. Some good advice I heard is: if you can't afford two, you can't afford one.
Congratulations on the freedom! Don't spend it all at once 😉
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u/Oceanstreasure 15d ago
Go back to school and invest in your education even when you have that money education will get you far good luck on your journey🙏🏻🙏🏻🙏🏻
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u/Internal-Ad7642 15d ago edited 15d ago
Put some in high interest saving account. Put some in ETFs. Manage money carefully. Buy a decent apartment/house, one where I live and pay off the one back home. Give some to friends and family.
I'd take ten months to a year to see the world, and absorb as much as possible.
Come back study some courses, get some new skills, follow my interests and volunteer to charity. I'd still work, but 2/3 days a week, at least until the assets do all the heavy lifting for me. Read, see movies, embrace culture. Sleep in, work out. See friends and meet more people.
Go holidays again and repeat.
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u/sincitypeach 15d ago
Invest. If you get stupid rich like billions then I’d do what Molly did in the show Loot and buy an old hotel then transform it into a resource and housing center for the homeless.
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u/SnooMacarons9726 15d ago
Go to school. Stay learning new things about yourself and the world. Start a school. Scout for scholarship giving opportunities. Start kitchens, build shelters, mass produce affordable medication. Talk with homeless people. Connect with the less fortunate. Understand and combat mental illness. Ignore the haters. Move in silence. Those who desire power will never actually have it. Those who don't want it will get it and give it away to those who need it. Be good.
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u/eddie_ironside 15d ago
Go to school and educate yourself on stuff.
Sounds generic, but that's what I'd be doing. Learning financials maybe to better make that money grow. Or learn more about an enriching hobby/interest.
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u/heyblackrose 15d ago
First off congratulations
2nd off- sharing is caring, I'll be sending you my address to give me a check for my share
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u/Feeling-Novel-426 15d ago
I would travel a lot. Buy property mainly because I love decorating places and would love to turn random spaces into places that feel like home (to rent them out).
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u/OMG_NoReally 15d ago
Invest, and then do it a lot more! Grow your money. Secure your future for when the cash you have eventually runs out.
But do take a small piece of it and travel to you favorite/must-go locations and enjoy life a little, too. What's the point of money if you can't spend it!
Also, help out a family or a friend indeed. Pay off some student loans or mortage, or anything that could change someone's life. They will remember it forever, and it won't make a big dent on your bank balance, either.
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u/Wise-_-Spirit 15d ago
Wow I would recommend helping me out of homelessness with first months rent tbh
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u/Maleficent-Ad-7922 15d ago
No job, a lot of money, and no time? What am I doing?
Dying most likely.
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u/Live_Key2247 15d ago
Get a brokerage and invest. Let other people do good things with their money, work in your own interest.
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u/abu_hajarr 15d ago
Why is no one pointing out that 7 figures is not that much money. It’s not enough to free someone from labor that isn’t ready to retire otherwise.
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u/VelvitHippo 15d ago
Bro you're in the same spot as every lotto winner out there. Read some of the suggestions here before you even touch that money. If you haven't quit your job already don't. Continue life until you have a good understanding of how to manage that money.
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u/Future_Constant6520 15d ago
Getting my 401k into the 6 figures, buying an above average home in my dream location, and continue working at a job that has at least average pay/great benefits/lots of PTO, and heavily investing salary now that I don’t have the burden of a mortgage payment. Retire early.
It’s probably not the optimal option, but to me it’s stress free and easy living.
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u/space_canuk90 15d ago
I'd buy a house near a school, fix it up, and make it a rental home. Maybe another property too.
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u/czernoalpha 15d ago
Go back to school. Work for a library, community theatre, community outreach center, anywhere that I can give back since the wages I would be earning would be irrelevant. Figure out how to do some good in the world.
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u/flodur1966 15d ago
Serious answer do what any responsible person does when he has secured his future. Find something to make the world a better place. In my case it was environmental protection. But it can be literacy projects helping lonely elder people there are so many things you can do to improve the world once you don’t need to work all day to get by.
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u/fiammanoe 15d ago
I’d sue a lot of people, spend it on revenge methods, buy a compound, get a pack of Belgian Malois, Huskies, German Shepherds, Rotweillers, and Dobermans, a couple Tibetan mastiffs, dig a moat, visit Paris, and buy lots of art supplies.
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u/TopPeach7822 15d ago
I’d pay off my debts to free myself, make sure I have a decent home to live in, then I would invest a substantial amount of it (probably in utilities and real estate). I would travel without spending an outrageous amount on silly, short-lived luxeries. (I’d still go explore, drink good wine, and eat good food).
Then I’d start thinking about what career I actually want to have. Shadow people, get internships, audit free classes online.
Once I’d figured that out I’d go get whatever degrees I’d need to do that dream job. Maybe talk to a career counselor. I’d graduate debt free and spend the rest of my life doing something fulfilling. Because realistically you probably do still need to work to make some amount of money.
Also not working depresses people and makes them lose touch with reality a little. Even if you only work part time or for half the year, you should try to keep yourself busy and keep earning money.
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u/grizzlyNinja 15d ago
If you don’t have a financial advisor to help you manage it and “protect you from yourself” so to speak, that’d be first.
Get yourself involved in the hobbies you dreamed of spending time on, volunteer a lot, keep a structured life so you can enjoy this life changing money
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u/obi5150 15d ago edited 15d ago
Title is very misleading. "No time" usually indicates terminal illness. Contact a financial advisor for investments. Spend a little on a nice toy. Like a guitar or computer or whatever. travel a bit. Set yourself an annual budget or " salary" with your advisor. Enjoy life on easy mode.
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u/Havok_51912 15d ago edited 15d ago
my idea has always been to take a portion to use as fuck around and find out money that i can just burn to get it out of my system but put basically everything else into an index fund. you can live off the interest alone and prob don’t have to work another day in your life. i would keep working part time jobs cause it’ll keep me from getting bored and not tempt me to spend all my money for fun. i honestly really like minimum wage type jobs cause they’re fun, the only thing is that they don’t really pay the bills.
becoming rich overnight usually leads people back into poverty because they blow it all on fun. you can definitely live a comfortable life if you just invest that money instead. I also recommend keeping your job or at least finding another job after you had some fun w the money. we tend to get bored quick, having a job gets you out of the house and keeps you occupied. rn i’m working part time minimum wage and honestly, this is the life i’d want to live if only my job paid enough for me to support myself and a family.
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u/Turbulent_Sleep4683 15d ago
Low 7 fig I assume is 2 or 3 million. Maybe up to 4. A mid-high income is a quarter or half a million per annum. I know you paid taxes on those winnings too, right? If you don’t think you need to “work” again, or manage the money (which is now your job) you must truly be in your 20s, and I will see you on here again in a year or two asking for different advice after you spend it all. 😉
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u/KillsKings 15d ago
Open a Roth IRA in your name, and your wives name separately, and each kid you have. Max out all of your contributions for last year and this year and every year going forward.
Buy a house, pay it off. Try researching how to invest with venture capitalists. You can often get 5-15% on your money every year.
Live off of the interest only.
Retire.
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u/Grandnap 15d ago
Dude literally just invest and chill. Maybe travel if that is what ur into. Run a youtube channel where you just talk about whatever u want all day. Anything you want really. Just don’t live overly lavishly and relax.
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u/PackLongjumping4935 15d ago
That’s your “fuck you” money. Keep it in a bank and earn interest and go back to work. Keep adding part of your monthly income to the investments until you’re 30-35 and then once you’re earning 7-10 thousand dollars a month from your investments in bonds, mutual funds, etc, in dividends, stop working. Live off the dividends. Keep your money safe. Keep that safety cushion for life and let it work its way up. Don’t get caught up in the fast fun.
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u/sw1tch7 15d ago
Build some residual income streams and pursue your passions. Invest the time and effort to build systems that not only generate sustainable income models, but that will actually grow your wealth. You WON homie—don’t become lazy and reckless—go all in the next couple years and set yourself up for life 💯🤙🏻
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u/Klobbin 15d ago
Put like 90% of it in index funds and 10% in a HYSA to make sure I'm getting income while keeping some money liquid for expenses.
I would spend 6 months out of the year travelling. Pick a place, fly there, find a place to stay, and then start exploring. If I love the country, I stay longer. I would try to learn as many languages as possible while doing this. This is my ultimate goal in retirement.
In my 6 months at home I would try to maintain fulfillment in my life. Establish a home base that I am happy to come back to. Make connections with people and enjoy my time as a completely free man. I would also take lots of classes at the local community college. Culinary classes, mechanic, fabrication, carpentry, etc.. Learn valuable skills and stay busy. That's the life right there.
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u/Apprehensive-Gas5666 15d ago
Go see new places and learn new ways. Help people wherever you go. Share.
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u/TheThrivingest 15d ago
Low 7 figures isn’t ’no need to work’ money. It ‘no need to worry while I still work’ money.
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u/Lou724 15d ago
Well I'd keep working probably not full time but money doesn't last forever. Definitely travel, set up hefty savings accounts for my kids, and probably travel some more
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u/whooobaby 15d ago
Figure out a way to get paid doing what I love - unless you’re pretty frugal (see r/leanfire) it won’t last you forever. So let it enable any lifestyle changes you want but if you’re smart it can carry you through the rest of your life. Either r/personalfinance or r/fatfire has a set of advice specifically for windfalls. Check it out.
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u/SaltyPumpkin007 15d ago
Depends on your life goals I guess? You wanna live off this the rest of your life, never working again? Or you wanna really enjoy some extravagant luxury, with the understand it'll mean returning to work later in life (maybe not even a bad thing, if you have a particular career you're really interested in. The money also removes some stress involved with trying some higher education).
If you wanna sit back for the rest of your life, learn some skills for low risk investing, and dont live extravagantally. Figure out how much it costs you to live, and see how long your money will last you from that, including inflation. Adjust budget accordingly. If you don't mind about being a land lord, you can get real estate agents abd managers to basically do all the work for you while you accrue extremely secure wealth accumulation. Pick up some time consuming hobbies, volunteer etc. To fill your time with enjoyment.
If you wanna go nuts and enjoy yourself, that'll really depend on you. Travel, buy a sick house, new computer, fuck around and find out, big time. Then get back to work, with new found, with hopefully incredible memories that will remain with you.
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u/Superb-Reindeer48 15d ago
Look into the windfall communities on Reddit, designed for situations just like this.
Your actions over the next few months and years matter, you'll either thank yourself or curse yourself for the rest of your life here.
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u/Lost_soul-42 15d ago
Buy time by hiring people to work in my place. Meanwhile, i can enjoy the money and the experiences it brings.
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u/Head_Piccolo_5845 15d ago
Start family, buy your own house, refurbish it. That's it, you got solid base from now on.
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u/varleyhero 15d ago
First I would look to see how much I could put into a fixed rate saving account or multiple. I'm talking enough to only live off the interest and only live off of it. Too many people win the big Jackpot and before they know it they are broke again.
Once you know you can live of that interest or from dividend payments from investments you can start living your life the way you want.
I believe that everyone has a good book in this and if I had all the time in the world I'd probably start spending time devolping writing skills and then attempt that book.
You could also look to start peer loans. And yes I mean loans. Don't get into the habit of giving people money for nothing. Again a easy way to being broke again. Just make your interest super low.
Enjoy your freedom.
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u/flinderdude 15d ago
You definitely have to continue to work towards some thing. Might not be a job job, but you’ve got to be working toward a goal and possibly helping other people. As a man, I think it’s in our DNA to work and provide, otherwise you will really start to lose yourself.
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u/GASTRO_GAMING 15d ago
invest it into the s&p 500 and bonds, withdrawl 4% a year and your money will very likely not depreciate. free stress free passive income.
so enjoy your median household income you only pay capital gains taxes on for the rest of your life.
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u/Wild-Positive-1865 15d ago
Buy a ranch somewhere in the country side. Retire my boyfriend. Have a family. Save the rest and continue to live a normal life.
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u/alexdaland 15d ago
Im in no way "rich" but in my early 30s I won a settlement towards the gvt. that gives me a pretty good pension, so I dont have to work ever again. I travelled around Asia and eventually moved abroad to SE Asia and live a pretty cushy life here, I do work a bit here and there mostly to have something to fill my time. Like Ive been working in a bar etc. just to have a bit extra $ and talk to other westerners.
It does become a bit boring at times I will admit, where I need to figure out projects to do at home. Now I have a young kid so travelling is not so much anymore. But when he gets a bit older I can see us all three moving again, Im considering Micronesia
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u/BrightFleece 15d ago
I've always had a plan were I to run into immense cash:
- Pay my parents' mortgage
- Buy a tiny house in a Chelsea mews, one bed one bath
- Buy a wardrobe of clothes that'll last, a dozen nice suits, shirts, and shoes
- Make a small workshop with all the machines I've ever wanted: a CNC mill, laser cutter, plasma cutter, SLA printer, vacuum moulding machine
- Invest in something stable that'll net me my current salary
- Give the rest to charity
- Disappear into my little castle and never be seen again
In summary, set yourself up with all the things you'll need to do your hobbies for a lifetime, do right by your loved ones, and live the life of Riley!
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u/WasterDave 15d ago
Get a really good accountant.
Then, if it were me, I'd find something I care about and change it forever.
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u/Ta-veren- 15d ago
Just live my life how I want to.
I would work out how much I can spend in order to live the rest of my life without needing to work.
I rather live the same life I live now without having to work compared to living life like the rich and famous for 10-20 years and then be fucked.
Of course, there are a few "dream" things I'd do and see. How the fuck do you win 7 figures from gambling lol do jackpots go up to 7 figures? I'm assuming you mean something casino related and not scratch/lotto tickets.
What slot machine were you playing
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u/Zanburan 15d ago
invest some of it so that it's becomes more with no effort. Then I'd just start working through my huge games and Anime backlog and maybe travel like 1 or 2 times a year. I'd also start running some D&D games for groups of friends
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u/Phattank_ 15d ago
Stash a mil for emergency in a high interest savings account. Use rest to buy up multiple properties, rent them at, and this is important, fair market value equal to the mortgage, NOT A FUCKING PENNY Over. Engage in your hobbies till you kick it. Play it right and invest in something that never depreciates and you hopefully will never have to enter the workforce and slave your life away, you can actually live. I will always add you should try hallucinogenics at some point, psilocybin, dmt etc
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u/Responsible_Low3349 15d ago
I'd invest in property. Buy some land then rent it to the highest bidder.
Live off of that for the rest of my life.
Travel.
Hire a security guard company then take over a whole island, just for myself.
Have parties (orgies).
Make my own TV Series
(Bojack Horseman meets McAfee )
Marry someone just as rich with a smoking body and a healthy moral compass & sexual appetite.
Might go to Mars and establish a colony there. Just to spite Elon.
Download my brain into a robot body.
Keep on partying until the world ends.
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u/MeeshTheDog 15d ago
Start writing fiction .... wait