Road2HardCoreIron

I'm almost 18 and I inherited 3.5 million dollars can I live off this for the rest of life by investing it?
My Godson inherited $180,000 when his mother died. He received the money when he was 18. As he deposited the money into Chase Bank, the lady handling his account told him to be wise and not spend the money and wasteful things. All of his friends and relatives believed they were entitled to a piece of the action. He bought a used car and kept the money next to him. He got a CDL License and began driving 7up delivery trucks around NYC and the eventually became an MTA Bus driver. Fast forward 18 year and his money has grown significantly. He saved and saved and saved some more.

You can easily blow through 3 million in a matter of years. Or you can live simply and take that money and as the Chase guy said, make it make money for you. If you can buy income bearing property.

Most people are not wise and blow the money. The decision is yours.

I like your method of mangement.

 author=Genetic Freak link=topic=1633.msg2856#msg2856 date=1677349478]
Really depends on your status of living. I don't buy things I do not need, wait until things are on sale and use things until they are not feasible to be used anymore. Even helping one child pay for their college education my wife and I live on 55k a year. That is with going on multiple trips around the country each year.

Now I have friends in the same peer group (age, background, education, employment, etc...) who make 100k a year and live paycheck to paycheck with increasing debt each year. They are the ones that get new cars every other year. Get a preapproved for a home loan or auto loan and have to max it out.
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We live a good life and want for nothing. I make a civil servants salary which aint shit. My wife does well but we live like we did when we did not have extra cash. We both max out out retirement accts. Also I get a pension that should pay a significant part of my salary when I retire.

We have no debt save our mortgage which is 8 years away from being paid in full. Great place to be. So many folk make good $$$ then spend every penny and live like paupers to the next paycheck like you said GF.

That is how my wife and did it. Young and enlisted in the military we made nothing and barely scraped by. When we finally started making money we lived off the same budget of when we barely scraped by and saved a lot of money. Sure, we don't have the savings that people who made hundreds of thousands a year may have, but I know plenty of those people who are broke as a a joke too.

My parents always say this.  Then on vacation he pulls out a loaf of bread and say.  Don't use cards on vacation.  This is my treat.  No one needs to know our business.  They taught me to not leave paper trails as much as possible.


 uthor=Genetic Freak link=topic=1633.msg2864#msg2864 date=1677422850]
One last thing. Despite having a large savings, we still act like we have no money. My wife and I, all the time will see something we like and say, we cannot afford that, even though we have enough money to buy it 1,000 times over.
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Good method to manage money.  I don't eat out much. i pack my meals.  I went to Wendy's the other day.  I told them I wanted to bake potatoes and nothing on them.  Total was$14.00 and change.  What the Heck!!!!