Hi Guys,
Currently a first year in college and have recently received an inheritance of around the mid-6-figure region. Given my age, I’m not particularly experienced in these areas. Additionally, not many people in my family are particularly ‘finance-focused’. If it helps I’m looking to go into IB or ER. If anyone could offer any advice it would be much appreciated. Thanks!
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Spend an amount that seems large to you now recklessly. Idk if that means $5,000, $10,000, $25,000 or whatever, but take a percentage, upgrade your life, go on an international trip, and make a couple bad decisions. Have some fun celebrating life and get it out of your system.
But make sure the absolute first thing you do is put the vast majority of it away in boring ass accounts and don't even think about it again until you're at least 25, if not 30. There's a reason people set up trusts with those kind of age/maturity targets in mind. It will be larger then, it won't ruin your ambition in the interim, and you won't make dumbass college dude decisions like spending stupid money on a hot girl who doesn't care about you, trying to hit your tenth parlay of the weekend, or buying hundreds of thousands of dollars worth of crypto.
When you're ready to buy your first apartment/house and you can put 50% down in cash, or you don't even blink to buy your girl an engagement ring and yourself a Porsche, you'll thank me.
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