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The standard advice that is recommended for windfall recipients is to stash it in a savings account and sit on it for 3 months. The goal is to avoid making any
by enraged_camel 7y ago
The standard advice that is recommended for windfall recipients is to stash it in a savings account and sit on it for 3 months. The goal is to avoid making any rash decisions based on euphoria.
You can use that time to read some books on wealth management. Two classics are The Four Pillars of Investing and The Bogleheads' Guide to Investing:
https://www.amazon.com/Four-Pillars-Investing-Building-Portfolio-ebook/dp/B0041842TW https://www.amazon.com/Four-Pillars-Investing-Building-Portf...
https://www.amazon.com/Bogleheads-Guide-Investing-Taylor-Larimore-ebook/dp/B00JUV01RW https://www.amazon.com/Bogleheads-Guide-Investing-Taylor-Lar...
It is also a good idea to not tell anyone, unless you want to be bombarded by requests from family and friends for loans, invitations to invest in weird ideas/schemes, and so forth.