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22 year old male in Los Ángeles. I won a settlement earlier this year for 1.2 million dollars. I also have a stipulation to receive 3 million dollars until I’m 40 with 10k each month starting next year and some lump sums throughout the years. I currently bring in about 40k pre tax per year. I was raised by a single mother with lower income than that. I’m currently thinking of buying a home that’s worth about 850k cash and refinancing later when interests go down. I will then go to a financial advisor and invest the rest. I had about 90k saved up prior to the settlement and went from a 2010 Honda to a 07 Lexus about 2 weeks ago which I had been wanting to do for a while. Any advice or thoughts are appreciated.
5% interest in a high yield savings account off 1.2mil is, at least for me, is enough to live off of (plus your current job). Save the interest and you can still buy the house, while never having to work again in your life
DO NOT PUT MORE MONEY INTO CARS
Why finance when can buy in full off a couple years of interest alone
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- 5 months ago
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5% is decent on 1.2mil, I found several Hysa with 5 %
Furthermore, stocks and etfs exist, so
A sizeable population of Baby boomers dying and selling off home won’t happen in a year or two, he has time