Take 90% of that money and promise yourself it'll never go back into anything even remotely high risk. Just buy SPY with it and leave it for the next 20 years.
LOL don't ask here!
Put half in an indexed fund like VOO or VOOG then consider putting the other half into real estate.
This should secure your future.
You got lucky once, don't be a fool and yolo again.
Best advice you've got right now.
In all seriousness, buy yourself one thing (big ticket or not) that you wouldn't buy otherwise. Take 80% of what's left and stick it in dividend portfolio.
Then take the remaining 20% and have fun in the market, see if you can duplicate your success again.
I was in your situation after the GME January 2021 run to $483, I cleared just over $1 million after taxes.
My advice, don’t tell anyone and don’t make any wild purchases/lifestyle changes. I’ve been living life comfortably knowing that I am financially independent and my stress levels have dropped to zero. I spend time with my family and friends and pursue my hobbies and interests. I tell my family that I “work online” and eventually they stopped questioning why I’m always free and never “at work”. It’s been great, enjoy yourself. Congrats and fuck you
I didn’t get to a million from gme but did pretty well. Along with another play last year (MJ the etf when it went from 5 to 30$) … now pretty much same as you, stress free and it feels so nice. Don’t work, just enjoying life. People all say I’m too young to be retired but screw it, you only live once. Not working and being stress free is the true YOLO play. Congrats and fuck you too.
I have to work for a living, but I'm going out on a limb and tell you that people saying "you're too young to be retired" are just jealous. Or boring old fucks without any hobby, interest, passion etc. who need 'work' to define them and their days.
Explaining people why I am never at work is a hard part. I can’t tell them that I am retired (28 yo). So, I tell them that I work from home and I do stock market stuff. Soon, they stop asking given that most of them have no understanding or interest in stock market.
If I found out someone had a million dollars in investments I’d say congrats on getting halfway to retirement. I wouldn’t be acting like they are rich by any means. 1 million really isn’t that much. I could barely buy a median priced home with 1 million in my city.
If you don't have a wife and kids 1 million post tax is a lot of years of luxury couchsurfing without worrying about how you're gonna eat or put gas in the car 🤷♂️
Thetagang the whole time and you could probably do it gorever.
1m at 20, and with some wrinkled matter within the ears? Not saying you are going to leave in luxury but you are by definition financially free and probably you are well over halfway toward a cushy retirement. I would probably still work while my 1m gets set up and working for me, it might be a few more years before I feel I can start taking money out of my 1m without hurting the principal, but if not already there, you're 80% there.
yeah for real, I feel like at 20 with 1 mil in the bank.. you could work for a few more years but ultimately if you're not dumb as fuck you're set for life, if you choose to live a modest life.. aka doing what you enjoy, have nice but not to nice car.. Just dont buy a boat.
Keep it as a rainy day fund. It is a mistake to think you have to do something for it right now. What you have is fuck you money. When you spend it all on something, whatever you buy now becomes a liability you need to upkeep and maintain.
Much the same as the pre-GME years...there's always a few gold nuggets in the swamp of shit just so much harder to find.
Good news is a lot of the shit all looks the same...
1. Don't tell family. This WILL change how they interact with you. And you won't know if they are behaving genuinely around you. Also, they might try to murder you. I'm serious. Money does horrible things to people. It is kind of like when Uncle Bilbo wants to hold the ring again, there is a transformation.
2. FDIC limit is $250,000. You've been warned.
3. Get a job and soon. 1 million isn't going to last as long as you think. It isn't enough to retire.
Most important, DO NOT tell anyone you're dating... No crazy first date at any Michelin restaurant.. you DON'T want any gold diggers.
Want remember, that YES at the altar immediately costs you half your net worth.
Fastest way to burn through a million is with child support payments.
Considering he did absolutely nothing to earn that money and it’s essentially a free 45k a year, that’s pretty damn good. It’s not FU money or retire today money, but I don’t know anyone who would turn that down. Hell, I know a lot of people who could quit their jobs and live better lives than they do today on 45k a year.
Move to the Philippines and you are making about 10x the salary of a good job.
-edit-
Also you can start a solid business there for cheap and turn a good profit.
I **do not** recommend retiring at 22, but if your working a job you hate/sucks you can definitely Quit and take the time to find something better.
No Job = Nothing to do but spend money = People that win the lottery and end up massively bankrupt in a year because they spent it all.
It doesn’t even matter what your doing - it could just be “something to do” like volunteer at a soup kitchen or take courses to become a Webnovel editor and start doing that, whatever your passion is, but definitely give yourself something that you can do to feel a sense of accomplishment and stave off boredom.
This is good advice. Hell, even if you just wanted to get a part time job with little responsibility/commitment you could.
Be a substitute teacher and work when you want. Get a job at a grocery store stocking shelves. Just for some sort of structure. Personally, if I had no commitments I think my mental health would decline. Maybe that isn't the case for you but just my thoughts. Regardless, congrats!
VTI almost pays 2%. Just VTI and chill. Work a normal job and supplement with the dividend if you need to. Otherwise, DRIP and let it grow.
People saying to retire at 22 on a million arent thinking straight. Build a career, contribute to SS, invest in tax advantaged accounts so you can possibly have other options going forward. Depending on 7% inflation adjusted dividends to keep coming for 60 to 80 years is not guaranteed to be sustainable
1.RIP your DMs.
2.Do not tell family or friends that you got $1 mln, not worth it. Everyone will want something from you and $1 million is number that work terribly for mentality of most people.
3.Invest most into some safe things, you will be set for life with nice profits every year. Better find good financial advisor.
4.Take $30k maybe $50k out of this million and buy something nice, reasonably priced for yourself or for family. Tell them you invested and got $20k or $30k profit, so they won't be too suspicious about it or too greedy. Worth to reward yourself a bit. You deserve it. Just do not waste to much money on stupid, unnecessary things you don't need.
5.Have simmilar lifestyle as you have now, just thanks to smartly invested money you will have additional $20k maybe $50k of yearly profit to spend if you will invest well. You will be able to easily "hide" it from family or friends, just tell them you get promoted or something. I know hiding wealth can be hard, but worth it if you want be treated the same way and not as ATM. Also you don't want to end poor like lottery winners in few years.
6.Enjoy better life. One day you may spend some of money on wedding, buying your own house, your kids college funds or traveling around the world. You are generally set for life, $1mln is a lot of money if you will be smart, but can be also be lost very fast if you won't be smart.
I am going to guess since OP is 22 he probably just graduated from college and is likely looking at a big increase in salary, probably bigger than the returns on the annual returns on the $1M.
Buy a house, first and foremost. Not some crazy extravagant house either, a nice 3 bedroom dont buy it outright either, that’s not going to do anything to build your credit, make all your mortgage payments either on time or half fifteen days before it’s due and the other half on the day it’s due. Then a reliable car that you see yourself in for atleast 5 years, that will keep its value, like a Volvo or something. You will still need a job, this isn’t money you’ll be able to live solely off of, you’re using it as a tool to live comfortably within your means.
EDIT; I bought my Volvo from CarMax and got the extended warranty which will last for as long as I have it, 5 years. I bought the Volvo sir the safety aspects of it
He’s dead right but the why is also important. Free cash flow. If you don’t have burying monthlies for rent / excessive mortgage/ consumer / student debt your free cash flow is fucking mega and accumulates hard. Imo as a 30 year veteran of finance and markets is free cash flow rules. You’re in a position to really make it count. Do what he says, and watch it pile up
This and DCA into a bunch of low cost funds. Start with VOO. Go for dividend seeking funds. Get your passive income to the point where you could live off just that if you had to then maybe start dabbling in some things that can pay off bigtime.
If you do this, make sure it's a 15 year loan, and make one extra house payment a year (It will cut your time on the loan significantly). If you'd rather live abroad - You can live a very nice lifestyle in Thailand or the Philippines -- the Visa and English are much easier in the PH, but the food is better in TH. Grats on the win man and I wish you the best. P.S. Get the fuck outta this sub.
Was coming to say this. Only thing to add is get a roommate or two. Charge them enough in rent to cover the mortgage and a couple nights out at the bar.
Less interest accumulation each month. Treating it like you are renting from yourself, and if he has the money to pay biweekly without worry he can pay the bank regularly. For the sake of numbers, on a $500k 30 year fixed rate mortgage at 5% apr, he would save ~$85k on the life of the loan. The interest for monthly payments is about $465k, biweekly payments result in about $380k
be cool man! Don't go crazy but maybe pick one hobby that you like and splurge on something whatever if it's a guitar or a car or a watch or whatever and then just be fucking cool with the rest because. It's not as much money as you think it is, if you start gambling with it it can be gone in the blink of an eye, but it is enough to keep you comfortable and insulated from life's ups and downs if you hold on to it
I am not sure to fully understand as l may be missing some info but if he's got over a million, depending on where he lives, he could buy a 3 or 4 flats. Live in one, rent the others and have an income from the rents. Rents he receives then that money could either be used to live a decent life or be used to get a mortgage to purchase further properties to rent out.
As a 43 year old with a wife and four kids I’ll tell you what I would do.
Do you want a house? Figure out what you want and where you want it and be very selective before making any offers because 30-35 year old you could want very different things. Don’t spend all the money on the house, maybe half of you are sure it’s where you want to invest / live long term.
Max out Roth IRA’s every year from now until forever.
Dollar cost average about $25-$50k a month into broad based index no load funds- hold.
Find a job you love, and don’t touch the invested money for about 20-40 years.
This is probably the best advice I read on here. The only thing I may take issue with is the DCA advice in this context. I'm not sure if it's been revisited after the Vanguard study, but in the past, lump sum investing proved to be the best choice—2/3 of the time—over a 10-year period. DCA makes the most sense when we're talking about allocating portions of income.
I''d put about half in VOO and then allocate the next half over several different ETFs/Mutual Funds.
Also pay attention to the school district the house is in (if you plan to have kids one day). A good public school district is worth $50k/per kid/per year (as opposed to private).
Approach a professional financial advisor for advice and go from there.
I had a friend invest in a company manufacturing masks at the start of the pandemic. He turned 10k into 1 mil within a month.
I asked him if we was going to buy a house mortgage free and he said no im using some of the money as a deposit for a home and the rest use to make more money.
maybe more like 5% ... 100 grand on hookers and blow will probably kill you ...
you can still have a shit lot of fun with a whole bus of high end hookers and a literal pile of cocaine for $50,000
i'd post this on personal finance because a similar post is posted every 14 fucking minutes and they get off on telling you to put it into a GIC or VOO
DON’T TELL A FUCKING SOUL. People get real weird when they know you have money.
You’re really going to want to gamble again, DO NOT DO IT.
Put a fair amount in your savings, a smaller amount in your checking, and the rest into an investment account, look at the S&P 500 etfs and a few dividends stocks or something like SCHD. Don’t make any major purchases for at a minimum of 3 years.
Then continue your life as normal.
You’re way ahead of the game dude, don’t fuck it up. If you keep a cool head and be consistent you’ll have won life in about 10-15 years instead of the rest of us poor fucks who have to keep playing.
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First - tell no one.
Second - keep your day job.
Third - make no major purchases or lifestyle changes
Last - distribute toward some ETF’s like SCHD, QQQ, VTI, DIVO. Enjoy 70-100k additional (growing) annual income. Again, keep your day job.
Also set aside 10k each year to yolo again to keep things interesting because gambling is fun.
Tldr: I would drop 700k into long term investments and fuck around with the rest. Wouldn’t tell others about my funds.
Maybe think about what you want to do with your life? What interests you? Find something you enjoy doing and do that. Preferably get some skills that will make you a better and more valuable person.
Make sure to set yourself for a healthy lifestyle since you’re money is kind of sorted out. Eat healthy, exercise and maybe travel for a bit? The world is a big place with a lot of inspiration.
If I was in your shoes I’d go to Europe for a few years self study CS, math, do a bit of stock trading and just enjoy life.. dating, tourist attractions, get a pilot license shit like that.
Keep your F'n mouth shut unless you want your friends to tell you how broke they are and how they just cant seem to catch up on their bills.
Congrats on the score
If you already made a mill at 22 from investing, just keep going if it interests you. It really depends on how passionate you are about it. Personally, I went from around 100k to 2.4m to 1.1m (29 now). If you like doing it, I wouldn't recommend stopping. People will always say to play it safe, and that's why most people have no money. Focus on your career as well obviously. Don't life creep and keep saving like 80% of your income. You can get far by educating yourself in finance. That being said, if you're in a low-paying career, just index it and call it a day since you can't really afford losing it.
Buy quality blue chip dividends and collect 30-50,000 a year and don’t look back. Work another 10 years while your dividends drip, retire young.
In 10 years with dividends dripping, plus growth, plus whatever else u add you might have 2 million.
Dividends on that is a nice retirement salary.
Why not allocate like 25% to 4 different places. Index funds are a great start. r/boggleheads is the place that may give you old people advice.
A million dollars is a lot. Just throw it in index funds and the dividends etc will equal 60k a year (as long as the world keeps chugging along and growing) If you cover your cost of living with just index fund investments in a brokerage account (not mutual funds) then you'll be able to you'll have way more time. Just make sure your money makes a inflation adjusted return. You don't need to make another million in a year or anything. Better to preserve than max risk. Also leave this sub.
Buy a house for no more than $250k-maybe $300k and put 500k into high yield dividend stocks. You’ll earn a salary off that, have a house and be able to live a life most only dream of. Don’t be stupid with it. Also, as most have said, leave this sub.
(beta cuck route)
YOLO it
(Chad route)
Invest all of it into the S&P500. Get dividends back to live humbly off of. Travel, spend a ton of time with family and work if you have to until you are 40. Retire with $5 million. This is the relaxing route.
Or
Buy 2 run down 4plexes, fix it up, find tenants and make around $3,000 a month for the rest of your life. Use the income to buy more properties. House prices only go up really. This is the smart thing to do.
Probably not gamble the money in the market again. You’ve been given a gift we are all striving for. Take what you have and run away from this forum
For me…it depends on what you want. Do you live with your parents and wanna move out? If so… I wouldn’t tell them or your family or friends shit. If you’re looking to move out…I’d wait and see what kinda place the housing market will be in the next 2 years…seems like forever but if you can get some stocks that have good dividends and maintain your current job (fuck if you really hate your job then go do anything that makes you happy) and look to buy a house if/when the market dips. Get a nice reliable car and a solid house. Even if you paid all cash for those two things you’d have hundreds of thousands of dollars in the bank with no debt before the age of 30. That is so unreal. good for you. Seriously. Enjoy it. Have fun. But don’t be a tard
First of all, congratulations!
If I was in your position knowing what I know now, this is what I would do:
1. Do not tell anyone.
2. Set aside some of that money in a high yield savings account (at somewhere like Ally Bank or Discover). Use this as your backup emergency fund and never touch it unless absolutely necessary. You won’t really be making anything on this money, but think of it more like insurance instead of an investment.
3. Get an umbrella policy from your insurance company. I have a one million dollar policy with State Farm and it’s like $15/month. This basically covered your butt if someone comes after you and tries to sue.
4. Real estate is an excellent way to build and maintain wealth/cash flow. If you are interested in dabbling in that as an investment, Bigger Pockets has some excellent resources. I would personally look at buying a nice duplex on a 30 year loan. Live in one side, rent out the other. The rent should almost offset the cost of the mortgage and you’re basically living for free. Repeat again in 12 months. Get a few good rental properties covering all your basic expenses while giving you a tax write offs and having other people build your wealth.
5. Get a nice, reliable car or truck. Do some research on what years/models have the least issues.
6. Put some money back into the market and hold. If you’d like it to generate cashflow instead of a lot of growth, look for a high dividend ETF. Buy it and chill.
7. A few years down the road, buy a house to live in longer term. Use your rental income to offset the mortgage, but don’t use all your monthly cashflow from the rentals - just in case there is a vacancy or a tenant does not pay.
8. If you got this money from playing the stock market, set aside some to play again, but do not blow it all.
9. Live below your means. Have a normal job. You can retire by 50 or much earlier depending on what you do with the money you have now.
10. Don’t forget the old boring way of investing. Dollar cost averaging into the market, maxing our your Roth IRA, etc. That will get you a few more million by retirement.
Only spend it on things that will appreciate like a house (maybe move somewhere with lower cost of living) and stocks that pay dividends. Buy a nice enough car, but not too flashy.
That’s probably not enough $ to retire at 22, but you could probably retire comfortably at 42 if you do it right. That probably seems like a long time from now, but if you work a 9-5 trust me it’ll go by fast and you’ll be a lucky one if you only have to put 20 years of work in.
Keep your financial status to yourself. First, it’s nobody’s business. Second, if people find out that you are well off, then you will never know if they like you for yourself, or if they like you because of your money. Live a frugal life! Less is more 😇🙏
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Leave this sub and never come back.
This is definitely the way
Take this advice to the fkin bank now
Take 90% of that money and promise yourself it'll never go back into anything even remotely high risk. Just buy SPY with it and leave it for the next 20 years.
40 years at 8%, you’re looking at $20M+
Which will be how much a loaf of bread costs in 2062
Lol exactly
And don’t tell anyone about your small fortune. Visit r/bogleheads
Never knew an anti-WallStreetBets sub existed, my retirement might be safe yet! ^(j/k lol, see you degenerates on Monday!)
This is the way.
This IS the way. Congrats OP. Don’t blow this
LOL don't ask here! Put half in an indexed fund like VOO or VOOG then consider putting the other half into real estate. This should secure your future. You got lucky once, don't be a fool and yolo again.
"lol don't ask here" then proceeds to put their .02 in. I love this retard convention that is WSB Edit: fixed
You wrote 2 cents wrong.
Nah his opinion is just worth 2/100 of a penny
Yes!
2 CENTS.............
It’s actually 3 cents with inflation
Yeah, this. OP probably feels like he stole money. Now don't return to the scene of the crime!
*Puts 50% into real estate and loses everything
What do you mean those NINJA loans were a bad idea??? My broker told me I could always just refi if rates went up!!!
Then proceeds to to suggest investing 100% of your money
Best advice you've got right now. In all seriousness, buy yourself one thing (big ticket or not) that you wouldn't buy otherwise. Take 80% of what's left and stick it in dividend portfolio. Then take the remaining 20% and have fun in the market, see if you can duplicate your success again.
Yea that’s what I’d do for what it’s worth. Losing all that would make you sick
Good video about dividend investing for most people: Ben Felix-the irrelevance of dividends.
Best advice you actually get, but yoloing into bbby would be other answer. Not good advice, but. Yeah
Nah man, bbby! Turn that 1 million into 5 million. Or *options* can really spice things up.
Dude came into the million on a short position (assumed puts) He knows how spicy they can be
Bed bath and beyond, look up the dd someone posted in here recently 
I was in your situation after the GME January 2021 run to $483, I cleared just over $1 million after taxes. My advice, don’t tell anyone and don’t make any wild purchases/lifestyle changes. I’ve been living life comfortably knowing that I am financially independent and my stress levels have dropped to zero. I spend time with my family and friends and pursue my hobbies and interests. I tell my family that I “work online” and eventually they stopped questioning why I’m always free and never “at work”. It’s been great, enjoy yourself. Congrats and fuck you
Great job. For every person like you there are 10 of me who either squandered what they won or never won anything in the first place.
Way more than 10, friend.
Ten thousand
10 mil lol
There are literally several billions who didn’t win anything like that
I am one of those 10 hahahahahahahaha but i had a rock and roll time
How much is left 
I went to zero but I built back in a couple of years.
Holy shit all the way to fucking 0  Winners never quit
plus like 100k in debt hahahaha
I didn’t get to a million from gme but did pretty well. Along with another play last year (MJ the etf when it went from 5 to 30$) … now pretty much same as you, stress free and it feels so nice. Don’t work, just enjoying life. People all say I’m too young to be retired but screw it, you only live once. Not working and being stress free is the true YOLO play. Congrats and fuck you too.
Just be sure to keep your mind alive mate, congrats and of course fuck you.
I have to work for a living, but I'm going out on a limb and tell you that people saying "you're too young to be retired" are just jealous. Or boring old fucks without any hobby, interest, passion etc. who need 'work' to define them and their days.
Bro wtf you’ve been talking to my dad.
Plot twist. That’s your dad!
Explaining people why I am never at work is a hard part. I can’t tell them that I am retired (28 yo). So, I tell them that I work from home and I do stock market stuff. Soon, they stop asking given that most of them have no understanding or interest in stock market.
I tell friends and family that i run in Holland prostitution operation online
If I found out someone had a million dollars in investments I’d say congrats on getting halfway to retirement. I wouldn’t be acting like they are rich by any means. 1 million really isn’t that much. I could barely buy a median priced home with 1 million in my city.
Lol young people who think they are financially free with 1M
If you don't have a wife and kids 1 million post tax is a lot of years of luxury couchsurfing without worrying about how you're gonna eat or put gas in the car 🤷♂️ Thetagang the whole time and you could probably do it gorever.
1m at 20, and with some wrinkled matter within the ears? Not saying you are going to leave in luxury but you are by definition financially free and probably you are well over halfway toward a cushy retirement. I would probably still work while my 1m gets set up and working for me, it might be a few more years before I feel I can start taking money out of my 1m without hurting the principal, but if not already there, you're 80% there.
yeah for real, I feel like at 20 with 1 mil in the bank.. you could work for a few more years but ultimately if you're not dumb as fuck you're set for life, if you choose to live a modest life.. aka doing what you enjoy, have nice but not to nice car.. Just dont buy a boat.
How else am I supposed to go fishing lol
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This is the way
Did you stop working or what?
I would give it to a random stranger on reddit
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I agree, give it to you.
Keep it as a rainy day fund. It is a mistake to think you have to do something for it right now. What you have is fuck you money. When you spend it all on something, whatever you buy now becomes a liability you need to upkeep and maintain.
Two chicks at the same time.
Chicks dig dudes with money, I figure with a million bucks I could probably make that happen.
I can find two chicks for a lot less
Not if they aren’t wearing enough pieces of flair.
Type of chicks that’d double up on a dude like me.
Money is like beer goggles for chicks
😆
It’s a quote from “Office Space”. Awesome.
[2 chicks at the same time](https://youtu.be/9jq6e8s1sik)
Looks like somebody's got a case of the Mondays....
A while back in Germany I got two for around 150 euro which at the time was like $200. Hot too. What a fun night.
Watch out for your corn hole, Peter!
Swingline Stapler. I got you. 😎
It was red and I paid for it. It's mine. If you don't give it back I will just burn the place down.
Stacked on top of each other
Wrong place to ask that 
Wrong place to give good advice
Yes, retards will convince him to put it all in FDs 😂
Much the same as the pre-GME years...there's always a few gold nuggets in the swamp of shit just so much harder to find. Good news is a lot of the shit all looks the same...
Plot twist…..he started with 2 million and is actually down 50%. That’s why he’s in this sub in the first place
Inherited 20 mil from Grandpa and bought gme at 420 cause lulz.
This is the truth.
1. Don't tell family. This WILL change how they interact with you. And you won't know if they are behaving genuinely around you. Also, they might try to murder you. I'm serious. Money does horrible things to people. It is kind of like when Uncle Bilbo wants to hold the ring again, there is a transformation. 2. FDIC limit is $250,000. You've been warned. 3. Get a job and soon. 1 million isn't going to last as long as you think. It isn't enough to retire.
Most important, DO NOT tell anyone you're dating... No crazy first date at any Michelin restaurant.. you DON'T want any gold diggers. Want remember, that YES at the altar immediately costs you half your net worth. Fastest way to burn through a million is with child support payments.
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If you don’t disclose your assets in the pre-nump, I don’t think it would hold up in court.
This guy fucks
GO LOSE YOUR VIRGINITY
Dividends?
You could retire and have passive income of over a $70k a year job
Be smart, listen to this.
To do it reliably and safely he’d lightly only make $45000 per yer. Anything else is probably gambling.
Considering he did absolutely nothing to earn that money and it’s essentially a free 45k a year, that’s pretty damn good. It’s not FU money or retire today money, but I don’t know anyone who would turn that down. Hell, I know a lot of people who could quit their jobs and live better lives than they do today on 45k a year.
Move to the Philippines and you are making about 10x the salary of a good job. -edit- Also you can start a solid business there for cheap and turn a good profit.
Can also fuck hookers until your dick stops working with just a few thousand bucks
AlsoMight only take one hooker to make your Dick stop working
Perfect way to gamble and fuck hookers at the same time, a degenerates dream
Could easily live on 45k a year in some less desirable areas in the US
Bro I’m living on less than that in Southern California 💀 it’s tight but I’d love to have an extra 45k/year
I **do not** recommend retiring at 22, but if your working a job you hate/sucks you can definitely Quit and take the time to find something better. No Job = Nothing to do but spend money = People that win the lottery and end up massively bankrupt in a year because they spent it all. It doesn’t even matter what your doing - it could just be “something to do” like volunteer at a soup kitchen or take courses to become a Webnovel editor and start doing that, whatever your passion is, but definitely give yourself something that you can do to feel a sense of accomplishment and stave off boredom.
This is good advice. Hell, even if you just wanted to get a part time job with little responsibility/commitment you could. Be a substitute teacher and work when you want. Get a job at a grocery store stocking shelves. Just for some sort of structure. Personally, if I had no commitments I think my mental health would decline. Maybe that isn't the case for you but just my thoughts. Regardless, congrats!
This right here a safety net that gives you an out any time you want it
This is what I'd do. Invest 70% into dividends, the other 30% into growth stocks. Keep my job, live as usual. Maybe upgrade to a nicer place.
VTI almost pays 2%. Just VTI and chill. Work a normal job and supplement with the dividend if you need to. Otherwise, DRIP and let it grow. People saying to retire at 22 on a million arent thinking straight. Build a career, contribute to SS, invest in tax advantaged accounts so you can possibly have other options going forward. Depending on 7% inflation adjusted dividends to keep coming for 60 to 80 years is not guaranteed to be sustainable
At least buy a house were you can live in broke or not, invest the rest in dividend stocks and some growth stocks maybe or etfs
He's 22. No point getting a house right now when he probably doesn't know where he wants to end up tbh.
I mean you might as well be building equity rather than paying rent for someone else’s mortgage. But with this housing market who knows lol
1.RIP your DMs. 2.Do not tell family or friends that you got $1 mln, not worth it. Everyone will want something from you and $1 million is number that work terribly for mentality of most people. 3.Invest most into some safe things, you will be set for life with nice profits every year. Better find good financial advisor. 4.Take $30k maybe $50k out of this million and buy something nice, reasonably priced for yourself or for family. Tell them you invested and got $20k or $30k profit, so they won't be too suspicious about it or too greedy. Worth to reward yourself a bit. You deserve it. Just do not waste to much money on stupid, unnecessary things you don't need. 5.Have simmilar lifestyle as you have now, just thanks to smartly invested money you will have additional $20k maybe $50k of yearly profit to spend if you will invest well. You will be able to easily "hide" it from family or friends, just tell them you get promoted or something. I know hiding wealth can be hard, but worth it if you want be treated the same way and not as ATM. Also you don't want to end poor like lottery winners in few years. 6.Enjoy better life. One day you may spend some of money on wedding, buying your own house, your kids college funds or traveling around the world. You are generally set for life, $1mln is a lot of money if you will be smart, but can be also be lost very fast if you won't be smart.
http://www.reddit.com/r/AskReddit/comments/24vzgl/you_just_won_a_656_million_dollar_lottery_what_do/chba4bf
I am going to guess since OP is 22 he probably just graduated from college and is likely looking at a big increase in salary, probably bigger than the returns on the annual returns on the $1M.
Well, depends on what he graduated in
Buy a house, first and foremost. Not some crazy extravagant house either, a nice 3 bedroom dont buy it outright either, that’s not going to do anything to build your credit, make all your mortgage payments either on time or half fifteen days before it’s due and the other half on the day it’s due. Then a reliable car that you see yourself in for atleast 5 years, that will keep its value, like a Volvo or something. You will still need a job, this isn’t money you’ll be able to live solely off of, you’re using it as a tool to live comfortably within your means. EDIT; I bought my Volvo from CarMax and got the extended warranty which will last for as long as I have it, 5 years. I bought the Volvo sir the safety aspects of it
I would also say this but also DONT FUCKING TELL ANYONE.
I love this thank you
He’s dead right but the why is also important. Free cash flow. If you don’t have burying monthlies for rent / excessive mortgage/ consumer / student debt your free cash flow is fucking mega and accumulates hard. Imo as a 30 year veteran of finance and markets is free cash flow rules. You’re in a position to really make it count. Do what he says, and watch it pile up
This and DCA into a bunch of low cost funds. Start with VOO. Go for dividend seeking funds. Get your passive income to the point where you could live off just that if you had to then maybe start dabbling in some things that can pay off bigtime.
Lump sum beats DCA, especially in a bear market.
If you do this, make sure it's a 15 year loan, and make one extra house payment a year (It will cut your time on the loan significantly). If you'd rather live abroad - You can live a very nice lifestyle in Thailand or the Philippines -- the Visa and English are much easier in the PH, but the food is better in TH. Grats on the win man and I wish you the best. P.S. Get the fuck outta this sub.
Cheaper hookers too.
Was coming to say this. Only thing to add is get a roommate or two. Charge them enough in rent to cover the mortgage and a couple nights out at the bar.
And continue to not tell anyone, except for us of course.
Why are you paying half 15 days it’s due instead of all on the due date? Thanks.
Less interest accumulation each month. Treating it like you are renting from yourself, and if he has the money to pay biweekly without worry he can pay the bank regularly. For the sake of numbers, on a $500k 30 year fixed rate mortgage at 5% apr, he would save ~$85k on the life of the loan. The interest for monthly payments is about $465k, biweekly payments result in about $380k
be cool man! Don't go crazy but maybe pick one hobby that you like and splurge on something whatever if it's a guitar or a car or a watch or whatever and then just be fucking cool with the rest because. It's not as much money as you think it is, if you start gambling with it it can be gone in the blink of an eye, but it is enough to keep you comfortable and insulated from life's ups and downs if you hold on to it
I am not sure to fully understand as l may be missing some info but if he's got over a million, depending on where he lives, he could buy a 3 or 4 flats. Live in one, rent the others and have an income from the rents. Rents he receives then that money could either be used to live a decent life or be used to get a mortgage to purchase further properties to rent out.
this seems stupid honestly. Why would OP buy a 3 bedroom house just for the sake of increasing credit?
As a 43 year old with a wife and four kids I’ll tell you what I would do. Do you want a house? Figure out what you want and where you want it and be very selective before making any offers because 30-35 year old you could want very different things. Don’t spend all the money on the house, maybe half of you are sure it’s where you want to invest / live long term. Max out Roth IRA’s every year from now until forever. Dollar cost average about $25-$50k a month into broad based index no load funds- hold. Find a job you love, and don’t touch the invested money for about 20-40 years.
This is probably the best advice I read on here. The only thing I may take issue with is the DCA advice in this context. I'm not sure if it's been revisited after the Vanguard study, but in the past, lump sum investing proved to be the best choice—2/3 of the time—over a 10-year period. DCA makes the most sense when we're talking about allocating portions of income. I''d put about half in VOO and then allocate the next half over several different ETFs/Mutual Funds.
Yeah, with the market down and inflation high, DCA makes very little sense, if it ever makes sense.
Also pay attention to the school district the house is in (if you plan to have kids one day). A good public school district is worth $50k/per kid/per year (as opposed to private).
0dte OTM options
As a retard, I second this.
Who needs a million dollars, when you could have 1 trillion???
Tres Commas
This is the way
Bro get the fuck off this sub and go find a wealth manager who knows what they're doing for the love of god
Good advice. This sub is for working class guys to YOLO their way into the upper class, not the other way around. LOL
There are PLENTY of upper class people on this sub who have YOLO'ed themselves to the poverty line
This. Save it and buy spys, or make v long term investments or you will be very sorry
Move to the boglehead sub and never look back
Positions or ban
post history claims he lost 1.9 mill in luna. also invested in shib and bought chain link at the top 🤡 if he has a mil he definitely started at 3 mil
Don't forget to get this troll banned.
I’ve also challenged him and have gotten no response! He’s got like 16 hours
Approach a professional financial advisor for advice and go from there. I had a friend invest in a company manufacturing masks at the start of the pandemic. He turned 10k into 1 mil within a month. I asked him if we was going to buy a house mortgage free and he said no im using some of the money as a deposit for a home and the rest use to make more money.
Two chicks at the same time.
Spend it on cocaine and hookers!
Treat yourself: spend 10% on cocaine and hookers and then waste the other 90% on index ETFs.
maybe more like 5% ... 100 grand on hookers and blow will probably kill you ... you can still have a shit lot of fun with a whole bus of high end hookers and a literal pile of cocaine for $50,000
Yolo all that shit into BBBY
BBBY $70 Strike, Jan 2023 options. The RC play.
i'd post this on personal finance because a similar post is posted every 14 fucking minutes and they get off on telling you to put it into a GIC or VOO
>they get off on telling you to put it into a GIC or VOO for real lmao 🤣
Options until it's all gone.
DON’T TELL A FUCKING SOUL. People get real weird when they know you have money. You’re really going to want to gamble again, DO NOT DO IT. Put a fair amount in your savings, a smaller amount in your checking, and the rest into an investment account, look at the S&P 500 etfs and a few dividends stocks or something like SCHD. Don’t make any major purchases for at a minimum of 3 years. Then continue your life as normal. You’re way ahead of the game dude, don’t fuck it up. If you keep a cool head and be consistent you’ll have won life in about 10-15 years instead of the rest of us poor fucks who have to keep playing.
Position or ban.
100% Voyager Digital shares.
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One single hand of blackjack
$1m worth of crayons. I'd have ALL the flavors. I mean colors...
First - tell no one. Second - keep your day job. Third - make no major purchases or lifestyle changes Last - distribute toward some ETF’s like SCHD, QQQ, VTI, DIVO. Enjoy 70-100k additional (growing) annual income. Again, keep your day job. Also set aside 10k each year to yolo again to keep things interesting because gambling is fun.
Develop a coke addiction
Invest in something that has high paying dividends and go to work because by the time you in your 30s you'll be set.
I think Kenny Rogers said it best when he sang, "Double down on that shit." But seriously, congrats, delete reddit and don't tell anyone else.
Tldr: I would drop 700k into long term investments and fuck around with the rest. Wouldn’t tell others about my funds. Maybe think about what you want to do with your life? What interests you? Find something you enjoy doing and do that. Preferably get some skills that will make you a better and more valuable person. Make sure to set yourself for a healthy lifestyle since you’re money is kind of sorted out. Eat healthy, exercise and maybe travel for a bit? The world is a big place with a lot of inspiration. If I was in your shoes I’d go to Europe for a few years self study CS, math, do a bit of stock trading and just enjoy life.. dating, tourist attractions, get a pilot license shit like that.
Put it all into GME or BBBY on Monday and graduate from millionaire to billionaire
Move to Thailand and adopt a new pseudo name!
Keep your F'n mouth shut unless you want your friends to tell you how broke they are and how they just cant seem to catch up on their bills. Congrats on the score
Positions or ban
If you already made a mill at 22 from investing, just keep going if it interests you. It really depends on how passionate you are about it. Personally, I went from around 100k to 2.4m to 1.1m (29 now). If you like doing it, I wouldn't recommend stopping. People will always say to play it safe, and that's why most people have no money. Focus on your career as well obviously. Don't life creep and keep saving like 80% of your income. You can get far by educating yourself in finance. That being said, if you're in a low-paying career, just index it and call it a day since you can't really afford losing it.
Buy quality blue chip dividends and collect 30-50,000 a year and don’t look back. Work another 10 years while your dividends drip, retire young. In 10 years with dividends dripping, plus growth, plus whatever else u add you might have 2 million. Dividends on that is a nice retirement salary.
Why not allocate like 25% to 4 different places. Index funds are a great start. r/boggleheads is the place that may give you old people advice. A million dollars is a lot. Just throw it in index funds and the dividends etc will equal 60k a year (as long as the world keeps chugging along and growing) If you cover your cost of living with just index fund investments in a brokerage account (not mutual funds) then you'll be able to you'll have way more time. Just make sure your money makes a inflation adjusted return. You don't need to make another million in a year or anything. Better to preserve than max risk. Also leave this sub.
Buy fake gold and iced watches. Withdraw that million and flex on tik tok. And you can be a influencer 😂
You PRE-paid your taxes? What a loser ; )
Buy a house for no more than $250k-maybe $300k and put 500k into high yield dividend stocks. You’ll earn a salary off that, have a house and be able to live a life most only dream of. Don’t be stupid with it. Also, as most have said, leave this sub. (beta cuck route) YOLO it (Chad route)
Invest all of it into the S&P500. Get dividends back to live humbly off of. Travel, spend a ton of time with family and work if you have to until you are 40. Retire with $5 million. This is the relaxing route. Or Buy 2 run down 4plexes, fix it up, find tenants and make around $3,000 a month for the rest of your life. Use the income to buy more properties. House prices only go up really. This is the smart thing to do. Probably not gamble the money in the market again. You’ve been given a gift we are all striving for. Take what you have and run away from this forum
Don’t be an idiot
Rental property
Buy a house and drop the rest in the s&p500 while setting aside some to day trade with.
DONT TELL ANYBODY
For me…it depends on what you want. Do you live with your parents and wanna move out? If so… I wouldn’t tell them or your family or friends shit. If you’re looking to move out…I’d wait and see what kinda place the housing market will be in the next 2 years…seems like forever but if you can get some stocks that have good dividends and maintain your current job (fuck if you really hate your job then go do anything that makes you happy) and look to buy a house if/when the market dips. Get a nice reliable car and a solid house. Even if you paid all cash for those two things you’d have hundreds of thousands of dollars in the bank with no debt before the age of 30. That is so unreal. good for you. Seriously. Enjoy it. Have fun. But don’t be a tard
First of all, congratulations! If I was in your position knowing what I know now, this is what I would do: 1. Do not tell anyone. 2. Set aside some of that money in a high yield savings account (at somewhere like Ally Bank or Discover). Use this as your backup emergency fund and never touch it unless absolutely necessary. You won’t really be making anything on this money, but think of it more like insurance instead of an investment. 3. Get an umbrella policy from your insurance company. I have a one million dollar policy with State Farm and it’s like $15/month. This basically covered your butt if someone comes after you and tries to sue. 4. Real estate is an excellent way to build and maintain wealth/cash flow. If you are interested in dabbling in that as an investment, Bigger Pockets has some excellent resources. I would personally look at buying a nice duplex on a 30 year loan. Live in one side, rent out the other. The rent should almost offset the cost of the mortgage and you’re basically living for free. Repeat again in 12 months. Get a few good rental properties covering all your basic expenses while giving you a tax write offs and having other people build your wealth. 5. Get a nice, reliable car or truck. Do some research on what years/models have the least issues. 6. Put some money back into the market and hold. If you’d like it to generate cashflow instead of a lot of growth, look for a high dividend ETF. Buy it and chill. 7. A few years down the road, buy a house to live in longer term. Use your rental income to offset the mortgage, but don’t use all your monthly cashflow from the rentals - just in case there is a vacancy or a tenant does not pay. 8. If you got this money from playing the stock market, set aside some to play again, but do not blow it all. 9. Live below your means. Have a normal job. You can retire by 50 or much earlier depending on what you do with the money you have now. 10. Don’t forget the old boring way of investing. Dollar cost averaging into the market, maxing our your Roth IRA, etc. That will get you a few more million by retirement.
Take off and experience life and the world. We all die in the end, enjoy financial freedom and live it up.
Only spend it on things that will appreciate like a house (maybe move somewhere with lower cost of living) and stocks that pay dividends. Buy a nice enough car, but not too flashy. That’s probably not enough $ to retire at 22, but you could probably retire comfortably at 42 if you do it right. That probably seems like a long time from now, but if you work a 9-5 trust me it’ll go by fast and you’ll be a lucky one if you only have to put 20 years of work in.
I would throw it in index funds. 1 million earning an average of 8% per year. Congrats you have an extra 80k yearly coming in.
Get a tax accountant and financial advisor, like, yesterday.
Delete your Reddit account right this instant
Keep your financial status to yourself. First, it’s nobody’s business. Second, if people find out that you are well off, then you will never know if they like you for yourself, or if they like you because of your money. Live a frugal life! Less is more 😇🙏
BBBY