If any of you are kind enough to help me with an advice I’d greatly appreciate it! I’m about to receive a settlement of $120k CAD. If you were in my shoes what would you do? I just don’t want it sitting around losing its value I rather keep it somewhere safe but I’m fairly new to all of this. I’m 26 y if that helps.
I’m about to receive a decent amount from my settlement
byu/Project-Safe inpersonalfinance
Posted by Project-Safe
3 Comments
Personally I would spend 10%, pay a bunch of taxes, and invest the rest in SPY. I try to keep things simple.
Telling you from experience, Just Remember that it’s not a lot of money, you could go through it pretty quickly, a car here a few things there and you are down to 50k in less than a year. I’m sure someone more experienced will tell you how to make the most of it . Best of luck.
Put it all into QQQ. Then get a loan against it using your stock as collateral. Get terms so that your payments are manageable. Then use the cash to buy a profitable business. Your stock account will grow around 10% a year. Interest on the loan will likely be around 2-3%.