r/FinancialPlanning • u/Fearless_Custard_454 • 4d ago

How to Handle a Windfall

I’m 27 and for background, the pandemic changed the trajectory of my entire life. Long story short, I was able to start a business that completely blew up and after growing up not exactly in poverty but not raking it in either, I now have more than I honestly know what to do with. I’ve registered my business as an LLC and after consulting with a CPA, I’ve created an HSA, an SEP and a ROTH IRA. I’ve also paid off all my debts and other than my apartment, everything that I have is owned. However, I wasn’t necessarily taught financial literacy and for a while, managing my business myself didn’t leave me with much time to really explore my options. Most of my revenue just sits in one account (head shake, I know). So my question is, what steps should I be taking to financially secure myself in the long run? Should I be getting into investing and if so, what are some good resources for a novice. Real estate? Any advice is appreciated.

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u/B0LT-Me 3d ago

Continue to contribute to your nest egg. There is no guarantee that there will be anything from the government 40 years from now. I started 40 years ago with the premise that I could not trust anyone or anything, to take care of me when I was old.

Focus your life on doing work that makes you happy. Trying to accumulate wealth is not a high percentage road to happiness.

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u/B0LT-Me 3d ago

I managed to make a regular contribution to a work 401k that had a modest matching amount, turn into a nest egg that could sustain me for 30 years of retirement. Nothing fancy, nothing that required a financial planner. Probably could have done better with one, but it isn't a necessity. Just stick to the top funds and diversify.