21 years old with 450k

No gambling

I'd recommend talking to somebody about you gambling addiction. It could ruin your life.

See a therapist for the addiction

Please dont go back to gambling, this is your chance to truly make an impact on your life and live comfortably for many many years

At 21, I'd buy a condo and get a job to pay your expenses and have benefits like health insurance and max out retirement contributions.

At your age, it is amazing what compounding interest can do.

Stop or dial back your gambling, ideally try to manage stopping entirely. Pick up a new hobby to occupy yourself. Actively contribute to retirement funds and don’t forget to keep some money to treat yourself

You could be a multi millionaire if you do it right

Step 1: don't tell a single person on the planet that you have money. Ever.

Step 2: take care of that gambling issue ASAP.

It's not an early retirement dude. 450k is a sizable amount of assets but by no means implies you can retire right now on it.

Gambling is a separate topic.

If you don't know what to do with it, don't spend it. Just cause you have it, doesn't mean you need to spend it. Get a financial advisor, bank that money away, and work on being your best self. You're young, and your future self will thank you for investing in being a better version of you. Putting the money away now, gives you even more opportunities in the future.

He will blow it on gambling. Check back with us in 3 years.

You need a financial advisor and you MUST put that $10k every 6 months in an account and invest it. Don’t spend it. Live off what you currently have. This money will grow substantially over the next decade or two. Focus on the big picture. You will gamble the money away if you just accept the cash and put it into your own bank account

Addiction is addiction and you can’t dabble in it.

Stay away from options

Broski why are you gambling? You already hit the jackpot.

Have you considered Gamblers Anonymous? It has helped alot of people with similar issues.

https://gamblersanonymous.org/ga/

Wishing you all the best!

That would be the saddest shit to gamble your moms hard earned money away, don’t go to do no counseling just don’t be a degenerate simple

If you buy a condo, investigate the HOA prior to buying. They should have adequate reserves to handle maintenance and repairs without having to charge special assessments or at worst, a small special assessment if something unforeseen comes up.

As for the rest of the money:

1. Ask your uncle to put one year of living expenses in a high yield savings account.

2. Ask your Uncle to put the maximum allowed amount in a Roth IRA each January of you are working and earning at least the maximum contribution. I would recommend an S&P 500.index fund with either Vanguard or Fidelity.

3. If you have a 401k through work, try to max it out. If there is a Roth version available, do that one. You should be investing your 401k funds into an index fund as well. You should look for a total stock market index, S&P 500 index, or Russell 1000 index. If you need to, take that bi-annual $10k payment and use it to replace the money that went to max your 401k. If you don't need it, I would put it in a separate high yield savings account.

Make sure to get regular accountings from your Uncle. Hopefully he will be honest with you but you never know how trustworthy people can be until they are tested. You will have to keep a watchful eye on him.

And get some help with your gambling and don't tell a fucking soul about your windfall.

1) I’m sorry about your mom 2) that is a huge blessing she left you with 3) as someone who worked in a casino for 3 years, just let go of the gambling. Iv seen it gone wrong too many times. Maybe go to a psychologist and talk about why you feel you have to gamble. Good luck to you 🫡

Just do the white collar version of gambling and buy stocks, with an advisor

As a financial advisor, my recommendation would be to get a financial advisor

I’d honestly not buy the condo until you have a couple of years gambling-free. I’m not trying to be negative, but i don’t even trust myself with a lot of stuff, so you don’t want to have a rough patch and end up selling the condo to get some money. Better to leave it in a safe place and do it when you’re ready, it’s still building interest.

Don't discuss your inheritance with people, including family. You wouldn't believe how many people put their hands out asking for money all the while guilt tripping you.

I would suggest not buying a condo. There have been condo issues all across America

Why people waste money gambling will always be mystery to me. Kiss it all goodbye if you gamble even one dollar of your new money.

If you have control over the allocation of money in the trust you will be set for life. 450k, compounded at 6% annually (conservative number for index funds), with zero additional contributions will be worth $4.7 million when you are 60 years old. You could retire early and never save another penny for retirement if you invest this money correctly now. Check out r/bogleheads and see if you can start putting as much of the money as possible into tax advantaged accounts for retirement. Don't be tempted by risky investments, don't spend the 10k distributions if you can avoid it, just invest in index funds and you will be set for retirement with zero effort in a way most of us can only dream of.

Look at vfiax and vtsax. They do pretty well.

First, sorry for your loss. Second, make sure your uncle is investing the trust proceeds in low cost index funds so inflation isn’t eroding away the value.

Third, if you don’t need it, don’t draw on it until you’re 35, unless you’re going to buy a house or some other large investment purchase. A new Porsche is not an investment. 35 year old you will appreciate it

Fidelity, Charles Schwab, Interactive Brokers LLC, Vanguard, Merrill Edge

I work at a video poker bar. No one ever wins gambling man. It’s just not worth pissing your money away. I never got ahead in life until I stopped gambling and drinking and now it’s so easy to save money. I’m the only person that works at my bar that doesn’t gamble and I’m pretty much the only person that has my shit together financially.

Stop the gambling. Try rehab, if it’s that serious. HYSA, index funds, and live below your means.

Invest and forget. That way you can manage to retire and a decent age. If not you will be like the 95% of people who end up with amazing money and thats pissing it away in the first few months.

You need to stay out of the casino and go get on a plan to stay debt free. You have been blessed too much by your mothers gift to waste it away. I’d advise getting a job too and just act like that money doesn’t exist. If it were me, I would put 1 year of expenses in a high yield savings account (Sofi, Barclays, capital one you pick one). I’d put a lot of it in S&P 500 and just leave it there and make the dividends go back to purchasing new shares. Get an apartment or if you want, a small house and live like you don’t have money.

I don’t like condos but if you do get one, make sure you get a statement of the condo association fees. A town house is a better investment but if a condo is what you want, do your due diligence or get your uncle to help if he is a good guy.

I wish you the best! You deserve to be happy and you should take this money and use it as a blessing. Remember real wealth is rarely seen with your eyes. Wealthy people are good at staying wealthy. And since you are part of that group, you need to learn their habits.

Give up gambling. (Or at least only gamble with small amounts. Try just taking 500 bucks to a casino and if you lose it you leave. Takes discipline.)

Other than that you're already making some good moves. Buying property is always a good investment. And letting your money sit in a high interest bank account is probably the safest bet. Try and just forget you even have that money.

Sounds like your mom was a smart lady. Sorry for your loss

Buy a new car and a property. Get in a skill trade and live a normal existence

Your mother was a smart lady..

1. Please go get therapy services for your gambling addiction as soon as possible. This is an addiction that will ruin your life if you don’t get tackle it head on. This is priority number 1. I have seen so many people end up in horrible situations because of gambling addiction. Losing houses, friends, family, pets, and romantic partners.

2. Once you do that use 40% for savings. Buy gold coins from reputable places and just keep them in a locked safe hidden and away from you in the house. Don’t tell anyone about the safe and no one about the combination. Also use parts of this money for cash savings in a separate bank account you don’t use everyday to avoid temptation. I would even look into a ROTH IRA which would be super smart to open for someone in your position.

3. Use 40% of money to pay off any debts you might have, student loans/college, apartment/house, car etc.

4. Use 10% of the money to invest in yourself. Your mental health, education, certification, gym, massages etc.

5. Use the remaining 10% for fun. Buy things that you would like and bring you joy. Make sure they are adding to your life and not creating more problems. (So no alcohol, drugs, video games, etc)

6. Don’t tell anyone about your finances and your financial situation or how much you have. No one. Ever. No matter how close they may seem. This should be super private to you and people are sharks and will take advantage or attempt to.

OP, sorry for your loss. Bartending is fun now but as a former bar owner it’s really easy for people to stay in the scene way too long and for a multitude of reasons. Gambling wasn’t one I saw a lot but it definitely can come with the scene. Usually it’s the females (or males) and walking out with cash every night. The cash probably contributes to gambling problems because it’s easy come, easy go. Also made it hard for people who were transitioning out. The fact that you recognize the issue should help though. Not really sure who was letting you gamble so much, so young though.

First, if you ever gamble again you deserve the consequences. Next, is the $250k in a straight investment account? If so you don’t want to roll into a IRA. Put the max into a Roth every year with it. Talk to your uncle about a yearly transfer into the Roth. AT your age there are huge advantages to a Roth. Park the majority of the money into good no load growth mutual funds. And did I say don’t ever gamble again?If you do this right your retirement is taken care of.

Of the 10k you’re receiving every month, would also suggest putting it into retirement accounts. Doing this could lower your taxes, and you will hopefully be less likely to touch them because of the withdrawal penalty before you’re in your sixties.

You probably don’t need to keep all of 7K in checking for your day to day expenses (and as you said, it might temp you), so you could put a few thousand each month in a CD or high yield saving accounts each month. Putting a chunk of your monthly allowance into a CD is a good idea because then it’s locked for a few years.

+1 other suggestions to spend some of the money on someone to counsel you on gambling addiction and spending money on a hobby like taking up a sport, instrument, camping, etc.

Gamble your own money not your families.

Please don’t waste your inheritance on gambling please please please. Find a hobby you enjoy and go al in. I buy LEGO and build to manage stress anxiety and depression please do not spend it on gambling I’ve had family who lost everything please don’t be a statistic.

I was a gamble addict. I tried everything. What worked was spending the money i was going to gamble with which is anything in my pocket on things to resell for a profit. It worked! You just have to try and switch from a “over night” mentality to a “long run” one. Good luck my friend, sorry for your loss, and congrats on the come up!

Take care of that gambling addiction before you lose everything.

Ask your uncle if he would make IRA contributions for you. Max it out, (about $600 a month) and keep it in the S&P with dividends reinvested. By the time you’re 35, that will be $200k, if you expect usual 10% returns in the S&P. If you do NOTHING else after that, you could easily have anywhere from $2-3 million for retirement, and if it is 10% all the way through, more like $3.5 million. If you keep adding $600 a month until you retire, that number is looking more like $4-5 million. The key is tax-free compounding growth.

Keep in mind the most important thing is to never touch it. It will be up big one year, down big the next. Stay the course.

Lol lost me at “gambling addiction.” Some of us are self made and others are handed it all to them. Don’t screw it up.

Get into options trading, join wallstreetbets

1) i am genuinely sorry for your and your brother’s loss.

2) it is good you are thinking about this topic seriously. Gambling addiction is hard. Dont belive the best way is to be ”strong” and ”handle it”. Try to see if there are any good therapists or ex-gamblers groups that you could join. Seek support. Ask your uncle if he can pay for it via the fund. Hopefully (if you are genuine) he Will see it as a sign of you wanting to grow and mature.

3) for the 10k, that is alot of money. Try to get into the habit already now to learn how to save a portion each month and grow your savings. You will need them before 35, BUT more importantly you will need (for life in general) to learn fiscal and economic hygene. Turn saving into a game, its actually addictive as fuck once you get into it. Save smart but safely in the beginning. Have a rainy day fund as first goal, then some index funds and a small portion in stocks if you want (i’d start with 90% funds and 10% stocks in beginning, esp since you might be tempted to do risky bets on stocks.) dont Hunt fast games. It is like fishing. The turtle wins each time

You are going to blow all the money if you keep gambling. Go to a GA meeting.

100k loss by 21??? Wild.

Your older self will hate your current self if you stick to gambling

• former gambling addict here

You have zero reason to gamble any further. Stop right now and go to therapy for it immediately. This is the most important moment in your life to make the right decision. If you gamble or otherwise squander this immense head start away, you will regret it for the rest of your life.

Gambling feeds dopamine, find a replacement hobby that’s healthy and still feeds those receptors

If you’re going to gamble you need to do it with money outside of this account. Your mother would kill you if you spend this on gambling. Honestly just try and quit though. Gambling is a crazy addiction, like you could become a coke addict and have plenty of money left over by the end of the year. But you could blow all of this in a week on gambling, it’s insane. Also you don’t need to gamble anymore because you now have secure money! I don’t know I always get way more of an urge to gamble when I’m broke and not when I’m sitting fine

Lookup compound interest and get addicted to money management. It can absolutely hit similar dopamine receptors. You are in a position to max out a Roth year after year at 21. You could probably retire at 40 without a ton of effort outside of just that. I know 40 sounds like a ways away from now, but I felt like I was 21 yesterday and I’m in my 30’s now.

I’m sorry for your loss and I wish you the best

this is gonna end terribly

I’m gonna have a card game with some high stakes players, between you & me they suck, so if you wanna come by lmk & you could probably make more money

Be nice to your uncle

Buy a house instead of a condo, even if it has to be small. Condo fees go up uncontrollably, often as much as the mortgage.

Smart but don't tell people you have that money. Start a retirement fund. 👈

First, I'm sorry for your loss. The thing is, a lot of people try gambling because they think it will solve all their financial problems if they manage to win big somehow, but then fall into the same addiction traps as drug or alcohol addicts. Constantly chasing the high. You need to address that first, and get into some kind of program to address your addictive behavior. You need the right tools to not blow through your inheritance here. If you're already planning on buying a home you're priorities aren't what they should be:

1. Therapy - learn how to manage the addiction you have.
2. Therapy - you just lost a family member how are you coping with that?
3. Therapy - are there other parts of your personal life you don't know how to cope with?
4. Pay off debts and don't accrue more.
5. Set aside money for emergency expenses and 6 months worth of living expenses
6. Think about buying a house.

Please, please, please stop gambling. This money can change your life if you allow it to compound over the years. Pay off any debts you have and keep living a normal lifestyle.

• Only buy a decent house fitting your lifestyle and budget (as in, you don't want to pay property taxes and maintenance costs on a MacMansion when you could happily live in 2-BR condo). Make sure to consult real experts on which areas to buy in.
• Main advice: pretend you don't have that money, for most part. Like legit.
  • After you buy your house, set aside maybe 5K for "luxuries" (so, maybe nice TV and computer)
  • And after that, stop using that money, aside from maybe saving yourself from literally starving. Live like you're poor.
    • FIRST OF ALL - Find a job.
    • If you can and want to get a college degree, pick a reasonably priced local college, instead of blowing 6 figures on some overpriced Ivy League BS (remember you don't qualify for financial aid)
    • If you aren't the college type, get training in the trades. A skilled tradesman can make out pretty good financially.
    • NO gambling. AT ALL. If you're really bad, get a bleeping therapist to fix you ASAP.
    • NO blowing money on gold-digging women - if she thinks coffee date is "ick", she ain't worth the time. If you have to literally buy her love, she will dump you when your largesse ends from her spending; or when better-heeled guy appears.
• Secondary advice: lose ALL control over your finances except a very fixed set.
  • What I mean by that, find someone else (like your uncle), who has to give you OK to spend anything that's not in pre-planned budget. You budgeted $100/week for groceries? OK. Need to spend $150? Discuss with that person WHY you went over budget. Wanna splurge on $100 restaurant meal? Get permission from that person.

I guess you're gonna lose it gambling, but I hope you don't. Try to think well about a way to make more money with it in a boring way. Don't even think about gambling with 100 usd or 10 usd, just don't.

Please join gamblers anonymous. You’ll make a lot of friends and listen to stories every time of people who had a good life but were lured away by the thrill of gambling. People from every income and wealth bracket.

There’s a documentary on Hulu “the doughnut king”. Sorry, spoiler: it’s about this resourceful hardworking immigrant who built a great business and had the support from his hardworking family and together, they thrived and became very successful, but his gambling destroyed everything. He lost wealth, houses, his wife and family left him.

Please, diversify your investments, read up on “how to be a millionaire”. Most of it is slow and steady growth over a lifetime, resulting in people who aren’t stressed as much about life and early retirements.

Don’t underestimate how powerful loneliness combined with gambling/any addiction is. No one outsmarts it.

It’s as if you are a pyromaniac who has just inherited a warehouse full of fireworks. It can destroy your life the moment you relax and give in to just one tiny bet.

You could win $100 or lose $400k. Pretty easy choice.

If you’re not in a program for gambling addiction then you’re probably screwed

Wow your mother was smart lmao. If you need a friend I can be that and more. ♥️

Get therapy for gambling. Condo is good but you have to keep up the payments, pay HOA, utilities, property taxes. It’s a good investment. Put the money in an S&P index like VTI and pretend you don’t have it

Put it all on black

Im sorry for ur loss brother. Wish u the best fr.

Talk about privileged 🤣🤣🤣🤣 when my mom dies all I get is her 50k debt, whooooo!! Dudes really on here making his moms death seem like a W. I can already tell you a POS by your gambling addiction at 24..? Def privileged household

Invest in yourself with therapy for your gambling addiction. You may find that you need to continuously be in Therapy. Tom Brady has gone to Therapy almost his entire life. The best thing you can do for your self is stay in recovery- they say you are never really cured of addiction. Simultaneously learn how to invest. I could see someone with a gambling addiction investing unwisely and it could be just like gambling. Read these three books really in any order but this is the order I would recommend:

1. The Psychology of Money by Morgan Housel.

2. The Bogleheads Investment Guide by Taylor Larrimore

3. Die with Zero by Bill Perkins

Put the principles you learn into practice and you will be Golden.

Do stay on top of that gambling addiction - this will cost you dearly if you do not.

All the best to you!

Get a financial advisor and accountant who will tell you how to manage it

Sorry for the loss of your mom.

The one thing I would NOT do is go buy a new car above your current means. Meaning if you can afford $400 a month now buy no more of a car with that same monthly with $5k of your $10k down.

Get a financial advisor and quit gambling. Now. If that fails just give the money to me lmao.

Lmao that money is already gone

450k all on red turns your retirement into 900k is all I’m saying.

Put it all on black bro.

Self exclude your self for life!!! Do it right now. Post in problems gambling reddit forum! People will offer help. You have a gift to start your life proper don’t waste it man! Chasing a what if I win.

Don’t do that to your parents who helped you

Use and download/pay for Gamban on your computer so you don’t do online gambling. Then as far as land base, you can sign a voluntary exclusion from casinos. Do that. And sign the exclusion for a year. It’ll kick the urge to go

Put the condo in a trust or you'll blow it on home equity loans.

Dude don’t mess this money up.

If you invest using common sense plus getting a regular jobyou can be set for life. Don't gamble that away, you've already won.

Go to Gamblers Anonymous or some such. Gambling is for morons. Literally, complete dumb asses who don't understand that the house always eventually wins.

You have been given an extraordinary gift by your late mother. If you blow this opportunity, you will hate yourself for the rest of your days.

And if you haven't learned to handle your addiction when you hit 35, hire a new trustee to keep it out of your hands.

I can help you, I’m a FA planner. Been in the business for 13 years.

Lucky dude

I would start therapy for the gambling addiction, it would also go far with your uncle.

Buy low cost index funds at Vanguard, let them sit for 25 years, do your life with work and career and then retire at 46. Oh and don’t go to wallstreetbets.

Only takes that one lucky hand

Sign up to Gamstop ASAP!

Put money away in locked savings account if you can then you won't be able to dip in unless you pay a fee.

If you lose money gambling, make sure not to use any of this money on gambling.

Put it all in stocks and let it ride while you continue with your life.

Buy the condo as a joint purchase with your uncle. If you have a gambling addiction, you may end up selling it to fund your addiction. Make sure you need his signature.

Please consider using some of this $ for therapy!! This is a huge loss & could trigger falling into other addictions including and/or in addition to gambling.

Gambling fucking sucks. You have an amazing start to life, and I’m sorry about the unfortunate circumstances in which you got it, but for the love of whatever deity you choose, don’t gamble that away.

Don't buy a condo. This is not your money, it belongs to old tired-ass ready to retire future you. Forget it's there and live your life. Try to do well for yourself, that's part of the fun of life.

Put $450k into investments like the s&p 500. At 60 years old you'll have $5mm+ in your account and can easily retire.

If you have a gambling issue get some help, but "addiction" isn't an excuse for wasting the lifetime efforts of your dead mother.

*edit my father died when I was 22 and both of my parents are now dead. I get where you're coming from, just hate the thought of wasting the opportunity they left for you.

Immediately stop gambling. There will be zero reason to gamble with such a head start.

Remember you have everything to lose in a situation like that.

If you’re smart with this money you could really be set for life. Invest and don’t blow it on things you don’t need unless they truly bring joy to your life.

I need to re-stress this. Do not gamble when you get this money. You will regret it guaranteed.

I’m really sorry for your loss :( if I were you I would buy a house or apartment. Cut down your monthly expenses by as much as possible then you can work part time/let your money work for you for the rest of you life

You just won an inheritance. Quit while you’re ahead. 

Why would you want to gamble after you’ve already won what most gambles could only dream of winning?