I don’t know if this is what some people would call life changing money.

safe bet: long term investment for retirement or to buy a house.

dreamer me: study the piano bachelor you always said you wanted to do, even if it’s just the bachelor, and not a master, even if you’re doing it not for the money or fame, but just because you want to play and maybe teach part time, but mostly because is something I enjoy doing, even if teaching the piano is mostly a side job to my main job.

I don’t know what to do. Feel free to read my previous post, because it’s related to this one.

  • mycodesucks
    31·
    2 days ago

    Depending on your age, it’s ABSOLUTELY life changing. If you’re 20, drop it into an index fund, and most likely you’ll never have to save another dime for retirement for the rest of your life.

      • oantby@lemmy.today
        51·
        2 days ago

        S&P500 lifetime inflation-adjusted return is 7-8%. meaning, if one put away 150K in the S&P500 at age 20 and worked for 40 years, putting away nothing else but gaining that inflation-adjusted 7-8 (conservatively call it 7), and then pulled out a measly 4%, allowing the remaining growth to account for inflation, they’d be pulling an inflation-adjusted income of >80K, ignoring any other income.

        I’m not saying one shouldn’t put anything else away or strictly count on matching historical S&P return, but yes, putting away 150K at 20 could absolutely mean you don’t need to put anything away again.

        • IWW4@lemmy.zip
          11·
          2 days ago

          It will not change your financial situation at all…

          Yes, it will be great for a retirement account, but it doesn’t change your fucking life one iota.

          That’s the crazy weird ass thing about money. That’s what we all need to fucking wake up to.

          It’s all about the flow not the big amounts……

          • rezifonEnglish
            2·
            1 day ago

            Having the whole retirement situation handled at age 20 has the potential to completely change someone’s life.

            Every large decision you’ll make in your life will be influenced by money. Your risk tolerance is influenced by money.

            At 20 year old with a 150k safety net can make different choices than the same 20 year old without those savings.

            Having confidence that their retirement is funded can completely alter the trajectory of someone’s life because they took more risks or chose a career on passion and not for more income.

          • rezifonEnglish
            3·
            1 day ago

            It’s sounds like you’re going through some shit right now, man. Hope it gets better for you.

          • mysticpickle@lemmy.ca
            11·
            1 day ago

            Read what wrote out loud. This is a sign that you might wanna get back on those meds buddy 🙏