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flerchin t1_iuibsrw wrote

You're not rich. Tell no one. You can't afford to be giving people money or buying your mom a car. You can't really afford to buy yourself a car. You won't be getting $90k like this again, so you need to save it. If you scrimped and saved your whole life, up to $90k, you wouldn't spend it, you'd keep saving. That's what you need to do.

The investment advice so far here is not bad, but having been poor for almost all my life, I know what you're going to struggle with, and it's not which mutual fund to pick (but you do need to pick one!)

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wilsonhammer t1_iuiogkh wrote

this is the way OP. investments are a good plan (follow the flowchart, read the wiki), but make sure your day-to-day financial habits are rock solid. you can't build on your nest egg on an ongoing basis if you don't have money leftover each paycheck to save.

also, I can't no one has said this yet, but money from lawsuits/settlements are taxable. make sure you have enough set aside come April to pay uncle sam.

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oscarwinner88 t1_iujf418 wrote

Sometimes it’s taxable and sometimes it’s not, it depends on what type of settlement it is. OP, you should ask your lawyer to give you information in writing about which (if any) portions of your settlement are taxable.

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rollergo11 t1_iujfemf wrote

If OP doesn't have a car, a good, used, reliable car for 6-10k would do wonders for them in terms of mobility and getting to/from work. If they do, pocket that shit and tell noone

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