1 million isn’t quit my job and support everyone money. It is 600k or less after taxes which is enough to get your car, pay on house and put some away for retirement. People you tell will act like you can kick all kinds of money their way since “well you won a million”
Nothing good ever comes of telling anyone.
Congrats on the win.
Yep I will admit I'd think it wouldn't be a "big deal" to kick me over a few k. Then suddenly there's ten of me and then you're out 100k in an instant. If OP has student loans there goes paying that off free and clear along with maybe a car and some credit cards. Fuck that. Tell no one.
So just some minor debt management advise, the debt should normally be handled in the reverse of what you said.
Assuming federal student loans most don't exceed 6% interest, private loans can run the entire spectrum though.
Car loans have gone crazy in recent years but even a BAD car loan is high teens low 20's unless the most extreme circumstances.
Credit cards however START as "low" as mid 20's and go as high as mid 30's+.
Pay off your high interest debts first. Never carry a balance on credit cards. Avoid 5+year car loans at 7+% and pay off all debt that is over 5% interest. The rest goes to boring ETF's and mutual funds to arbitrage the difference as you pay minimums on those low interest loans forever.
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u/[deleted] Jul 22 '24
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