I’m in the US and I have an income of around $2,100 a month, after taxes. I live surprisingly well on that. I rent an apartment an I live alone. I have zero debt. I always pay my bills on time. I don’t have a car, so no expenses there. I use my credit cards to pay for everything (to build up rewards) but I pay them off completely every month. Zero balance. Zero debt. My credit score is in the 820s.
I recently received what amounts to $80,000-ish after taxes. Plus what I’d been saving, it adds to… let’s say $95K. And if I live extra frugally for the next six months it wouldn’t be too hard to get it to an even $100K.
Is it realistic to use the money to create an income?
If I could use it to bring in an extra $500 a month, that would be helpful. An extra $1,000 a month would be amazing.
Based on where I live (big city) it isn’t realistic for me to buy a home. Living in a vibrant downtown where everything I need is in walking distance is essential to me. Housing is crazy expensive here, HOA fees insane too, not to mention property taxes, etc. There’s no way I could afford that. I’m happy renting, to be honest.
I’d sure like to use the money as a way to generate a bit of income. Needless to say, I’m mostly interested in a safe/cautious approach, though I could maybe be talked into splitting the sum 50/50 and being safe with half and less conservative with the other… but I’m not a gambler at all.
A few closing thoughts: I have no interest in splurging with the money. I haven’t told anyone about it, and I won’t. I’m very private about my finances. I’m in no rush to do anything other than learn and plan. I seriously don’t plan on spending one single dime of it. I want to use it as a way to generate an income. In a perfect world, I’d be able to make a bit of money for me and put whatever else back into the sum to build it.
I don’t even know where to begin to look for this sort of info, so I figured I’d start here.
Please be gentle, but assume I know nothing, so feel free to teach and/or over-explain. I’m here to learn.