[19M] I just won 40 000$ on poker. I want to run away from my family. What should I do?

  1. Respect the rules attached to the money. Pay taxes. Think of it as less than the total amount, because ultimately you're going to end up with less than the total amount (once you pay taxes).

  2. HIDE THE INFORMATION FROM FRIENDS/FAMILY. They do not need to know anything about it. Human tendency is to broadcast your happenings. Don't do that. Be disciplined. Treat it like a private matter. Treat it like a condition on your ball sack. Nobody needs to know. Go about your business. (Unless you're having sex with them, then they should probably know about the condition on your ball sack, if you have one).

  3. Only you can come up with the answer on how to spend it, but I'd say this: Have as much respect as humanly possible for your future needs. I.e. don't blow it now on shit that you don't absolutely need. Don't buy a car if it's merely an upgrade. Don't buy a bunch of nice clothes that serve little or no purpose. Don't go to nice restaurants. Keep the mindset that you do NOT have $40K.

  4. Pay off debts if you have any.

  5. Put away a little liquid cash for emergencies, and only pull from this in case of serious emergencies.

  6. Invest, so you can hedge against inflation and ideally grow beyond it.

  7. Minimize expenses, especially the largest ones - keep the rent costs down. Don't buy anything you won't be able to afford to upkeep later when the money runs dry (or at least, once the liquid cash runs dry).

  8. Use the money mostly as a springboard to position yourself to make more money, only to the extent that is critically necessary. E.g. buy clothes for a job interview. Continue your education. Get a nice job. Your income is your most powerful wealth-building tool. Investing is much easier when you actually have income to play with.

/r/personalfinance Thread