Give away all but what you need to live comfortably to quality charities. Work on getting rich again. Repeat.
Ask HN: 27, accidentally became wealthy, lost drive. What should I do?
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Re: Ask HN: 27, accidentally became wealthy, lost drive. What should I do?
#12I know I’m an anonymous dude on the internet but I think the best advice is to make sure you don’t throw it away chasing the high of gambling (investing).
I’ve seen several men do that, it never ends well.
Re: Ask HN: 27, accidentally became wealthy, lost drive. What should I do?
#13I know I’m an anonymous dude on the internet but I think the best advice is to make sure you don’t throw it away chasing the high of gambling (investing). I’ve seen several men do that, it never ends well.
And absolutely don’t give anything away. It’s a trap for someone with €7M. You’re not that rich in the grand scheme of things. You only have enough for yourself.
Re: Ask HN: 27, accidentally became wealthy, lost drive. What should I do?
#14Talk with your family and friends about it or help them for a finanical stable future even if you dont tell them.
Re: Ask HN: 27, accidentally became wealthy, lost drive. What should I do?
#15Money is not money. Money is the options to do stuff. Are you a creative person? Think about what you can do with some of that money that you want to exist. Do that. Money is just what allows you to do whatever you want, at a certain scale. Do you want to make a business? A community? Hire people? Buy servers? Marketing? Be creative with your money, that should get your fire back. Please don't spend it in spurious sh…
I think your identity function might be broken, money is definitely money.
Re: Ask HN: 27, accidentally became wealthy, lost drive. What should I do?
#16Get a PPL, buy an airplane?
As my coworkers who are pilots (very common here in CO, I've learned) would say, that's a great way to stop being a millionaire. Certainly fun, though.
Re: Ask HN: 27, accidentally became wealthy, lost drive. What should I do?
#17Now you have the chance to reinvest and help others.
You could start angel investing or help with some philanthropic endeavors. Example of another person making a difference: https://youtu.be/bhKuNwAvsb0.
Make sure to set a floor (perhaps using FIRE guidelines) and invest enough to keep growing your wealth above that level as you spend some of it
Re: Ask HN: 27, accidentally became wealthy, lost drive. What should I do?
#18Try and travel a bit. Walk around old streets with nice architecture. Read history. Take on an identity project, like remodeling your apartment.
Re: Ask HN: 27, accidentally became wealthy, lost drive. What should I do?
#19I’m just some internet stranger who doesn’t know anything, but as a 50 year old guy, here’s my suggestion:
First, focus on yourself. Eat well, spend time getting fit, meditate, see a therapist, spend time with your friends and family.
Then, when you start to feel more bored than depressed, look around. The world needs you, and there are opportunities for you to make things better where your skills and money could be of use.
Re: Ask HN: 27, accidentally became wealthy, lost drive. What should I do?
#20This is normal. You will get used to it, and you will likely bounce to your personality before the windfall. You have solved one problem in life that most people never solve, and that puts you in a very small group. However, the rest of the problems are still there. The need to work for money can no longer distract you from them. You still need human connection and purpose. You still will age, have to worry about your health, etc.
There are many jobs you will not want to take because you know that you don't need to, and that makes it hard to put up with all the bullshit of a typical job. Ultimately you may want to focus on creative pursuits, perhaps investments, maybe start a business or a nonprofit to do something you find fulfilling.
Right now I'd say be patient, get used to your new life, focus on investing the money wisely. I'd say buy a place to live and invest the rest in a conservative portfolio designed to keep up with inflation. Roboinvesting is the easiest, or you could do it yourself via traditional brokers: a mix of bond and stock index ETFs, perhaps a small amount of crypto (I'd say no more than 10%) if you still believe in it.