With 150k savings and unable to find job anymore, how should a person in late 20s continue?
I’m asking on behalf of my friend, who has worked hard every since he graduates.
Unfortunately, due to a tragic incident (I shall be vague here to avoid identification), he would not be able to work anymore for the rest of his life.
Here is the dilemma he faced – should he invest this 150k savings into something that would provide a sustainable income or slowly spend the 150k for the rest of his life? Thank you.
- Is he expecting to have a short life? $150k isn’t anywhere near enough for ~50 years, no matter how frugal he is. Unless he is literally a quadriplegic, he should look into possibilities of some sort of work.
- If his living expenses is 1k/month, 100k can last 8 years
The rest of the 50k should be invested in things that can help him be able to work again – even if it means part time. There are grab delivery people that use wheelchair, or amputated personnel selling tissue paper. Have to ultimately find something suitable. Only if he is in a vegetable state then it will be a real challenge
- If he is unable to work, there’s social service assistance potentially available. But it’s kinda hard to advise without knowing more. I also think it probably is something quite sensitive, so I won’t probe too much either I guess.
Also, besides thinking about investing, I would also advise him to consider exploring how his mental state would be in the coming years as well. Hope your friend is okay, since I think if it is that drastic, I hope he also has people he can turn to and people he can trust.