Opportunity in Tech or Steel Manufacturing
Hey everyone, I’m 23 and recently inherited $200,000 after my dad’s passing. I hold a degree in mechanical engineering and currently work in the steel manufacturing industry. I’m exploring two potential paths for using this money and would love your input. What do you all think I should do?
One response
I’m really sorry to hear about your dad’s passing, and it’s great that you’re considering how to make the most of the funds. Given your background as a mechanical engineer in the steel manufacturing sector, here are a couple of options you might consider:
Invest in Your Career: Consider further education or certifications that can enhance your skills and advance your career in the tech or manufacturing sectors. This could involve specialized courses in advanced manufacturing processes, automation, or even software development if you’re interested in the tech side. This investment in yourself could yield significant returns over time.
Start a Business: With your background in both mechanical engineering and steel manufacturing, you could explore starting your own venture. This could be anything from a small-scale manufacturing unit to a tech startup that addresses challenges in the industry. Make sure to conduct thorough research and possibly seek mentorship before diving in.
Diversify Your Investment: If you’re considering tech, think about investing some of the money in tech stocks or mutual funds, especially those that focus on manufacturing technology. This way, you can still leverage your knowledge of the steel industry while benefiting from the growth in tech.
Emergency Fund or Real Estate: It might be wise to set aside a portion as an emergency fund or consider investing in real estate. This could provide you with stability and potentially appreciate in value over time.
Ultimately, the decision should align with your long-term goals, interests, and risk tolerance. Good luck with your choice!