If you woke up one day and learned that you acquired $200,000?
How would you manage it?
I would begin by researching whether or not I have to pay taxes on it. I would definitely want to make that my highest priority.
Would you tell anyone you have it? If so....who would you tell?
I think I would keep that information to myself.
I'm not very materialistic but I would want to make sure all my bills are paid off and I would open a brokerage account so I could invest some of it.
Realistically.....What would you do?
Unless someone just gives it to you then you have to pay taxes on it. If it is winnings or income.
I would pay off all debt. I probably would not tell anyone if I all of a sudden had that much money. Nobody needs to know.
Technically, any money you get (yes even birthday money) is supposed to be reported on your taxes. Most people don't and a person paying you for something doesn't have to report it unless it is over $600. If someone gave you $200,000 it would probably be flagged by the IRS at some point in the transaction.