This is Optimal Finance Daily, investing a large sum of money, what to do, what not to do,

and how to invest for fire. Part 2 by Christina Browning of Our Rich Journey.com.

What to do right now. Number one, become financially literate. First things first, you must become financially literate. Read books, listen to podcasts, watch YouTube videos, take our stock market investing course, do whatever you need to do to learn as much as you can about investing, finances, and how to deal with your money. And do it now. You need to do this as soon as possible

so that when the opportunity arises and you suddenly come into a large sum of money, you have

the knowledge you need to make the best decisions for you. Number two, set long-term goals.

If you have a goal that's far off in the distance,

you have something ready in the wings for you to put that money towards.

Just knowing what you want to put your money towards is powerful,

because it allows you to make well-informed decisions with confidence beforehand,

so you can get your money working for you as soon as you get it.

And number three, know whether to pay off debt or invest. When money comes into your life, you want to be able to know the best way

to direct it. If you need help determining if your money would be better spent paying off your

debt or investing that money, here's some things to consider. The amortization

schedule on your debt, how much debt you have left, how much interest you're paying on your debt,

and the different investment options you have available to you. Finally, if you decide to use a large

sum of money to invest, here are three different options to consider.

How to invest large sums of money. Number one, investing in a business. Investing in a business

is one of the best ways to turn money into even more money. Using this money to start a business

and to invest in yourself is a great idea. But before you do,

make sure you have a solid business plan. Don't just take all your money and throw it into a business

that hasn't been tested because doing that is one way to lose it all. What you want to do is prove

that your business actually works. And because this usually doesn't require too much money,

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