Investing a $1 million windfall
I have been lurking these forums for quite some time and now the time has come to make my first post.
I'll try to keep this as short as possible. Some details:
I am 24 years old.
Due to the way the last 5 years of my life have worked out, I have no university/college degree.
I plan to go to university for a STEM degree (science/tech/engineering/math). This will take me roughly 4-5 years to complete. I have already been accepted to a good program and a good Canadian school.
I have recently been blessed with a roughly CAD$1 million windfall.
My income is $0 right now, so my tax bracket is the very lowest.
I have no debts, no obligations, no dependants, no family.
I need roughly $2500-3000/month to run my expenses till I graduate (roughly 3% on a million). Additionally I would like to at least be beating inflation (roughly 2%). In total: 5% ROI on a million dollars.
To reiterate, until I complete my degree, 3% per year of INCOME (not CAPITAL GAINS) and a total ROI of 5%+ is all I need.
I have been following the other thread in this forum, posted by christmaspi, titled "How would you invest $2 million inheritance". It has been of great help and now I feel I should get some more specific/tailored advice.
Now some questions/ideas of mine:
1) Blue-chip, Canadian, dividend-eligible stocks? I could get 3-4% of income quite easily from this. Any capital gains is just extra.
2) Is it really advisable to invest in equities at this point? The S&P500 is almost back at all time record highs...
3) Money managers/financial advisors? Or should I just be investing by myself in securities like index funds on discount brokerage platforms?
Thank you all,