Due to the sad, unfortunate passing of my beloved mother in law (like a mom to me), my husband & I (fully joint finances) are inheriting \~$400,000.
We are going to take some of the money to go on a vacation (like maybe 3k) and some of the money to purchase a machine for our construction business (like 30k). Otherwise, we want to intelligently invest the businesses that will produce passive income. We are considering real estate, more "hands-off" businesses (like laundromat, storage units, etc), or other avenues.
Passion about a business is low on our priority list. We want a business that will make us money and that we will be able to hire others (eventually) to take care off so the income is truly more passive. For example, if we had multiple rental properties, eventually we could hire a property manager so we are very much more hands off.
TBH I grew up super poor and with no financial literacy. I am 27 and barely started investing in an IRA last year soooo... Surely there's a lot I don't know. My husband knows a lot more but feels kind of paralyzed by all the choices.
Any advice? If you had \~400k to invest, what would you do?