You are one of the younger people building wealth. Congrats! But the sad truth is that many young people who acquire large amounts of wealth end up blowing it and have nothing to show for it later on. To avoid being one of them:
1) Travel
- before marriage & kids is the best time to travel, and travel + new experiences is much more rewarding than "bling". I once spent 6 months living on a mountain in Canada going skiing every day, would be very difficult to do that now with wife & young child
- traveling will open up new possibilities and you may wish to move countries which leads to..
2) Second Passport / Residence Permits
- the reality is that most countries treat *specific* foreigners better than their own citizens - every country has a group of foreigners it considers "desirable" to whom it will give a better deal than their own citizens
- living in a country where you are not a citizen but a desirable foreigner you will receive better treatment everywhere, and you won't be subject to military conscription etc - a lot of countries treat desirable foreigners as "hands off"
- there are likely many young people in Ukraine/Russia who wished they had second passports and were living in other countries before being conscripted. This sad scenario has and will continue to play out, you don't want to be one of them
- you may be able to acquire other passports through "descent", eg if you have parents or grandparents who were born overseas and you can provide this, many countries in Europe allow 3-4 generations to get citizenships by descent
3) Set up an Asset Holding Vehicle (AHV)
- if you think there might ever a possibility of you getting married, or of you being sued, the last thing you want to do is own a bunch of assets or $ in your own name
- in many jurisdictions you can set AHVs like Trusts or Foundations so that the AHV owns your assets but you effectively control them (eg by being a majority shareholder in a company that is the Trust administrator, even though the company has no assets and the shares are only worth $1 since the Trust owns all the assets)
- AHVs can be setup in foreign jurisdictions (more expensive) or in your local jurisdiction as well
4) Fully paid off nice house
- once you've found somewhere to settle down, you want to have a nice fully-paid off house/apartment/etc
- most normal people at least in the "West" are looking at a life of 30+ years of debt slavery in mortgage payments, in my own former country of Australia many people are debt slaves and had to take multiple medical treatments they didn't want to avoid losing their jobs and hence losing their home for failing to make debt payments
- having your ideal fully-paid off luxury house/apartment etc is a really nice thing to "check off" and removes a lot of stress from your life, especially if you have wife & kids
- you may wish to have for example a house in the countryside and an apartment in the city, or apartments in different countries if you plan to split your time between multiple countries - but owning these places with no debt and having them setup as you like them is a great thing for both you and future family
- owning these assets through your AHV is a very smart thing if you acquire them prior to marriage since in the event of divorce you will remain control of them instead of being "taken to the cleaners"
5) Diversify your assets
- the fastest way to get rich is to take concentrated bets (going all-in on web3 security, on a meme coin etc - a concentrated bet that works out really well)
- but once rich, the fastest way to go broke is to continue taking concentrated bets
- create a plan for wealth diversification, whether that is something simple like having % of net work in US stocks, some foreign stocks, some physical gold & silver + $10,000 stacks in multiple foreign currencies that you can easily access in a "shit hit the fan situation" along with a "go bag" (GTFO quickly, especially if you live in your home country where you may be conscripted), real estate you rent out that returns yield and may provide capital gains in the future - it is great to have multiple diversified income streams
- again it is best that all these things are actually owned by your AHV, not yourself directly
6) Some bling
- bling should really be the last priority but it is perfectly fine to treat yourself with a small % of your income / net worth
- my preference is to avoid flashy logos and trendy things, instead opting for timeless classics and quality that reflect my personal style and will never go out of style really
- eg instead of buying a blinged out Rolex, buy a Vacheron Constantin, Cartier Tank Louis or similar - something very nice which conveys classic, timeless elegance
- eg instead of buying clothing at Louis Vuitton, Gucchi, Burberry etc which have very distinctive and visible logos, buy clothing made from good quality organic fabrics without any logos from brands like Hugo Boss, Time (in Korea), or more well-known Ralph Lauren Purple Label or even Brunello Cucinneli if you really have $ to burn (there are many more brands in this category for menswear which you can find, all depends what you want to spend really)
- be careful about displaying wealth especially when living or traveling to countries which are not safe as this can make you a target for robbery and also for gold diggers
This list is long enough now, should give you some ideas what to do with the $ - good luck and wishing you every success!