First question: due to a sizeable insurance settlement I'll be recieving due to a greivous wrong that has been done to me and my family, I'm going to be recieving about $1450 US dollars a month for forty years starting in 2008 (when I get out of college). This is quite possibly a stupid question, but will this amount be adjusted for inflation? I.e., will I recieve the equivalent of $1450 in 2008 US dollars in, say, 2039, or will the amount be adjusted to keep up with the economy? Please forgive my complete lack of economic knowledge.
The second question is a bit more personal.
Okay... obviously, with this constant income from the settlement, I'll have to earn less money than others if I want to continue supporting the modest lifestyle I prefer. This brings me to reconsider the path I'm currently going down with my major in college/university. Right now, I'm a psych major. This is a field I know isn't my principle interest, but it's the most practical interest I have (which is really saying something for psych), and I picked it because I would need to support myself in the future. However, with this sudden new supplemental income, I'm wondering if I should change to something less practical that I prefer, such as music, art, theatre, or english, because I'll be able to keep myself (for the most part) afloat while doing something that I'd really prefer. What should I do?
I appreciate those who are patient enough to wade through my wording to respond.