I've never really had "money" so I'm pretty lost on what to do with it. I just inherited ~$230,000 USD from a dead relative.
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I'm 23 year old Californian about to apply to graduate engineering programs. I was able to make it through my undergrad without accruing any debt thanks to financial aid, scholarships, and working.
I make ~$500 after rent and utilities from an internship. It'd be nice to have a little more money to take care of living expenses, but I'm worried about frittering it away.
I understand how huge of an opportunity this is and I want to really make the most of it. I'm still really busy between school and work so I want to be able to put most of it somewhere safe with a decent return and still have access to a portion of it.
Any advice on where to put it and how much I can set aside (without being an idiot) would be really helpful.
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Taking a spinoff of what's already been suggested.
Step 1: Take out enough to build a comfortable (5-6 month) emergency fund if you don't have one already.
Step 2: Figure out a plan. Do you want this money to last until you die? Until retirement? Do you want a house? Figure out what YOU want.
Step 3: Seek out a financial advisor. You can go with a bank or brokerage, but look at their fees and do some self-research on Google beforehand. Many banks or brokerages will get comissions for encouraging you to use their own companies services. You want a broker that is invested in YOUR well being, not theirs. Remember though, you need help and advice. Paying for that advice is not a bad thing, just don't overpay.
Be open with the adviser about your goals. It will impact their suggestions.
Step 4: Listen to your advisor's advice.
Op · 6y
Thanks, I'm definitely thinking long term nest egg to help me live comfortably and use for buying a house in the next 10 years.
Get a financial advisor.
I wouldn't go to BofA or another bank for financial advice on investing. They are way too likely to recommend expensive mutual funds and/or charge a significant percentage per year in management fees (e.g., 1%).
If a financial advisor is a must, I would consider Vanguard Personal Advisor Services. It's only 0.3% a year.
See more: 6 Ways To Stop Obsess I Do Not Obsess Over The Minor Parts Of My Work.
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Op · 6y
Thanks I'll look into that.
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