My mother passed away recently. I'm an only child and the only person she left anything to in her will. I'll be getting about $75,000 (AUD) after some funeral expenses, etc.
I have absolutely no idea what to do with it. I'm not knowledgeable about money at all. Ideally I'd like to pay off my credit card (which is 5k), keep some for emergencies, and turn the rest into more money, but I'm not sure what the best method is for this. Should I just throw it in a high-interest savings account? Term deposit? Invest? All of the above?
While I am currently a student, I don't want to pay my student loans with this money. Student loans in Australia have no real interest and I'm not required to start paying it until I earn over a certain amount. I'd rather turn what I have into more money while I'm still studying and then look at paying it off when I have a secure job.
I just want to know what the best options are in my situation. I'm super overwhelmed and this isn't something I know anything about. I really don't want to screw it up.
Thanks.
Submitted September 28, 2017 at 04:29AM by volumefox http://ift.tt/2fCLSP3
