I'm 18 and about to graduate high school. I have around $7000 in a savings account. I also have a used car that I will be selling within the next few months to a close family member for about $4000. I have a part-time job that lets me work pretty much when I want, but I'm technically classified as self-employed.
I haven't done anything with this money yet because I assumed I would need it to pay for college, but I recently received a full ride scholarship. I will have essentially no expenses for the next 4 years apart from possibly travelling during summers.
I know I won't be making much interest on the savings account if I just leave the money there for the next 4 years, but I'm not sure what I should do with it instead. I will almost certainly be attending graduate school, but not Law, Medical, or any of the pre-professional fields.
Does this mean I'm best off starting an IRA and putting some of the money there? Or, should I save more in anticipation of grad school expenses?
I feel really lucky to have gotten the scholarship, but it also feels like there aren't many others in my situation so I'm pretty much lost. Any help would be greatly appreciated!
Submitted April 19, 2018 at 08:44AM by No_Set https://ift.tt/2HCN0yo
