I turned 21 a week ago and my parents informed me that I am now able to access some money that was left to me from my late grandparents. They said all in all it comes to about $30,000. I just graduated college and will be starting graduate school (in a fully funded program), so I really don't have a desperate need for most of it, maybe just a few thousand in a emergency fund.
I really don't know what I should do with it. My parents advice was to keep it in a savings account for a down payment on a house when the time comes. They know I'm very financially responsible, and had no qualms with giving me unsupervised access to the account.
Rather than just stick it in a savings account, I was hoping to put it in some kind of portfolio, but know absolutely nothing about investing. I hear Vanguard Fund mentioned a lot on this subreddit, so I was hoping to get pointed in the right direction if possible. My plan thus far is:
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$25,000 in some kind of investment portfolio, Vanguard or otherwise
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$4,000 in an emergency savings account. Just in case.
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$1,000 to my personal bank account to cover some expenses that may arise over the summer. Maybe buy a few textbooks for graduate school.
Does this seem like a good plan? As you might be able to tell, I'm totally new to this, and having access to this much money is kind of intimidating. Any advice would be greatly appreciated. Thank you everyone.
Submitted June 16, 2018 at 12:10PM by Rockdude99 https://ift.tt/2lbr5kW
