I was just informed by my mother that my inheritance (sort of?) check just came from my uncles annuity. I am overwhelmed, partially because its a large sum and because its a result of my uncle ending his own life. I expected that it would be coming soon, but today of all days I got the news and I'm already emotionally drained from school and not sleeping and a bunch of other jazz. I've been browsing the sidebar but nothing is really sticking because my circumstances are different than the posts I've been searching. I also expect to get another check when his house and car are sold. In total I think the estimation according to my CFP father will be around 35k?
I have about 4k in a standard savings account and a credit card I pay off fully monthly or bi-monthly. I also have probably 700 in a free acorns account with roundups turned on and a "moderately aggressive" profile selected. No student loans or other debt. A well cared for 2012 car with 86k miles on it and insurance coverage by my parents (until graduation). No rent payments until I graduate.
After graduation I expect to regain an income and have set monthly expenses around 1.2k between my dog, rent, car insurance, rent, groceries, and other expenses. I'll be hopefully picking up a job that pays around 40-50k. I recently quit my part time job to give myself an extra 10 hours every other weekend to breathe/be able to spread out homework better during the week because my mental health got a little fucky again for a minute there, so I don't have any income going into a 401k.
I plan to pull about 2-3k to split between donating to a local free mental health and counseling non-profit and buying groceries for my uncles neighbors. He was very low income and was so much more complex and kind than I ever thought he was. Here I thought he was a grumpy idiot who biggest triumph was defeating alcoholism. Turns out he would fix things for his neighbors, and do things like thrift a wheely cart for one neighbor who struggled to bring bags of groceries back from the food shelf. He also went back to my grandmother's nursing home for months after she passed to play cards with the residents there like he used to do when his his mother was still alive and living there.
I'm really unsure what to do with the remainder of the 25k right now. It looks like the general advice is to get a Roth IRA and/or dump the money into a high interest/lower ease of access savings account. I've been reading a lot in the side bar and searching past threads, but I guess that stuff isn't sticking in my brain right now.
[edit] I think my ultimate goal for the full inheritance is for a down payment on a house within the next 2-5 years. Renting is cool and all, but I've got a rescue dog who needs a yard who isn't doing the best in an apartment (fear aggression, we have to strategically bring her for potty breaks and are working on training out her barking at noises in the hall). I also want desperately to do the whole backyard chicken + meat rabbits + kitchen garden thing because having an ethical source of meat/eggs is becoming more important to me and I find gardening and being outside incredibly theraputic.
TL;DR Deceased uncle left me with a check for 27k and more on the way. Some will be donated but I'm overwhelmed as to what to do with the rest. I have no debt and forecasted expenses of only 1.2k/month. Am overwhelmed and unsure what to do. Plan on eventually (2-5 years) using the money as a down payment for a house.
Submitted March 16, 2019 at 04:07PM by 27at22 https://ift.tt/2u8OIiq
