Hi PF,
Unfortunately my father recently passed away but in the process left me a fair amount of money (more than I've ever seen). The majority of it will be managed for me until I'm 25 & 30, however I'll still be receiving around 100k in cash within the next couple months.
I'm more than grateful for this and realize it can definitely be a step towards retirement so I want to make sure I manage it well, especially the cash portion. I was going to immediately set around 6 months worth of expenses aside in a HYSA, though that will still leave me with around 85k worth of cash.
Currently 20 years old with around 15k in student loans (3% interest rate, so not worried about paying them off anytime soon), and still a student and not working. Since I'm not working and don't have any "earned income" does that mean I cannot contribute to a ROTH IRA? At that point would you recommend just putting the cash in a brokerage account with an index fund? Any other options?
I really appreciate the advice!
Submitted October 05, 2020 at 08:10PM by CDG_bb https://ift.tt/3nkjAa7
