My nephews father passed a few months back and his life insurance paid him around 300k. He is 19 years old and a freshman in college. I’m the most financially savvy person in my family but that’s not a high bar. Need advice on setting him up right. He doesn’t have big expenses since he still lives with my sister. He wants to buy a truck.
My plan is to have him open a fidelity account and invest 280k in a SP index fund. Keep 20k -35k for a new car. Teach him about leaving it alone and the value it can and will grow to over time.
Is this good advice?
Submitted January 16, 2022 at 10:57PM by gnovela1 https://ift.tt/3qBa1Y9
