I've never ever really had "money" so I'm pretty lost on what to do with it. I just inherited ~$230,000 USD from a dead relative.
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I'm 23 year old Californian around to apply to graduate engineering programs. I was able to survive my undergrad without accruing any kind of debt thanks to gaue won aid, scholarships, and working.
I make ~$500 after rent and also utilities indigenous an internship. It'd it is in nice to have a little much more money come take care of life expenses, but I'm worried around frittering it away.
I know how vast of an chance this is and I desire to really do the most of it. I'm still yes, really busy in between school and work so I want to have the ability to put most of it somewhere safe v a kind return and also still have access to a portion of it.
Any advice on wherein to placed it and how much I can set aside (without being an idiot) would be really helpful.
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Taking a spinoff that what's already been suggested.
Step 1: take it out sufficient to construct a comfortable (5-6 month) emergency money if girlfriend don't have one already.
Step 2: number out a plan. Execute you desire this money come last till you die? till retirement? do you want a house? figure out what friend want.
Step 3: look for out a gaue won advisor. You have the right to go with a bank or brokerage, yet look at their fees and do some self-research top top Google beforehand. Many banks or brokerages will acquire comissions for encouraging girlfriend to use their very own companies services. You desire a broker the is invested in your well being, no theirs. Psychic though, girlfriend need assist and advice. Paying for the advice is not a bad thing, simply don't overpay.
Be open with the adviser around your goals. The will influence their suggestions.
Step 4: listen to your advisor's advice.
Op · 6y
Thanks, I'm absolutely thinking long term nest egg to assist me live comfortably and also use for buying a home in the next 10 years.
Get a financial advisor.
I wouldn't go to BofA or one more bank because that financial advice top top investing. Lock are means too most likely to recommend expensive common funds and/or charge a far-ranging percentage per year in administration fees (e.g., 1%).
If a financial torture is a must, ns would think about Vanguard an individual Advisor Services. It's only 0.3% a year.
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Op · 6y
Thanks I'll look right into that.
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