I've recently turned 18 and my father has just told me that I have two mutual funds, one with $14k and one with $12k. I've also been saving up for the past several years as I'm not a big spender and I have roughly $6.5k in cash/accounts.
At first I would think that this could help go towards my college tuition but I have the first 2 two years covered 100% by the GI bill and then I've racked up enough in scholarships to pay off more than the last two years. I already have a car and I will live at home and commute to university.
Does anyone have any idea what I could and should do with this money? I also don't know much about mutual funds so any info there would be great as well. Thanks in advance.
Start funding an IRA with it. You can drop $5500 per tax year into them and then withdraw it at retirement for huge tax benefits. Use the rest to start funding a brokerage account. If you're unsure what that entails or how you can invest that money talk to a financial advisor. You can find one at the branch office of any major brokerage like Fidelity, Schwab, or TD Ameritrade and they will be more than happy to talk with you as soon as you mention you have $26k that you want to start investing. Just keep in mind that they will try to sell you stuff. Avoid the sale if you can and just extract information about what sorts of investments you can pick up that are within your risk tolerance. They can walk you through picking out mutual funds and the like.
OP, look, you're in a good position. If you have earned income, contribute to an IRA. Matter of fact, you can contribute 5,500 for 2015 still. Then 5,500 for 2016.
With the remaining 15k of the windfall, investing 1k per month or so in a broadly diversified index fund or ETF.
A lot of Silver Eagles, a few Gold Eagles.