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Hey /biz/, so recently my father passed away, which leaves me with grief and $120,000+ in life insurance. As much as I hate how I got the money, it still doesn't change the fact that I have it, so, I figure that I'd put it to use.
I will be paying about $40,000 for college, scholarships and grants will take care of the rest.
I also will take $10,000 as "play money", which I can use on clothes, electronics, etc. Should last me quite a while.
That being said, what should I do with the remaining $70,000? I just turned 18, so I don't know if that will effect my options, but all suggestions are welcome. Also, I have about $77,000+ in an inherited retirement account, any tips or suggestions on that will also be appreciated and useful. Thanks.
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Sorry about your loss friend, I know how you feel my father passed away last year.
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>>1758982
If you don't already have emergency savings, put $10k in some kind of high yield savings account and do not touch it unless you have an emergency. Yields on these accounts are very low now, but your emergency fund needs to be in something with no market risk and quickly accessible. With the rest of the money, put it in some diversified mutual funds/ETFs. If you have a retirement account like an IRA or a Roth IRA, max out your annual contribution. If you don't have one, open one.
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>>1758982
open a forex account and trade
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Honestly, just put 100k in VOO, and 20k in something like BSV, or even lending club (you will learn about loans/returns/jobs/careers/defaulters) and you will get steady payments too help you pay for school.
Blow the rest on hookers, strippers, coke, weed, beer, w/e... or put the money where it will do you some good (lending club/ VOO)
buy rich dad poor dad, because it sounds like your dad was a poor dad
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>>1759002
Thanks, I know, it sucks, he was pretty much my idol in everything I ever did.
>>1759004
Any suggestions as to what savings accounts I should look out for?
>>1759015
I don't know anything about trading stocks or stuff like that though, if I'm going to learn, what's a safe amount to start with?
>>1759019
He certainly wasn't wealthy, but he always provided for us
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>>1758982
>I will be paying about $40,000 for college, scholarships and grants will take care of the rest.
>$40,000 for college, scholarships and grants will take care of the rest.
>scholarships and grants will take care of the rest.
That's insane... Holy fuck, you millenial Americucks are really fucked, huh?
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>>1759110
I wouldn't say that, I worked pretty fucking hard for all that academic money
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>>1759244
Well, I slacked off at the beginning of my high school, but a gpa of 3.6 and act score of 35 can take me anywhere except for some of the higher schools, like Harvard and MIT. I choose to go to Arizona State University, Barrett, due to it being cheaper with in state tuition and all that. So I've earned about $45000 in academic benefits. Yeah, it still sucks that I still have to pay a shit ton for college tho.
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>>1759020
yes exactly
saying he was 'poor dad' is not an insult, read the book, its like 90 pages, and is very good.
"poor dad" just means not an entrepreneur
but stay away from apartment complexes until you own your own home.
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>>1759020
richest man of Babylon is another good, easy read.
Basic save your money, keep your money, let your money grow...
If your young, this kind of 100 year old conservative book might help you from making bad decisions.
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