Question

Hi everyone!  I'm a new grad and started my first full time job in August.Hi everyone! I'm a new grad and started my first full time job in August. I've recently come into a bit a money from some inheritance and I'm not totally sure what to do with it. I know I should put a chunk somewhere (where? ) as an emergency fund. And I'm already maxing out retirement from my salary since my expenses are fairly low. So my two questions are: Where is the best place to put an emergency fund? What should I do with the rest of it?  

Answer 1

Pay off student loans?  

Comments

I'm really lucky. My parents used some inheritance they got years ago to invest in 529s so I actually am debt free at the moment. But good suggestion!  

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@sung1087 have an emergency fund and then use the rest to buy a cash flowing asset. or get your savings to buy one started

Answer 2

1) high interest saving account such as Betterment or wealthfront 2) VTSAX and chill Lol

Answer 3

Just put it in a high interest savings account! I’d also recommend reading Set For Life by Scott Trench. I was on his podcast, BiggerPockets Money, about a month ago where I discussed what I did in a similar situation and how it’s allowed us to FIRE at 27 and take some time to figure out what we want to do with our lives!  

Answer 4

Some good advice is to not do anything for a few months to get your plan together. Don't rush.  

Answer 5

I think this is good advice. Click on “windfall”. .  
https://www.reddit.com/r/personalfi...index

Comments

Also see “the prime directive” associated with this subreddit

Answer 6

Great situation to be in. Check out Betterment’s Site and see how you like it. LMM also has a couple of episodes that talk about Betterment, you can give those a listen too. It’s simple to setup and easy to use.  

Answer 7

I’d put the emergency fund in a high yield savings account or money market. The rest depends on your situation: pay any credit card, student loan, or car debt. So no debt. Then save for a personal goal, like a down payment on a house or condo. And don’t be afraid to start investing if you haven’t. An index fund that mirrors the S&P 500 would be a good start. (This would be outside of work sponsored accounts, like a Roth IRA. ) You should also take a small portion and just have fun. Save some, spend some, give some. Good luck!