Reply to I'm a poor who is about to receive an inheritance: please tell me what to do with it

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[quote=Anonymous]1) Don't be in a rush to do things with the money.  You can park it while you figure things out.  Will it be transferred to you as cash, or will it be what they call "in-kind", so in stocks/bonds etc?

2) I agree with no commingling for the majority of the funds.  Life is long, crap happens, and this is your nest egg.  No need to put it in a joint account.  That's how I've handled my inheritance.  Yes, I've used portions for the family's benefit, like the down payment on the house or paying for our cars in cash, but whatever is not used sits in my own accounts.

3) Pay off any consumer loans, like credit card debt, car loans, student loans, etc.

4) Create an emergency fund.  Give yourself 6 months worth of expenses, set aside in a money market or savings account.

5) Have both you and your spouse max out your retirement savings.  You can supplement your cash flow from these funds while maxing out what you put away for retirement.

6) Buy I-bonds.

7) If you want to invest the rest, look into dollar-cost averaging the money into a low cost mutual fund like Vanguard over time.  [/quote]

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