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]Don’t do anything with it and whatever you do don’t give it to a financial advisor to invest until you’ve educated yourself. YOU are the only person who can make the right decision for you, based on your own goals and no one else’s. You need to take the time you need to determine your goals and from that what to do with the money.

Get on Bogelheads and understand the basics of a low cost, balanced do-it-yourself portfolio. Understand that most studies   show that that will make you more money over the long term than any advisor or amazing stock or fancy investment plan.

Jean Chatzky’s Her Money podcast is also a reliable source of information.

One thing you’ll need to understand sooner is whether there are tax consequences related to the inheritance. Not necessarily that you would need to pay taxes, but if the funds are in retirement accounts there are pros and cons to rolling them over to your accounts.

If you’re just getting cash then a short term solution is to buy some short term CDs via an account at Fidelity, Vanguard m or similar. [/quote]

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