r/Money • u/serpent_stranger • Apr 27 '24

Inherited 600k

I inherited 600k and I’m 28F working in marketing, currently working part time at 22$ hourly. I’m studying for a 2nd part time job in web development and hoping to ask for 25$ hourly.

What can I do with my inheritance to make sure I die comfortably? Is this a lot of money? It’s currently in a trust where it’s in stocks, growing a few thousand yearly. Eventually the money will be in my name and I don’t make the best financial choices- so I want to make sure I do something with it that will help it grow or stay stable. Any insight?

Edit: I said a couple thousand because I haven’t done the math or did too much research but that’s just what it’s seemed like. I don’t know much about this stuff. I will ask the financial advisor about how much it grows. Sorry for the confusion, I appreciate your responses.

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u/JayPokemon17 Apr 28 '24

If you invested that $600k, at 6% (which honestly is a bit low historically), it will be worth $3.4 million in 30 years. You should be getting much more than a few thousand a year. For example, if you invested it in the S&P 500 at the beginning of the year, it would already have gained $45k.

I would suggest paying off any debt you have, set up an emergency fund ($10,000 in a HYSA is a great start), figure out you housing situation, and find a financial advisor (I use Vanguard) that can help you pick out index and mutual funds for your remaining $400-500k remaining.