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I am 23 years old and just lost my only parent; receiving about 250k inheritance but now have to financially support myself. Want to use this money wisely…


As the title says, I’m basically going from near total dependence (living at home with parent, not paying for food, rent etc.) to total independence in the blink of an eye. I’m the only beneficiary of about 250k, give or take, probably more like 150-200k after settling bills and such. I don’t want to give out too much background information but I will say that this is a sudden occurrence; I am still living at home and had no real intention of moving out any time soon, but it looks like I will have to within the next few months.

I am thankful to have this bit of financial cushioning so that I’m not thrown out onto the streets right away but it’s overwhelming, to say the least, and I want to know what I can do with this money to make it last. I’ve just graduated from college and have been slowly but surely pursuing a ‘real’ job (\~50k+ per year), as the best way to conserve the inheritance is obviously to get funding from elsewhere (I only make about 10k a year working part time atm), but that’s not the advice I need. It’s not every day you receive this much money at once, in fact this will certainly be the only time I do. My first thought was that I would just coast on this money until it runs out, which, if I figure correctly and minimize my expenses as much as possible, could mostly fund 3 or 4 or even 5 years, giving me enough time to more or less continue my life as it was and take my time to secure a good job, slowly weening myself off of the inheritance and supporting myself with what I earn.

But it occurred to me that there may be other things I could do with this money rather than just slowly drain it. I want to know how if there are alternative routes I could take, like if I could use this money to “grow” more money. Investments? Putting some fraction of the money in a long-term accrued interest account (or something, I’m not really educated in this department)? What are some options I might not be aware of that I now have the opportunity to look into? Thanks –


Someone answered:

You’re a 23 year old with a college degree, it shouldn’t take you 3-4 years to find a job. “Coasting” off the money would be a terrible idea. This inheritance could be money to set you up to buy a house sooner or help get a good head start on retirement. But wasting on pizza for 3 years while you slowly apply for work should not be plan A .

Someone answered:

So sorry for your loss. Straight-up, the very best thing you can do is take as much of it as you can and lock it up for a year so you can't spend it. This will give your mind time to adjust to the fact you have this much money. After a year, the decisions you make with the money will be much much wiser. If you don't do this your mind will come up with all kinds if ways and ideas to spend it and invest it unwisely. Just give yourself some time. I'm speaking from experience. All the best.

Someone answered:

Who is the house being left to?