My oldest son turned 24 a couple of days ago. He lives and works in Canada, scraping by as a cook and gigging musician. He's a US citizen now, but plans to gain Canadian citizenship.
In a couple of months he'll inherit about $20K from his grandparent's estate (my ex's parents). He's asking me what to do with it. I am, in turn, putting it out here to see if there are some creative ideas.
My initial advice was:
Any suggestions? Funds you like/don't like? Got a bridge for sale?
In a couple of months he'll inherit about $20K from his grandparent's estate (my ex's parents). He's asking me what to do with it. I am, in turn, putting it out here to see if there are some creative ideas.
My initial advice was:
- Put 75% of it in a low fee index fund that, if possible, has some penalty for early withdrawal - something that makes it at least a little painful to pull cash out for a trip to Vegas. My thought is this can be a retirement fund, a house down payment, etc... But, lock it away for a few years and try to grow it.
- Put 25% in a bank savings account tied to his checking account. Try to grow that savings, but know its there for emergencies, emergency fun, whatever.
Any suggestions? Funds you like/don't like? Got a bridge for sale?
via International Skeptics Forum http://ift.tt/1QRtmHV
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