28M – I recently was fortunate enough to win $1.2 million. I have no real knowledge of what to do with this kind of money and just have been learning on the fly.
As of right now this is the breakdown of the $1.2
$500k – locked up in a (joint) 3.9% 12 month CD to go towards taxes for next year
$30k – paid off CC debt
$120k – paid off student loans
Remaining – $575k sitting in HYSA waiting to be invested somewhere.
I want to put this somewhere where I do not need to think about it and let it grow. I do not plan on quitting either of my two jobs and i will be saving my money as if I never won this money.
TIA for any advice
Where is the best place to put my money
byu/Odd_System_6431 inpersonalfinance
Posted by Odd_System_6431
2 Comments
The HYSA is perfectly fine for now and for a few more months. What you’ve done so far is honestly great.
Read through the wiki, the windfall section, flowchart, and investing sections in particular.
If you’re not max out all available tax advantaged accounts
The wiki has great general advice https://www.reddit.com/r/personalfinance/wiki/early_career/
If you really want to put the money away somewhere for the next 10+ years, you can buy low expense ratio ETFs like VTI or VOO. Brokerage accounts are easy to set up at banks like schwab or wells Fargo.
Don’t tell friends!