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Ask HN: 23yrs old. About to inherit. What would you do?

6 points by 23dev ↗ HN
I'm a developer living in a major city in the US. The sum of inheritance is really small in the scheme of things (35k) - but I've never seen that kind of money in a lump sum before. I work at a startup making 75k. What would you do?

9 comments

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jpluscplusm
3.5mil? Do something interesting.

350k? Splash out on one or two fun or lavish things and put the rest into savings/etc.

35k? Put it into savings.

PonyGumbo
It's a good opportunity to pay off debt, if you have any.
byoung2
Definitely talk to a financial advisor, but most likely he/she will tell you to start by paying off any high-interest debt, put some in savings, and invest the rest. It doesn't make sense to put that money in an investment earning 1-5% while you have a credit card at 13% and a car loan at 7%.

EDIT: What's with the downvotes without comment? Is it unreasonable to suggest that someone should pay off debt before investing?

ericb
It might make a nice down payment for a house if that is something that interests you. Paying off debt is a great suggestion assuming you have some.
HockeyPlayer
You don't need a financial advisor. Pay off any credit card or other high interest debt (and don't run up more).

Put the rest in a Vanguard Total Stock Market index fund, and setup automatic payment of $100 from your savings account to add to the lump.

23dev
Thankfully no debt to speak of. Saving it is I guess.