That sounds good. Traveling abroad is fun, and you should enjoy it. You can either take the time to research the stock market (it takes months to years) in your free time, or, just buy shares of blue chip companies (well-known, reputable companies) and hold them for a long time. It's a relatively safe way to gain ~30% of your initial investment, after a few months.
I grew up in a middle class family with just my brother and I. My mother’s family contained my grandparents and my mother’s wealthy brother. I saved money by living at home my first 2 years of college and did well enough to receive a full ride scholarship to a state University. I saved even more money by living in my uncle’s apartment building in the same university town.
Long story short, in my last 2 years of college my mother passed away from cancer, my grandfather died 8 months after my mother and then my uncle passed away just 2 weeks before I graduated college. I was devastated yet I had my degree and (unlike almost everyone my age) was debt free. Well, a year has passed and I work in a retail job making a few dollars above minimum wage. Well, I just received a certified bank note cheque for $388,000 (as did my brother). I did not know what to think do or even what to say.
I know I need to seek financial council and only my two closest friends, my boyfriend and my father know I inherited money. I do not drive (so I don’t own a car), I rent from my family (at half the cost), I have no student loans, I have no debt, I have no credit (or bad credit). Some people keep telling me that as a 26 year old I should invest it all and just sit on it. However, I think that I would like to take a substantial amount (say $55,000) of it to spend a year or two traveling/doing volunteer work/ and studying abroad. The rest I would invest. Is this frivolous or a good idea?
