Help a trust fund baby: “What should I do with my inheritance?”
Just got this email from Christine, a self-described “trust fund baby” who asked for advice. What would you recommend?
I am a 22 year old female in my last year of college. I never learned how to manage my money. If I got money, I spend it. So, freshman year of college, a credit card seemed like a fantastic idea. My parents have even bailed me out a few hundred dollars. I’ve kind of come to terms with the fact that this is a stupid move on a lot of students parts, and I’m working through it.
Recently, I learned of a pretty good deal of money – $140,000 give or take – that my well-off, childless aunt and uncle have put into a trust fund for me.They have brought it up to this amount by contributing $30-40k at various times over the past 10-15 years. Anyway, my question is: what should I do with this money?
What do you think?
If it were up to personal-finance “experts,” we’d never spend a penny on ourselves. We’d save 80% of ...Read More