hello fellow mustachians,
I have been a reader on this site for years. It's helped me shape how I think about finances and retirement. Thanks to the blogs on this site, I was motivated a few years back to pay off all my CC debt and save as much as I could each paycheck I received. I've also created a small stock portfolio and put the maximum into an IRA each year. I am 32 years old and I just started to get a handle on things recently. Then, out of the blue, a family friend with no children passed away and I got news that I would be receiving an inheritance. Took a year to get the paperwork straightened out, but I just heard from her lawyer that I will be receiving between 250 and 350K.
Before I receive the checks from the lawyer (in the coming months), I currently only have a federal loan out for college (15K) and no other debt. I have about 22K in the stock market (mostly Apple, Disney, Spotify, and FB--I really need to diversify). And the rest is in my IRA ( 11K). Oh, I have about 9K in a checkings account right now and some 20K more coming from freelance gigs I already completed. So I have a nest egg in case of an emergency.
I reached out to a friend/mentor of mine who is smart with finances. He used to be VP at a big financial institution, and after he retired he got a graduate degree and created a curriculum in order to give people in the community free financial advice. I spoke with him, and he told me that I should put most of it in a money market (I believe that's what it's called) type situation. When I get the check, he said I can set up a meeting with him and we can go over the money market in person. To prepare I've created an account with Schwab.
I also have a dream of purchasing a 2-flat (I live in Chicago). I've worked hard to get my credit score up and it's around 752 right now (according to mint.com). As a freelancer with income from various streams that are not all from related fields of work, I've found that it might be a bit difficult to get a mortgage for anything more than say 75 - 100K. I've spoken with Chase bank and also a smaller mortgage company. The smaller company looked at my taxes and said she could work with me and get me a decent mortgage, but then she ghosted on me lol. I need to stop back in after I file taxes next year.
Any and all advice is welcome on what to do with this inheritance is welcome. If you have advice about money markets/mutual funds, real estate, down payment on homes/apartment buildings, or anything else--please let me know. Thank you so much.
-alyx