Agree with marty998.
I inherited a life changing amount of money when my dad died. I knew nothing about investing and other than having a company 401k (and asked a friend to help me pick mutual funds so really didn't even understand what I had), I really didn't understand what I could do with the inheritance, but I knew this was a life changer and I needed to educate myself.
So first:
https://www.bogleheads.org/wiki/Managing_a_windfallThe part I agree with VERY STRONGLY is to do literally nothing with the money if you don't have a dire need for it (drowning in debt or whathaveyou). Park it someplace safe, where it might earn a few bucks like a high interest savings or money market fund.
And then figure out what you want to do with it exactly. What are your goals? What are your plans for your career? Your place of living, country location good for now, or really wanted to live in X state or Y city?
And read about money management, investing and financial planning. I can already tell you are not really utilizing and maximizing your current situation, because if you are self employed, you CAN (and absolutely should) have already set up a solo 401k or similar retirement account. You are paying YOURSELF by doing so, and by saving money (and putting it to work) now, you could potentially reduce your taxes as well, because all the money you stuff into a 401k can reduce the taxable income they look at when it comes to what you'll owe at tax time...
And when I say "read about blahblahblah" and "do research" don't automatically assume you have to become a 117th level magician and ace the tests that certified public accounting folks take. You do enough to understand the basics, and then explore a bit more if anything seems cloudy. You are the best person to deal with your money, and it doesn't have to be that hard, and again - you're not making any major decisions for at least 6+ months. So take that time and read a few simple basic things, ask questions here, and get up to speed and then start making moves that make the most sense to you.
Some of the money you receive absolutely could go into buying a residence if you deem it the most suitable and financially prudent move. You could use all of it, or just fund a partial amount and get a mortgage (if mortgage rates are much less than what you could earn by investing, that makes sense).
But you need to get the basics of money management down so you know what to use the money for, and how much of it to this or that. And whether investing a good portion might be the most sensible.
So where to get the knowledge?
Very simple, easy to read, and SHORT but oh so sweet:
https://www.etf.com/docs/IfYouCan.pdfhttps://jlcollinsnh.com/stock-series/ Jim Collins' blog above is my #1 go-to. Again, I knew nothing. I lucked into his blog and it was eye-opening. I can not even begin to tell you how much his blog (and now available in an updated book form if you prefer reading/ebook) helped me to see how simple this can be. And yes, I'm the one he's quoting on that landing page. I've been a VERY vocal cheerleader for his work, mostly because I was terrified after my dad died that I'd never understand all this stuff, and it was such a huge, scary responsibility that I felt like I had to get right for my dad's sake, and Mr. Collins' blog gave the confidence and understanding that I hadn't been able to process before (and I'd read several investing for dummies type stuff and was seeing plaid after a few pages...). I felt like it was a Dorothy opening the door to Munchkin Land type of epiphany level for me. And I'm a "creative" (illustrator and designer) and not typically associated with being a logical/analytically wired enough to do math or financial stuff easily. But I can, and do. And if I can, then literally ANYONE that has basic intelligence can too.
I am a Boglehead and as such, I'll always recommend their wiki:
https://www.bogleheads.org/wiki/Getting_startedSo once you figure out (again use those 6 months to make plans, change plans, scrap plans, add things in and take things out) your goals, you can then write an
investor policy statement, which is your blueprint for how you're going to handle your money, investments, what your goals are, what you'll do if this thing or that happens... and then use it to refer back to and occasionally revise it as times and circumstances change.
And then you'll move forward to using some funds for debt, or to buy an abode of some kind, and quite possibly invest a good portion. And also I do hope you'll get going on a savings/investing plan for your self employment part as well, because again, not having a decent amount in a solo 401k or similar already in place has cost you time in the market and taxes and money better put to work for you instead of the other way around (which is the ultimate goal for most of anyway).
And I'm so sorry for your loss of the family friend, but what an incredibly wonderful gift they've left you. This is technically a life changing amount of money that could be the catalyst that launches you into freedom if you so choose to use it that way.