I was given $200k, what should I do?

[human123]

@jilleighan7 How was this given to you? You have a decent amount of options, but the right one is going to depend on your goals. Consider talking to a financial planner so they can look at your whole picture and see what fits.

 

[nate71]

@jilleighan7 Do you have a financial plan? If not, get one. Speak with a fee only financial advisor. The money will earn interest in a CD or HYSA but it won't grow.

 

[alwayscurious]

@jilleighan7 Some of the best advice. In order. Pay down high interest debt. Take a small amount as fun money. Put the rest in a HYSA for 6 months before making any more moves so you have time to think it over and not do anything impulsive.

 

[jowel]

@alwayscurious Pretty solid advice, but the ‘fun’ money should be smaaaaallllllllllll

200k is a solid chunk but it can disappear quickly

 

[alwayscurious]

@jowel Like $5k. Enough to really have some fun especially in relation to the full amount but not enough to get into too much trouble.

 

[susanlo]

@jilleighan7 Start an RESP fund and invest in the future
Or a 529, depending where you live, I guess.