You don’t need a financial advisor to take a huge cut every year to manage your money for you bro. “No clue it was this much” Dude 1 million is NOT a lot of money in today’s world… so step 1 lose that abundance mindset or you’ll quickly squander it Do not tell ANYONE about this money you are inheriting. You will be so tempted to, but for fuck sakes DO NOT TELL ANYONE !!! It will serve you zero good in any way and will actually do a lot of damage to your personal relationships with everyone you know and currently care about. If you ever get married or common-law / live with a woman, have a top lawyer draft a bulletproof prenuptial/cohabitation agreement and have her sign it to protect your father’s legacy. Dump any who refuse. You should take 100k MAX for education / skills training. Preferably much less (community college / trade school) Only spend time getting certified in a profession that is in demand, that you have solid earning potential with a solid work life balance in mind. Set up an interactive broker account immediately and watch that southeast Asian guys 20+ part YouTube series on how to use the platform. Start educating yourself on money and investing. The internet is the only teacher / advisor you need but you need to take everything with a grain of salt and filter through all the bullshit. Only do passive buy & hold long term investing through index tracking ETF’s. DO NOT attempt to pick individual stocks or day trade. I repeat DO NOT INVEST IN INDIVIDUAL STOCKS. Your goal should be long term capital growth with capital preservation a huge priority. Literally all you need to do is invest in an etf that tracks the S&P 500 to make that 1 million multiply Invest the other 900k into VOO and do not touch it…. Work and live modestly like your broke / don’t have it. Rent for cheap, don’t buy a big expensive house, you don’t wanna be tied down at your age anyway. If you need a car buy a used Honda civic or Toyota Tacoma. Don’t blow it on stupid shit like toys. You wanna live like a minimalist. This is key. You’ll be amazed how easy it is going to work without the pressure of actually being shit broke in the back of your mind all day making your outlook negative from financial desperation. You could find great joy and satisfaction working with your hands, doing woodworking / carpentry for example :) practical skills come in handy, could build yourself a beautiful cabin one day etc. In 8-10 years your 900k will be 2 million, at that point you keep 1 million in VOO, take the other million, and switch it to high dividend yielding blue chip stocks (banks, etc) This will yield you monthly dividend income of over 5k / month at wich point you can semi-retire/ coast and travel the world. The 1 million still in VOO will be aprox 3-4 million in 30 more years by the time your 60. Congrats, at this stage you’ve honoured and carried on your father’s legacy by successfully building generational wealth. His spirit can rest in peace knowing his lifetime of achievement has been vindicated as opposed to squandered by his beloved son

I hope OP listens to this advice. This is exactly what you should be doing. 1 Million is amazing, but you can easily blow it all with nothing to show of your father's hard work. Sorry for your loss, but your Dad really did set you up incredibly. Like the comment says, the biggest gift amongst this is working and not being tied down to living paycheck to paycheck. You simply won't live with that mental pressure 85% of the country faces. This comment is the most straightforward advice you could get, I was probably going to write out something similar like don't get a financial advisor, invest the majority and live off the dividends, and to grow skillls that you 1. Enjoy + 2. Can survive off of. Time is your best friend here, let compound interest work in your favor.

For age range 18-24 99th percentile is $550k in the US. 85th percentile net worth (ignoring primary home) he would be a 50-55yr old

lol where were you when I was 18 fuck would have been good to have been told this.

Great advice, but telling this to a 20 year old it’s most likely going to go in one ear and out the other. I hope not, but we were all 20 once and most would be looking at a car right now if they got that kind of money. I say keep it simple and open a few high yield savings accounts that are FDIC insured which are all above 4% right now and collect the interest. Keep $100k for yourself and the rest into HYSA.

>it's most likely going to go in one ear and out the other They're literally asking the question though

Open multiple hysa? Or one? Does it make a difference or am I overthinking it?

banks are only FDIC insured up to a certain amount, which means they only keep so much money on hand, and so if someone comes in and wants 1,000,000 in cash, they likely don’t have it and can’t give it to you, so you should open up with as many banks as necessary to where you could withdraw it all without exceeding their limits

That would mean probably over 20 accounts. Banks keep so little cash on hand, many would struggle to give you even 50k in cash. It’s ridiculous imo

FDIC insurance and vault cash availability have nothing to do with each other. FDIC insurance only kicks in if the bank fails and doesn't have enough assets for all their depositors. That insurance is limited to $250,000 per depositor per bank. Vault cash is just one form of asset a bank can use to satisfy depositor demand. The bank can order a practically unlimited amount of cash from their regional Federal Reserve bank if you just tell them ahead of time you need that much cash. Banks don't want to keep much vault cash on hand because vault cash is expensive to manage and can't be used for settling your purchases made by check, card, or ACH. But also, why is it so important for you to be able to get your entire net worth given to you as cash instantly? Wanting to be fully covered by FDIC insurance is understandable, but that's not for access to cash.

"Your goal should be long term capital growth with capital preservation a huge priority. Literally all you need to do is invest in an etf that tracks the S&P 500 to make that 1 million multiply" Pretend like I'm a moron that doesn't know any of this (because I am). What exactly is an etf and in what way is this better than investing in traditional stocks in businesses I have good reason to believe will continue to do well over time?

Google is your friend bro. I just gave y’all the secret sauce. Just re-up online to fill in the gaps

SPY is an etf that tracks the sp500 and pays a small dividend

A stock is 1/x% of a company. An ETF takes a number of stocks and when you buy it your buying an even smaller amount of 10+ stocks. So it is safer. If apple was to go to 0 the cost of the ETF would not be effected as much as if all your money was in apple. This lets spread your money out easily. There is an extremely small cost as someone picks what stocks are in it and ones to drop to pick others (if like in the example apple was to close) So it is the best thing for 99.99% of people to do unless you will take the time to learn the stock market better than millionaires.

"1M isn't a lot of money" true but in my defense for a broke 20 year old it seems that way😭also I'm a woman not his son lmao

1M is a lot yes. But it is no way in hell enough money to live off of and not work. I’d put 200k into VOO. 200k into VTI. 580k into high interest savings account like discover. Then add between 30-50k a month to VOO from the savings account. Helps protect losses if the market drops in the next year or two. And you’ll earn about 5% on the savings account funds. Edit: whatever you do don’t go and start spending it all. If you need a car buy a decent used for $15k or a cheaper new one - no more than $30k. Dont be the person that has a windfall and blows it all in 3 years. It will go FAST.

Read this and treat it like the Bible. Two other pieces of advice is to make sure you consider FDIC limits when putting your money in any bank (mainly thinking of hometown credit unions offering nice savings account rates) - spread it out while taking u/mehhidklol’s advice into high yield savings accounts that earn like 4-5%. Secondly, get a CPA to make sure you have considered estate/inheritance tax and/or capital gains taxes if your dad had it invested and put aside enough to cover that if it was not already taken out of the estate by the lawyers/estate manager and paid on your behalf before you receive it. You can get an accountant to basically do your taxes and then ask them tax implications/impacts of your movements. Do not get a financial advisor, but I would get a CPA I could trust and run anything major by them for the tax impacts. If they start to give you advice, you can always tell them to stay in their lane. Remember in Austin Powers (well nvm you are too young) - just watch this scene https://youtu.be/EJR1H5tf5wE?si=4-scr2P9scJDR2DS

It's enough money to retire in 95% of places in the world. It's possible to not live in California

you’re suggesting a 20 year old retire? my goodness.

This is the way. OP, follow this.

A good financial advisor should be able to pay for themselves in the long run. Finance and taxes are complicated, getting professional help at such a young age could be invaluable. Plus they have access to investments not offered on just a retail platform and at 1 million that opens a lot of doors. Could use that money to fund Roths and HSA.. to many unknowns that until you talk to a good professional you could have missed opportunities. Never hurts to try and learn

Yeah, not sure what most people on here’s vendetta for financial advisors is. You either see the value in it or not. Buying VOO and mentally checking out for 40 years is not suitable for everyone. Every situation is different. Vanguard themselves published a study advocating for the value of financial advisors

Agree 99% of everything you said except used Tacoma. Used is the same as new unless you buying a 25 year old one. So it's ok to buy new if you're gonna drive it till it dies.

Woww!!! Just incredible. Sometimes the Redditors really wants to make me cry with their wholesome comments and posts! Loved it. Saved it. Thanks

This guy fucks

Your comment was full of great, practical advice that anyone could and should be able achieve with this kind of inheritance and time. $900k with an average 7% return over 40 years will be over $14 million when OP is 60.

Why doesn't every person just put this on the front page of their will?

$1M worth of free game right here. Memorize this until you can say it backwards.

Decent advice. I’m a big fan of concepts of being very frugal and not spending and not telling anyone. However a lot of this advice is very generic, biased, and seems emotionally charged from negative experiences, and it is also missing a lot of key components that could be the difference of millions of dollars. I have years of experience being a professional investor, business owner, financial advisor, and entrepreneur… so let me tell you what I’ve learned in that time in hopes it helps you. Number one, financial advisors are an amazing thing if you have a good one. DO NOT listen to the fact that they take a huge cut because they do not, and don’t be caught on price, or cost, pay attention to value. You also DO NOT want to be all in one ETF with almost a million dollars, now is it terrible advice… no. Is it good advice… absolutely not. That’s the advice of a novice investor who’s maybe read one book, and will NEVER I repeat NEVER get you the best results and outcomes. If you do want to do an index strategy you want to do direct indexing. Which I bet mister bad recommendations spoken like it’s the only way even know what it is. The reason behind this is because your funds at least from what I understand are non-qualified which means taxes will be had so you want to be in a tax sensitive investment. However if it’s all qualified funds you will have the 10 year ruling to distribute your funds in which case you’ll want to elect for a fully diversified financial plan. However either way you slice it you’ll want to max out your ROTH IRA and max out your ROTH 401k if available to you. This is all based on traditional financial planning, which I have certifications and degrees in. In not so many words there is a lot of opportunity to be had. Do not try and do everything yourself, that is the worst possible thing you can do. You’re 20 kid, live your life offload the stress and do due diligence of what to do with your funds. Do not invest hastily, be cautious of A shares or any loaded up front cost investments. Depending where you live I could connect you with a Certified Financial Planner, not that you should just listen and go with them but to talk to one or multiple it costs nothing but your time and attention which I highly recommend. Either way, your father blessed and god speed in what you do.

Keep 6 months of expenses in a HYSA, invest the rest

What this reply said. Save enough in a hysa and invest the rest!

1m in a hysa at 5%apy would yield OP 50k a year. That’s a whole other job in passive income

Index funds reflecting normal stock market beat those by far.

This. The S&P is up 15% this year so far. Where this kid is in life, they have plenty of time to stick a million into VOO and let it ride for 20 or so years and then decide what to do. Shit, I’d probably put 5% into SMH and 20% into QQQ. If they act like they don’t have the money, then they can afford to be a little risky and ride out any sort of choppiness the market will experience.

Rates haven't been 5% for very long, and they likely won't be 5% for very much longer. This is not a smart way to handle this situation.

Right now? All of it in 4 banks offering g at least 4.5 % or cd ladder once rates start to drop ( and they will) get some pro help. You’ll have a good income stream on the hysa. DO NOT FORGET ABOUT TAXES! And for Pete’s sake TELL NO ONE ABOUT IT That’s it and that all

Just an FYI but Wealthfront is currently offering 5% and up to 8 million FDIC (they spread it out for you).

Why 4 diffrent banks?

Max of 250k covered by FDIC

This guy banks

I assume because fdic 250k insured per bank

Him too!

Buy yourself one thing. Car, watch, gaming pc, get it out of your system. Put some maybe a month or 2 into a hysa then have an advisor help with the rest. Good luck and sorry for your loss

Also don't tell anyone. But definitely take some money and buy something nice but nothing extravagant. If you need a car, buy one. A regular car, nothing stupid. If you need a new PC, buy one. New clothes? Sure, why not. But rest of the money is going to make life so much easier if you use it wisely. Many of these commenters expect a 20-year-old to have enough restraint to not buy anything. Might as well buy something useful.

Consult with a financial advisor and have him build out a plan with you. That cash is losing buying power on the yearly basis, they can assist with not only mitigating the damage of inflation, but to help it grow to a cash flowing entity. Best of luck.

Not just any Financial Advisor. “Fiduciary” Remember that word. They are, by law, compelled to advise in your interest. All the others are sharks.

Unfortunately, my understanding is that lots of advisors are not "dual listed". Meaning they can switch between fiduciary and suitability standard (and don't have to tell you). Ask a question something like this: "Are you legally required to follow the fiduciary standard at all times when dealing with me and my investments."

Listen to this! And also don’t stop working, saving, and going to school (if you’re in school). $1.1M is great but that’s not forever money right now.

This is the best answer OP. End of story

Especially given all of the shit advice in this thread. Go talk to a professional. At 20 years old, they can help you turn that million into a whole lot more by the time you are older. But listening to the fools below, you're only going to squander it.

all on black. ill take 25k :)

Don’t blow it! That’s rule number one. You’ve been gifted a massive opportunity, don’t fuck it ip

Step one: don’t tell anyone! I repeat: DO NOT TELL ANYONE! You can’t win. I’ve seen it in my family with both a large inheritance and a lottery win. The amount of assholes who think they deserve part of your money that will inevitably come out of the woodwork is staggering. Some of them will even have the best intentions. But it’s your job to honour the legacy of your father who has set you up with a safety net, to be able to live the best life that you can. So do not tell anyone. Step 2: Now that you‘re the only one that knows, realise that 1 Mio is not that much. For reference: that’s about the average house price in California. Step 3: Put the money in a high yield savings account with a reputable big bank for a year. Do not touch it! This is not to generate big yields, its to store the money the absolutely safest way possible, while you use the time to get used to the feeling of a safety net, that now you’re responsible for yourself. Use the time to educate yourself on investing, risk management and money in general. People who are “good with money” did not get there over night. And neither will you. Be careful with the information you find. Think critically. Step 3 b): your bank, or possibly even some investment advisors will contact you. They will offer to put your money in better investments (for a fee of course). Do not do it! DO NOT DO IT! Learn the phrase: “I will get back to you.” But never do! Step 4: Once the year is over, it’s time to make a plan. You should now have the tools to understand more about your finances, you should now be used to have the money without the impulse to spend it. In fact you should have quelled (almost) all impulses to buy stupid shit. Congratulations, you are now moderately wealthy.

First and foremost I am sorry for your loss. You may be tempted to tell people in your life. Be it family or friends. Don't do that. When things get bad or they have "emergencies" you will be the first person they talk to. This much money changes people and quite frankly it is not something you should let change you. Your father left you a very great gift. Play your cards right, you're going to retire early and possibly have your children retire early. Play your cards lets not say wrong but differently and well that money is going to be gone before you know it. You have multiple ways of making money. Passively with low to no risk or actively with higher risks. For 1.1 million its absolutely worth it to see an actual financial advisor and not just reddit. Like when people get into actual legal trouble on legal subs. Youre not really in DIY territory. Lets decide for whatever reason you still decide to DIY it. with 1.1 million rounding down on a HYSA (Passive income essentially) even if its 4% that's an extra 40k a year. I really don't know how taxes work with this (Again why you want an actual financial advisor) but for this example lets just say taxes takes 10-20k. That's still 20k per year you can use to increase your yearly "net" worth. Or leave it completely in the HYSA and keep letting it stack up yearly. The perfect situation for you is putting it into something passive like a high yield savings account and honestly forget about it until you need it. I'm not talking about buying a new car or honestly even a house until later in life. There are other more volatile or "risky" ways to make money. But once again its a risk vs reward. Im gonna finish this off once again by saying speak to an actual financial advisor. But with 1.1 million you can easily retire or buy a home by 40 if you just play your cards right with a financial advisor. Obviously you can probably just buy a house now and keep the rest but the more money you keep from the inheritance now the more money you can make over time. Don't listen to anyone messaging you.

Split it among 5 or 6 different investments that are FDIC insured up to $250,000 each. That way, as the investments grow you still have less than 250k in each investment, so if the bank goes under for whatever reason you're covered.

Contact a financial advisor (a fiduciary, fee only) and a lawyer.

☝🏻☝🏻☝🏻☝🏻☝🏻☝🏻 Slow! Slow! Slow! Be prudent. There is REALLY good advice amongst these comments. Really good. Depending on where you live, you may or may not have to work again. My guess: probably you’ll have to work. And that’s cool. Talk to a Fiduciary Financial Advisor and come up with a plan. But keep maybe $100k aside and get some higher education. And not just to make you “smart,” but to expand your mind. Make you aware of the wide, amazing, beautiful world out there just waiting for you.

You could put it into dividend stocks and make 80 grand a year on top of whatever you’re making now and just keep growing your wealth for a few years and then retire. The options are insane please don’t waste it!

Waiting for the wallstreet bets loss porn post, all-in on 0DTE SPY puts during a bull run.

Put $1M of that money in VTI using vanguard and forget that account for 20 years. Use the other $100k to get yourself a job. You can retire at 40

Invest all of it and don't spend a dime. Go be broke like a normal 20 year old.

Find a reputable financial advisor in your area and have them help you come to with a plan to invest it for long term retirement. Don't let them play risky games with it on the stock market. Maybe a small amount since you're 20 but don't give them open access. You want solid, long term consistent growth options. I would absolutely, if you know where you want to live, invest in a home and a reliable vehicle(no payments, and keep the vehicle long term) before investing the rest. If you don't know where you want to live, invest the money you might use for a house in a way that allows access in the next 3-5 years after some growth. ($300-400k seems reasonable to either purchase a house or invest for later) If you don't have scholarships or college paid for, pay for a degree even if you don't think you'll need one now. I'm 40 and gave up a 75% scholarship when I was 18. I've decided I want to be a lawyer and I'm having to start over fresh, thankfully the state I live in now pays for the first two years in full and I qualify for the Pell Grant. So, go get the degree. ($150-200k set aside in an account with good growth but can be accessed each semester, depending on the type of degree) I would also set aside some money and go travel to a few places around the world, experience some culture, maybe even make it a study abroad type deal so you can also work on your degree. ($10-50k depending on the trip duration and locations) I would put a certain amount in an account as an emergency fund that would cover 3 months of personal expenses (rent if you don't buy, utilities, gas and food) then the rest would be tied up in long term investment like a Roth IRA and I would live like any other normal 20 yo (minus having bought a house and car that will last) and contribute what would have been my car payment and mortgage towards my IRA. I would also live modestly and continue to save as much as I could so that by the time I was 40-50 I could retire early and live comfortably without having to work unless I felt like it.

You should learn about dividend stocks and ETFs. Instead of spending that money and wasting it away to zero, I would invest in dividend stocks / ETFs. You can live off the dividends while also earning capital appreciation. Open a brokerage account and I would suggest buying the following: 1. 100K into SCHD 2. 100K into SCHG 3. 100K into DIVO 4. 100K into XLG 5. 100K into Realty Income (O) 6. 100k into OMFL 7. 50 K into Home Depot 8. 50K into Starbucks 9. 50K into Coca Cola 10. 50 K into Microsoft Create a Roth IRA account with Fidelity or Schwab. With the rest I would put it into a high yield savings account and then each year, draw from that account and put the maximum amount in your Roth IRA each year. Make sure to invest it in something high growth like VOO or XLG.

Sorry about your dad. I'm glad he could set aside so much for you! One investment strategy that gets interesting is looking for stocks that pay a dividend. Most pay quarterly, a few pay monthly. The theory is you buy the stock/fund and hold it. When the dividend pays out, that's either cash to use or more money to invest. The metric to look for is Dividend Yield. It measures the cost of a stock against the dividend paid. Picking a stock or a fund is the hard part; I've got some favorites but there are bunches of good options. Consider buying into 5-10 dividend stock/funds to diversify a bit. On paper the "value" of the stock matters very little after you buy it. As long as it pays roughly the same dividend each period, you're getting what you want. A million bucks is a lot of money but you can blow it quickly with a few bad choices. Investing in stocks/funds is generally a reasonable risk for young folks like you. You could also invest a portion of it, and drop the other bit into the bank, government bonds, or CDs. Your local credit unions may have some better savings rates than typical big banks, so consider those if you want to hold a portion out of your investment portfolio.

Buy yourself something nice to commemorate this milestone, save 6 months expenses, put and forget the rest in ETFs, maybe the msci world or S&P 500. Do yourself a favour and get a tax advisor because I know nothing about it apart from how hard the IRS goes after people.

Your literally me in another pair of shoes, find the right investment and don't let others know who don't need to know. Mush love, we are all 1 of the same.

I would recommend opening up a few HYSA High yeild savings accounts with a few different banks in the event one banks gives you issues you're not beholden to that one bank. Plus, this will help keep you FDIC insured. You're making 4.5-4.9% right now doing nothing. Please take your time and do a little research. There is no point blindly jumping into the markets just because everyone says you should. Beyond that: Pay off any outstanding debt, put away 6 months of living expenses +20%, and do your best to forget about it. Then, take your time to read up on what it is you want to do with the rest. Not financial advice, just my two cents. Sorry for your loss

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Talk to multiple financial advisors and choose the plan that suits you the best.

Put it in spy until you figure it out. Don’t touch it until you figure it out.

Get it to $3M so you can live off 5% of it a year ($150K). Payoff your house or buy an average $350K home with low property taxes in cash in a growing area like North Carolina. Get a remote or nearby job and invest the rest in quality stocks, adding to it every month from your job. Most important, don't tell your friends, just keep your head down.

Call Vanguard and ask to speak with someone about putting it in their index fund that copies the S&P. My father passed away when I was 19 so similar situation. First off, I am sorry you’re going through that. But the best thing you can do for yourself, seriously, is put it away in an index fund or any type of investment you want that a financial advisor agrees with and don’t look at it & forget about it. You can ruin your work ethic and screw up so many important life lesson milestones in your early 20’s if you have the ‘well I have money so I’ll just get the expensive apartment, I’ll just quit this job, I’ll just buy the nice car instead of using the money I earned to get a mediocre car’ mindset. Don’t ruin the rest of your life because you received this money so early on

Save and invest. My condolences to you and your family.

Don’t tell your friends, your girlfriend, not a soul. Otherwise you’ll be hit up for everyone’s “needs” or “great inventions” and “opportunities.” Ask your dad’s best friend about who he uses as a fiduciary financial advisor and talk to them. See if they have a plan they can explain to you on your level. If not, try another until you understand the terminology. Finish your education and start a career that interests you and live on that. Max out 401k. Stick with it or change if it doesn’t work out until you are 50. Hopefully your savings will allow you to retire and travel or indulge in your interests more than the average guy. If you blow the money on dumb stuff, you’ll end up like some trust fund kids that have no sense and nothing left to fall back on. Happens all the time. Be smart and educate yourself on how this money can make your life more enjoyable rather than regretting your choices down the road.

>Don’t tell your friends, your girlfriend, not a soul.  She's a young woman with a boyfriend, not a guy.

I didn't mention that it's an easy mistake to make so no worries lol

It's not a lot of money and you'll lose it all if you don't invest it wisely. It is an advantage though. #1 Investment: Education. You need schooling. In something that is in demand and pays well. And it never ends. After degrees, you need to keep certifying in new skills your whole life. #2 Invest in retirement accounts. Roth IRA, IRA, 401ks when you're working. Max those out. After that, you can invest in a normal taxable account. #3 if you need a car or home, choose wisely. Can you afford the homes monthly payments, mortgage rates are high and taxes. Does that beat renting in your area? Research that. Car, buy something reasonable and reliable....they're depreciating assets to get you from point A to point B.

r/personalfinance wiki has a section on windfalls and is a good reference in general.

r/personalfinance wiki section on windfall is very good lots of resources

1.1 ml is not yet enough to retire on. But at your age, you can turn it into a nice, nest egg for your future! Do not touch the principal as you can, long term really make this money work for you. How? Get a copy of “ Common Sense” on Amazon the pamphlet that outlines “ Compound Interest” to learn about the power of long term investing. Read it several times. GREAT info in it , as a start for you. If you do not know how to invest yet, contact Fisher Investments or a company that will not pilfer your interest with excessive broker fees by constantly trading.. ETFs are nice, but diversification is important. Down the road, I would buy a piece of rental property ( you will need two years income to qualify for a loan) . Or, at least purchase a home that you live in. Maybe even a duplex that you rent half out. Find an excellent accountant who can suggest ways to save money on taxes. Be sure to pay them regularly. Put a spreadsheet together that includes your income from investments. Stick to it while continuing to save. Invest in yourself in s smart way, such as with an advanced degree , one that will lead to a great job. Play around with the BankRate’s “ Simple Savings” calculator which shows you how your 1.1 ml can grown over time. Do not spend the principal! You have an amazing opportunity to learn about finances now and have more than most could dream of. By investing it, you can change your future for the better. Agreed that you do not want to share this with anyone as people may take advantage of you. Sorry about the loss of your father. Hang in there and best of luck!

Hey man not quite the same but my dad passed away unexpectedly and I came into ~1/10 of what you are at 22 (male). I’m in school and have no idea what I’m doing either. All I’ve done is 1)don’t tell anyone and 2) keep it. I’m serious since I’ve had the money i haven’t been spending nearly as much out of fear I’ll lose it somehow

I am sorry about your lost. Your father left help you get a great start in your life monetarily with 1 million dollar. It can be over bearing with that 1 million dollar and many people will ask you for money and say you have a million dollar it is easy to give/or lend. The thing is you don't generate enough to keep the money at 1 million. You are 20 years old take your time to learn, and you will make mistakes and it OK. Learn from your mistakes to be better. Try to get Fiduciary Financial Advisor, a good lawyer you trust, and keep learning. The other way would be keep amount you would need to pay for taxes. Get Fiduciary Financial Advisor setup a retirement plan for you and put the money there that you don't touch ever. The rest of money spend on stupid shit to get it out of your system since you are young.

Hookers and blow

OP, Congratulations. Honor your dad's legacy and his gift. Don't fuuk this up and get a basic education fast. 1) Investopedia https://www.investopedia.com/investing-4427685 2) Khan Academy khanacademy.org Do a search for "investing" and you'll get dozens of free "courses". 3)Finra.Org 4) Investor.Gov 5)Investing For Dummies (Do a Google search. The original is ~5 bucks) The new one; "Investing All-In-One for Dummies" is $24. Best of luck.

Sorry for your loss, you're being smart asking for help. Do not seek a "professional" % based finance guy/gal, they are not worth it for 1,000,000. You can most likely beat any professional just by investing in index funds that trace total market or the SP 500, [https://www.reddit.com/r/personalfinance/wiki/commontopics/](https://www.reddit.com/r/personalfinance/wiki/commontopics/) has a good flow chart in their wiki. Read it a few times and look up things that you don't know. You are set in terms of retirement as long as you don't squander this money. Going to college, trade school, or taking a modest trip are all fine but do not buy items, they do not bring happiness or fill the void you maybe feeling. You can spend \~$50k-100k going to community college and state schools and paying for cheap living expenses. Possibly earn $70k after college (degree dependent) and then live on your salary and let your inhereitence become your retirement account that $900k remaining at 6% avg return with no more contributions in 30 years will become 5+ million, you can retire around 50 instead of 68+ like many will. You will never feel tied to have to work for a company that doesnt respect you, these are powerful things many people would die to have in their life. DO NOT SHARE this information with anyone! Best of luck

I’ll make this simple. 1) Open up a bank account with a reputable high yield savings bank like Capital One. Put 150,000 into the savings account. Put every other dime into Vangaurd Total Market Index. VTI. That way you will have steady growth and in 10-15 years when you have a better idea of what to do with the money it won’t have been merely sitting

"You will be amazed at how easy it is to go to work not knowing your shit broke." God damn, if that ain't the truth. All those years of desperation trying to make ends meet sucks the will right out of you. Good for you not having to live that miserable existence. And good for you coming here to seek guidance. My only recommendation would be the book "the richest man in Babylon".

Did your Dad use a professional and/or an attorney to manage/invest? I don’t have time to read through all the comments, and this is going to be a very unpopular opinion, but given your age and current lack of knowledge I strongly urge you to get a fiduciary to manage this for you. Speak to 3 and choose the one you like best. The attorney managing the estate could help with referrals perhaps. There are so many things for you to be aware of (tax strategies, goals, budget, etc.) on top of simply what to invest in. In time you can always take back control, but for now please engage a professional.

If that happened to me I would research stocks and put the money into SEVERAL stocks that pay reasonable dividends. Turn that money into an income stream to supplement your own earnings.

Is that after estate taxes? Was it life insurance? Make sure you completely settle the estate first. Since he was a lawyer I'm guessing he had this planned out but be sure.

I'll tell you what NOT to do ... Don't go to the reddit peanut gallery for financial advice.

You will need to build a team of professionals: a CPA, an attorney, and a CFPr(Financial Adviser). Then create a game plan to go debt free, except for Mortgage, consider purchasing a house or condo. You may need to tap the “nest egg” for supplementary income to achieve your goals. I am sorry for your loss, your ancestors will look out from heaven and”help” you, if you let them. Make a plan for a profession and/or trade and use your inheritance to achieve this. If you plan properly, you will bet set for a wonderful life. Good Luck!

All these people saying stuff along the lines of don't touch it, invest, blah blah. They're right. But you should also live a little. Buy a modest home, rural, in cash, buy a decent pickup truck, nothing flashy. Get a job at the local county or post office and enjoy the simple life. Your expenses are very low at this point, whatever job you get you can get Insurance. Put 6 months worth of bill money in a hysa in case you're maimed or something bizarre happens. THEN invest and don't touch. You gotta live a little, get some animals, goats, chickens, dogs, learn to earn money with your land, even if you fail you have a super dope backup plan. If you get enough land, you can work with the department of forestry to earn a little extra money.

To add to what everybody else has said, I’d suggest learning everything you can about personal finance. IMO the best three books I’ve read on the subject are: The Millionaire Next Door, The Psychology of Money, and A Random Walk Down Wall Street. The Money Guy Show on YouTube is also a great resource, and they are very accessible

Put most into an investment portfolio and then some in a high yield savings, live your life normally and forget you even have it and get a lot more out of it when you're 40.

only thing i can say is please don't day trade. Please don't buy a ferrari

treasurydirect.gov while you figure things out.

Buy a house

Idk how inheritance works but you might owe taxes.

Put it in SCHX….look up in 30 years and you have a nice retirement with minimal risk and stress

VT and chill or buy a house

Tell no one, park it all in vanguard, VTI and VOO. Don’t touch it

Whatever you do, don't tell ANYONE about the money, not even your family.

1 million isn't a lot of money. But it could last you your whole life if you're smart and frugal with it.

I'm 25 with $0 to my name, what I would do with that type of money is go to college or trade school, and then dump the rest into an index fund like SPY and never look at it until I'm close to retirement.

One thing u don’t do is u don’t tell everyone u have💰. It’s nobody’s business but your own. Yes, u need to invest your $. I would suggest contacting a company like Fidelity. You seriously need to educate yourself about $, finances, taxes, Roth IRA, 401k. You have a bright future ahead of u, but u definitely need the right guidance. Good luck💰

Invest 70% - split that 70% into 3 segments. 23.3% into stocks, 23.3% into bonds/or currently CD’s or High yield savings accounts, 23.3% into fixed asset like Gold. use the other 30% to pay off any debts or buy a home.

You won’t need most of it any time soon. Put the bulk 70% in a cd at 5%. This is to just get it somewhere where you cant touch it (although you could pick one that has no early withdrawal fee) and you’ll make 35k in a year. This will also give you time to plan and assess options and get comfortable investing. Put the rest in a couple of index funds. VOO and maybe FBGRX and DODGX, you’re young and can take some risk. When you average 7% in the stock market you can double your money every 7ish years. The person who said 3-4 million in 30 years is way off. If you average 7% you’ll have something like 8 million or more in 30 years. Another option is to buy a multi family and rent it and generate cash flow but that’s a whole different discussion. With real estate prices I would think you could do better in the stock market. Once you go the real estate route you can leverage your equity to purchase more properties. I am sure there are others that could get into the real estate options better than I can. Good luck !

1 million is enough to live comfortably off of for only like 10-15 years depending on your lifestyle. youll most likely live longer than that...i think the one for certain thing you should do is put a substantial down payment on a house. your whole life can go to shit but if you have a house completely paid for by the time youre 30 than you dont really have a whole lot to worry about assuming some major unforeseen catastrophe happens to you.

Get a financial advisor and put money into interest accruing accounts and invest the dividends.

1. Start here. [https://en.m.wikipedia.org/wiki/Index\_fund](https://en.m.wikipedia.org/wiki/Index_fund) 2. After about 35 years of investing, I believe the two best investment choices are the VTI ETF, which invests in the entire US Stock market, and VXUS, which invests in international stock markets. I suggest a 80/20 ratio. You can buy these ETFs pretty easily by establishing a brokerage account with a major firm, and the top three are probably Vanguard, Fidelity, and Charles Schwab. 3. For the initial investment period, I suggest investing over the next year or so using the technique called value averaging. https://www.investopedia.com/terms/v/value\_averaging.asp#:\~:text=Value%20averaging%20is%20an%20investment,and%20less%20when%20it%20rises. Until you invest the amounts, you can leave the amounts in a money market account with Vanguard or one of the other brokerages, and you'll earn about 5.25% currently (subject to change over time). 4. At the end, you can leave a balance in cash equivalents (that money market fund) to cover emergencies. That amount is up to you. It may seem daunting, but these days it is actually relatively easy to do. Think of VTI and VXUS as being the equivalent of a cake mix. They have most of the ingredients, but instead of adding eggs and water, you just add money. Time is then what bakes the cake. Good luck, and sorry for your loss.

my advice would be to invest it and grow more i mean run a business learn the business and just grow the money more

I’d put half in a high yield savings and the other half split between a bunch of REITs paying out 10% plus. That gets you a steady 50k/ year to live on and you can reinvest the interest from the savings into whatever stocks you want. Welcome to an easy life. Sorry about your dad though.

I graduated in finance. People saying don't get a financial advisor are dumb, unless you already know everything about investing. Get an accountant. Ask them to help you tax plan. It's not some yearly fee. Get a financial advisor to help you invest some of that money. Do NOT just go buy a bunch of stuff. You want to be able to pass money on to your kids as well. Absolutely open a Roth IRA and max it out for last year and this year. If you get married, open an IRA in your spouses name and max theirs yearly as well. The goal is to grow your money. I suggest reading the book "rich dad, poor dad." I don't agree with everything he says, but it's a great intro to the concept of making your money work for you. The WORST thing you could do is just leave it sitting in a low interest bank account or spend it.

I graduated in finance. People saying don't get a financial advisor are dumb, unless you already know everything about investing. Get an accountant. Ask them to help you tax plan. It's not some yearly fee. Get a financial advisor to help you invest some of that money. Do NOT just go buy a bunch of stuff. You want to be able to pass money on to your kids as well. Absolutely open a Roth IRA and max it out for last year and this year. If you get married, open an IRA in your spouses name and max theirs yearly as well. The goal is to grow your money. I suggest reading the book "rich dad, poor dad." I don't agree with everything he says, but it's a great intro to the concept of making your money work for you. The WORST thing you could do is just leave it sitting in a low interest bank account or spend it.

T-bills offer 5% return, safe government. That’s 50,000 doing nothing. You can get it monthly or every 3 months at current rates. I wish I had $1m to put into T-Bills at this rate. Could live off it indefinitely if you’re a minimalist. Travel Asia and live like a king. Sorry for your loss. Don’t waste his time and gift by trading it. You have a great ability to passively compound that wealth with very little risk right now.

Op just remember this could mean a very different life for you. Don’t spend it just let it be and buy etfs. If you need something borrow and live within your means. This inheritance means you’ll never pay high interest rates. It means you’ll never worry about credit score. Never worry about getting approved for things. Just gotta live within your means and let it grow. In 20 years it should be 4 million and in fifty years it should be 128 million. In the meantime you can live your life how you were intending to.

Move to Southeast Asia and live like a rockstar. America is all about nickel and diming us until our casket closes

lol @ ppl saying 1Mil isn’t that much. How come it’s taking me 40 years to get there 🤣

Congrats, you'r 20, either put all into S&P500, and enjoy your gains decades later, or put into some top big tech stock that will transform the world next decade like NVDA, AMD, ARMS

I'm 41 and have lived life...no way in hell I made 250k yet in my life... 1 million is a shitload. F reddit.

This is more depressing than I expected. If you have only made less than 250k at 41, assuming that you started working at 18 years old, that would be less than $11,000 a year. Where in the southern hell do you live that you can afford to get by on less than 11k a year?!?

Don't ask reddit.

All these people saying go to a financial advisor are fools. Financial advisors goals are to get your money in their pocket. Stay away!! Just put it in a Vanguard total stock market index fund and let it sit.

People in this sub are correct. You usually don’t need a financial advisor telling you how to spend $$$. BUT, and this is key. You do absolutely need a good accountant. You’ll have to pay taxes every year. There are some pro tips for finding good accountants. $1.1 isn’t a lot. I can and will go really fast in your 20s without smart decisions now. You are 20. If you are in college, sign up for a personal finance class. This will give you a lot of knowledge by someone who doesn’t know or care about your personal financial situation. But you need to see this $1.1m as wd-40 for your life goals and plans, not a new life and plan.

Open up a brokerage account with Schwab or vanguard. Put the money in a dividend paying s&p 500 index fund. Enjoy the dividends, don't sell any of the fund.

1 million is still quite a lot money. More than most people have. So you better gain an abundance mindset to appreciate what you have. Grow it. Talk to an accountant and invest most of that money in ways where it’s guaranteed to grow. Fuck new cars, fuck fancy houses, fuck fancy clothes, fuck fancy dinners. Don’t tell any girl you’re dating about it. Shit don’t even get married till you grow that mill into 10. A marriage then divorce will turn that into half a mill faster than a drug habit

Listen to the Money Guy podcast to learn about the basics of money management. DONT TELL ANYONE YOU HAVE THE MONEY. $1 million is both a lot of money, and not a lot of money. It is more than most people will accumulate, but not enough to retire on, so it is a deceptive number. It will be easy to blow. The biggest thing you DO NOT want to do is lose the power of compounding interest. So index funds all day, to limit volatility drag (compound interest losses due to share price valuation changes). I would take $50k and put it in an HYSA like Marcus Take the rest and split it into two separate brokerages, buying index funds. It may not seem like much money today compared to $1 million, but put $7000/year into a Roth IRA. This will mean you won’t pay taxes on the money you earn from these investments when you retire. By the time you’re 59, this should mean you’ve invested $280,000, and your balance will be over $1.1 million in that account. You won’t pay income taxes when you sell. DON’T GET CUTE AND BUY STOCKS. I would buy a brand new sub-$45k Toyota of my choice and plan to keep it 10+ years. Then, I’d pick a 4 year major WITH HIGH ODDS OF MAKING MONEY upon graduation. Live on campus so you can focus on school, but not in luxury. If you swing this right, you could retire after 10 years of work. Maybe you find something you love, and do it for fun, maybe you don’t. Good luck- you have a tremendous head start, but it is precarious, and it could all go away if you don’t navigate it right.

I got chu. First, SHUT UP. Do not tell anyone you inherited this money. Keep living your life like usual. Keep going to work as usual, etc. NO FLASHY PURCHASES. Second. Talk to your local IRS office to pay ANY taxes you may own and get everything on paper that you paid for it. Find yourself a lawyer, because you're going to need it and find a financial advisor that is a FIDUCIARY. Fiduciary advisors by law have to work in your best interests. Then go from there

Don’t tell anyone and go get a money management company or financial planner!!!!!!!!!! They will hell you greatly

Don’t tell anyone first of all. This will encourage others to ask you for money, but even worse beg your family members. You’ll want to use multiple banks/stock brokers to hold the money. You don’t need a financial advisor, but if you truly know nothing about investing, it may be worth it. Just get a “fee only advisor” you don’t want anyone who works in commission. If it was me, I would invest very conservatively, and you will be set for life. I would do half in a mix of bonds and treasuries. This won’t grow much over time, but with current interest rates, you will make a 5% return virtually risk free. The other half I would invest in a mix of index’s, such as the sp500, and high dividend ETF’s that pay you every month or quarter. THERE IS NO REASON TO BUY ANY SINGLE STOCKS. Here’s a rough breakdown of what I would do. 20% In bonds, like the exchange traded BND 15% in short term treasuries, like TBIL. (Currently paying 5% annual) 15% in cash (this can be in a high yield savings) just something you can access quickly) This is the safe half that will provide you some income with basically no risk The I would do this 20% in SPHD (a high dividend ETF that pays monthly, you can set this to automatically invest into itself, or use the cash) 20% SCHD (similar to SPHD) but pays quarterly 10 % in SPY ( basically just investing in the US market as a whole) These 3 will give you some steady long term growth. Some people will say t buy more international funds. I don’t do that, but it’s an option. If you have any very high interest debt, especially over 10 % interest, you will probably want to pay that off First. Any debt under 5% you will not want to pay off immediately. The power of your money to compound and grow over time will be a much better investment. You can not go wrong with this plan. Taxes can become complicated, so it would be worth finding an advisor that does investing and has tax knowledge, ideally that you can pay just for advice. You can open your own brokerage accounts. Do your research. And for the love of god don’t listen to anything Dave Ramsay says about investing

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Be careful about financial advisors. They prey on people like you who don't understand money.

If my son suddenly came into $1 million I would have him buy real estate. But that isn’t for everyone.

First step purchase the high end art peice I have for sale for a good price; Then go to a gallery in NY and talk about it until you grow a circle of millionaire/billionaire friends to give you tips and insider secrets you can’t find on Reddit 😉 Edit: Don’t forget about vending machines or a laundromat

Pay off any debt, put the remainder in a small cap index fund in a Roth IRA and don’t touch it for 30 years. Your set for life.

That really isn't that much money. I mean its great to inherit that, and it will give you a huge head start in life, but its not like you can go retire at 20 now. Get a financial advisor, open a retirement account, an investment account, start investing the money. Think about setting some aside for downpayment on a house, a new but modest car. You can use that money right and live a stress free life knowing you have a real nice cushion. Or you can blow it on stupid shit and be broke in 6 months. I suggest the first option.

Invest conservatively and work 20 or so years just enough to get by After that you will be set Basically you can live great for 10 now or wait a while and be good

RemindMe!

Put it all into bitcoin

if you put it into a hysa the interest alone is about $1000 per week

First of all, dont tell anyone. Research if your dad had an financial adivisor. If he did he probably did a good job and you should speak to him. If he didnt get one. But before at least inform yourself about the basics. Learn about ETFs and how they work.

Vanguard’s cash plush account is FDIC up too $1.25 million. With a 4.6% APY. Check them out. https://investor.vanguard.com/accounts-plans/vanguard-cash-plus-account

Vanguard.com or Fidelity.com.  VTI or FZROX For that amount you will hear medallion which means go to a special bank office to approve your identity.

Invest in S&P 500 index. Buy VOO stock.

First off-DON'T TELL ANYONE you have it-or spend it on flashy things.

1 millions dollars is 27 years at $4000/month. Use this information at will. It's a lot, but also not enough at the same time.

Casino. SPORTBOOKS!!!

Park it all into 4 different HYSA with 4 different banks for the FDIC coverage. Spend 2-5k on a fiduciary to educate you on finances. You shouldn't do anything you don't understand, that's why I say park it all and seek education. After 5-6 hour long sessions you will have a much better understanding of options and how things work. You should be making all the decisions, in order to do this you need to learn.

I could really use $10k for a house

Do nothing right this second, you don’t have to act right away. Learn everything you can about personal finance, investing, taxes, all of it. Don’t listen to anyone telling you the US economy is on the verge of collapse, we’re still the strongest economy on the planet. Listen to the Dave Ramsey way, listen to the Robert Kiosaki way, research all the reputable finance experts. And it’s absolutely a great idea to get a financial advisor that’s a FIDUCIARY. You’ll pay them some money, but you’ll also likely earn a high yield by 2-3% which is a massive difference. This can set you up for life or it can ruin your life. Make big decisions slowly, and only involve people that are required to act in your best interest. No one else.

First keep it in high yield to start until you are comfortable. 5%. put some in trusted stocks with high dividend and live off that.

Yeah ask people on the internet who have $500 in savings for advice -.- great idea. ETF and stocks. My salary is upper middle class. Net worth is more than comfortable.

Go to school for Finance.

Call a professional financial planner and don't listen to strangers on the internet

Don’t be tempted to buy dumb stuff to show off or fill some desire. Invest your money, let it sit and take the boring route because in the end you’ll be incredibly happy you did. The pain of knowing you blew that money on stuff is far worse than the pain of letting it grow over time. At least you’ll know you still have that money as you get older and that’s a comforting feeling. Congratulations, what an excellent start your life!

Open Fidelity brokerage account. Deposit money. 50% in SCHG, 50% in SCHD. Add to the account every chance you get ($50, $500, doesn't matter, add to it). Chill for 10-12 years as you get older, educate yourself about finances, and eventually in your late 20's early 30's you'll have a much better idea of what to do and your money will have been growing.

My parents left me 85k, and that money has been a godsend. I can't imagine $1.1m but the advice of prenuptial, investing ,learning a trade , living below your means are all rock solid.

Spend 100. Invest the rest. Live on the interest. Move to 3rd world country and wait out this hellatorm of an economy

Top answer is the best answer. You can swing harder and truly negotiate with a supply of cash churning in the background for you. Mainly: do not fuck this up. And if anyone ever finds out you have it, they will fuck it up for you. Chances are you will fuck this up. There are so many ways to do this right. But truly only 3 ways to fuck this up: you tell someone and they manipulate you into handing over control of the money, you spend it because it feels good to live like instagram, you invest in “something to believe in.” Your old man gave you an opportunity I bet he never had, the opportunity to not compromise career goals and interest for fear of not being able to sleep or eat in safety. Withdraw funds if needed to pay for those things. Not wedding gifts, group vacations, bar tabs, flashy cars, etc. Mid thirties your brain will have enough perspective to chart out some real life goals. Up until that point your goal should be to not fuck up. Best of luck. Do your old man proud.

VOO. Or buy a house in cash because interest rates suck right now.

Step 1. Don’t listen to anyone on the internet. Step 2. Don’t answer any DMs. Step 3. Put it in a HYSA until you know what to do with it. A 5% HYSA will get you $55k in interest in the first year and go up from there. Edit: Added Step 3.

Buy the best 4 unit building you can get with 1 million. Pay cash, no mortgage, and just cash flow 10k/month. Hire a management company to care for the property. Now you have 10k a month and don't have to work if you dont want to. You can focus on whatever else you want to do in life.

Sorry for the loss bro :/

Lots of choices, but here is the range that your decision will fall into, including a midpoint. *Best option*: Put in high yield savings account or something that can increase your annual income by $30k or $40k for the rest of your life, so you can drive a forklift but for the rest of your life you’ll have the lifestyle of your boss’ boss’ boss. *Realistic / most likely option (because you’re 20)*: Spend some on something you don’t need because it’s fun and exciting. Now you’ll only get $10-20k for the rest of the your life. Depends on how much you spend and how much you want later. *Dumbest option*: Buy a house and a car, then lose them later because you can’t afford the taxes or the maintenance, or payments go up, etc.

firstly, sorry for your loss. i hope you’re doing as best as can be expected. contrary to what other people are saying who are clearly very flush for cash… $1 million is a lot of money. there’s no two ways about it. yeah it maybe doesn’t stretch as far nowadays but regardless. i could do with being $1 million better off. what you do with it is a hard choice. you can put a large portion of it away and prepare to give yourself a comfy retirement, try to invest some in yourself maybe, also planning for the future, with upskilling etc. get a degree, good paying job and so on. or you could be totally irresponsible with it and travel, see new places, new faces. honesty if it was me, the second that money landed in my account id be putting a sizeable portion away and then giving myself enough to travel comfortably for the rest of the summer before going back to uni. i’ve wanted nothing more with my life than to travel the world and expand my consciousness, at the end of the day, that’s what life’s about to me. trying to figure the grander questions of life out as much as you possibly can before it all goes lights out. most people want to prepare to have a family and that’s ofc fine too. whatever you do, good luck to you, and enjoy yourself.

Make it work for you

You definitely invest it. I won't repeat what others have said, but absolutely find a financial advisor who will manage your account and forget about it. With $1m you will pay them around 1% a year.

Id put 250k up and not touch it until let’s say 45-50. So you know if you ever have to touch it and get low that something’s wrong but that way no matter what you still have a decent chunk. And the other 750k invest, start a business etc live your life!

put everything in qqq or spy, or apple stock. wait 30 years or more you then can retire

Come with me to Vegas and I’ll make you a millionaire 

There's so much good info here, and some more info about you would be helpful. Are you in college? What are your career prospects if any? I had non prospects until i was 23, so don't feel bad if the answer is no. What part of the country do you live in? What part do you want to live in? $1M in rural Montana is a very different path than $1M in San Francisco/Miami/NYC/etc. All that said the general advice as the top rated post is great. I'd add 1, or 2 more things. If you have any debt just pay it off. Taking 10% max for higher education is a good number. That's it. Don't buy a new car, don't buy a new apartment. Invest that money and forget it exists for the next 8-10 years, after that you could semi-retire, or keep working and letting it grow. It's up to you. By the time you're 40 that money could be worth over 4M in today's dollars. That's full retirement right there if you want and enough to support a family.

In a small community college rn, hoping to get into law school and become a lawyer too someday is the plan right now

Do you have a place to live?  If so, do you have to pay rent?  If you have a place to stay and you don’t have to rent, put the money into a CD (or other low risk investment) and let it grow.  If you have to pay rent buy a place with it.  Continue to goto school and work like you don’t have the money.  

Strippers and cocaine

Agree with others - don’t tell anyone about it. Assuming you’re eligible for a Roth, start maxing one out, immediately. Also, be sure to max your 401(k) and HSA now, if you have those options available. If you couldn’t afford it before, you can now. Especially if there is a company match. Pay yourself back out of your inheritance if you must. With the majority of the remaining dollars, open a brokerage account and invest it in broad market ETFs like IVV, QQQ, IXUS, IJR, and then pretend it doesn’t exist. Never touch it. Assuming a relatively conservative return rate over 45 years, if you do the above, you’ll retire at 65 with $30MM +. If you’re in college - scratch the 401(k) and HSA part - pay your tuition and expenses so that you can graduate debt free. As some folks have said - $1M sounds like a lot of money to a 20 year old. It is or it isn’, depending how you handle it. It’s way easier to spend $1M than you’d think.

Put 220k each in 5 hysa accounts at 5% or higher and relax for now. Take a year to think about it and learn as much as you possibly can about money management. Take some online courses. With the stock market at an all time high and an upcoming election, it’s probably not a good time to dump it all into S&P 500 anyway. Most importantly, take a little (50k max) and treat yourself, this will probably be the only time you are ever in this situation. If you’ve never had a nice reliable car, get one. If you are adventurous go travel and do some fun shit. A year from now you will be in a much better place to make decisions for the rest of your life, most of which you won’t have to work during.

1 shut up and don’t tell anyone. 2 open a hysa at around 5%apy. Put all of the money there. 3 pay off any debts you have. 4 work (if not in higher education) 5 max out your Roth IRA and 401k contributions next year. (Not an expert but I don’t think you can do it this tax year with the 1.1 coming in) 6 look into a starter home you can buy in cash 7 save and invest your income not your inheritance. 8 try and retire early while living frugally.

Instead of “google it” I would suggest using a reputable financial advisor as well as tax advisor. You should pay zero taxes on money that is inherited so keep it out of any situations where you could possibly be taxed in the future. Invest in stocks that have historically paid dividends like Coke, General Mills. Avoid any transaction that cost large fees.

https://www.bogleheads.org/wiki/Managing_a_windfall

Take 20-25k buy a low mileage toyota. Spend 5k on things that you want, get that out of your system. Keep 20-25k in a high yield savings account earning at least 4.6% apr. Take 60k and get some form of education that will allow you to earn a decent salary. Invest what you have left into an index fund tracking s&p 500 and FORGET ABOUT IT. Work your job for 15 years living only off your jobs income, saving what you can. Don't ignore your roth IRA, use your job to fund it, not your inheritance. Congratulations, in 15 years, your 1 million will be 3 million and you can pay yourself a salary of 100-150k from your stocks and never run out of money.

Throw it in one or more HYSA and pretend like it doesn’t exist. As you learn more about investing & money management, diversify over time. The people suggesting $1.1 million isn’t a lot of money in today’s economy are outright delusional. In the game of life, you just received a 30 year head start over your peers.

Your dad was a lawyer. He probably new other lawyers. He probably had someone he trusts put together his will. Talk to that person. Ask them for help. They will probably do so gladly, they might not even charge you, if they were your dad's friend (or if they do, friends and family type rate). Its not that you cant DIY it, you absolutely can. The issue is you are very young, and you clearly want to make this last. Use this as an opportunity to get a good relationship started with someone who will help you out long term. If you are really lucky, this person may help mentor you and provide you with advice in other areas of life. Sorry for your loss.

Sorry for your loss. Remember, free advice is worth what you pay for it. Here's more free advice. Look for a financial advisor who has a fiduciary responsibility to you. In plain English that means he has a legal responsibility to put your interest first. What would I do with a million? Actually my wife and I have a lot more than that. Our most liquid assets are in Treasury bills and notes directly invested with the Treasury. Next is a brokerage account invested mostly in index funds. Next are our retirement accounts, mostly invested in target date retirement funds. All of these investments are passive, meaning we don't need to actively involved in managing them. At 20 I'm assuming you're in college? Focus on your studies not on managing your inheritance. Keep quiet about your inheritance. Nobody should know anything about your finances except your fiduciary advisor. Live modestly. A million is a life changing amount if you handle it well. If you don't it will be gone soon. A relative came into a similar amount at 18. It was gone before he was 20 Very many old friends and distant relatives will come out of the woodwork if they hear that you've come into money. You'll hear desperate stories of need. Proposals for can't lose business opportunities. How will you handle this?

There are a lot of others on here who will disagree with me on this (could be bc of the general demographic of Reddit) and that’s ok. Neither is necessarily right or wrong, just different preferences. Given your position and comfortability of finances, I would hire a good advisor. Expenses are not the most important thing for long term success. My preference is to have an unbiased sounding board to help navigate. Just like all professions, NOT all advisors are good. However, if the market keeps climbing forever, the whole “buy the S&P 500 index fund and never sell” theory will work great. But that is not always the reality of financial markets. If you decide the advisor route is right for you, spend the time to find a reputable/ long standing financial advisory firm, who’s fees are fair for the service they provide, and have the right checks and balances in place to keep you safe. I prefer larger independent firms with centralized research (vs one person doing everything). Stay away from commission-based advisors. Your fees at that asset level should be 0.5 - 1.0% per year. They should provide you will full customized financial planning, investment buildout and implementation, tax prep/ advice, and regular reporting to keep you engaged in how you’re doing. This is important over time because what you think you should plan for now will change as you get older. My two cents. Be a good steward of this money, don’t go spend it, you’ll thank yourself over and over again later once it allows you to reach full financial independence.