I (32m) just found out that I will be inheriting a very large sum of money and am completely unprepared on what to do with it, if I should do anything at all with it.
Over the holidays a close family member passed away and just this week, I found out they left me a huge surprise...
$500,000 in a Schwab account and $50k cash. I have no idea what stocks/bonds/etfs/etc. it is invested in yet, nor any idea on how to handle this life changing windfall. My wife and I have a few ideas for the cash , but this is an amount I only ever dreamed of having and certainly dont want to squander it or make a mistake that I will regret decades down the road.
Some information on our current financial situation:
We own our home valued at $360k still owing $278k with a 2.75% interest rate. I have $26k in a personal brokerage account. $3k in a Roth IRA, $25k in my company 401k and make an annual pre-tax wage of about $90k - $100k with salary and overtime. The Wife makes around $90k annually as well, with only $3k in a Roth IRA. No other investments. We've only had these well paying jobs for about 2yrs. We have a vehicle loan with $9k left on it, and a solar loan with about $10k left on it. No other debt (besides the previously mentioned mortgage).
As I stated, I am completely over my head with this amount of money and am looking for guidance on how to navigate this situation.
Any insight is welcome.