Will be receiving a small inheritance (?), need advice on what to do with it.

I'm sorry for you loss, that has to be tough to deal with.

There are a lot of directions to go with this, and I don't know you or your goals or proclivities or knowledge, so the steps outlined below are just one conservative way out of a million ways you could handle your money. If you have any family friends who are CPA's or CFP's that you trust, I would consult them for advice first. But, I personally would not ask anybody to manage your money outright; they'll charge a fair bit and your situation is simple enough that some good advice and some self-education should get you to a good place.

Couple questions - Do you already own a home outright? Do you have no college costs or debt? I notice you have no housing costs outlined, and your fixed costs are enviously low. My steps below assume you have housing covered somehow and have no college costs.

  1. I'd start with https://www.reddit.com/r/personalfinance/wiki/windfall , especially the Bogleheads guide to handling a windfall.
  2. If I were in your position, I'd put somewhere between $3K-$10K in a checking account, depending on how much cash you'd like to have on hand without having to transfer funds around.
  3. Do you have a real passion for investing, research, and stock analysis? If not, I'd suggest putting the rest of the ~20K into a Betterment or Wealthfront account, which essentially automates your investments into low-cost mutual funds that you can customize to suit your volatility tolerance.
  4. For bonus points, you can get started early with an IRA (or a Roth IRA, which would likely be an even better choice given your current tax bracket).
  5. Just keep on livin' like it's not even there; you've got some extra cash to cushion you. Check your investments monthly or quarterly, and keep depositing when you can.
/r/personalfinance Thread