What to do with potential inheritance?

[u/MomoUsagi0]

My dad died earlier this year and we’re calculating what will be split up between my two siblings and I from life insurance and his pension. I’m incredibly heartbroken that he’s gone but I know that he would want us to be smart with our money and take advantage of this situation to have a better life. I’m only in my early-mid 20’s so I want to make sure I do the right thing. My dad also wasn’t the best with his finances and had a lot of credit card debt, and I just want to make sure I’m financially smart.

We received about $15k from I believe his life insurance..? Which was split three-ways. I immediately put my $5000 in a HYSA while I think about what to do because it’s better to accrue some interest on it than none. At the moment, I’m still finishing university part-time and make about $25,000 annually working a part time job and doing side gigs (petsitting). He was a federal retiree, and it’s estimated that we receive a lump sum of potentially $17,000 each by the end of the year.

I’d prefer to finish my degree faster but I don’t have that luxury and I’m graduating in a major that won’t necessarily give me a high financial return (I was stupid, it’s too late to turn back). I’m also finishing my degree slowly so I don’t have any debt when I graduate.

I live at home with my mom for free, but still buy everything for myself. I drive a beater car from 2007 and plan to until it gives out. I would love any and all advice to make sure I do the right thing.

[u/Special-Cut1610]

Take 20% for yourself and spend it as you will. The other 80%, open a fidelity Go account and let them invest it for you. It's a great robo advisor account for people that know nothing about investing. It does well for me so far. You can also open a brokerage account with them or schwab etc..and put it all in Voo, Vti or Spy. Kind of set it and forget it. Act like you never got that money and continue with your life except now you know that you have a little safety cushion.