Hi all. I’m currently 17 and am turning 18 later this year. Ive just found out from my parents I am in an extremely fortunate situation regarding my child trust fund. My parents have been investing in it for a long time and they told me it currently has £50k+ .My dad said that he will arrange a chat between me and his financial advisor (with him there) to discuss what to do with it. I know I want to keep a small portion available to me between 2.5-5k but want save and invest the rest. Does anyone have any good advice or questions to ask when I have this chat.
I am also going to university next year and will be using student finance and my parents have said they will pay the remaining part of my maintenance loan + any extra mainly themselves (I will still keep some money accessible just in case), so I basically have the full amount to invest!
Thank you so much in advance for any advice you have!
Edit: I just wanna say thank you so much for all this amazing advice! I WILL NOT TELL ANYONE about having this money only me my parents and the FA will know. I am now definitely looking at investing the majority of this money and keeping a small portion to spend over the summer and have a little fun with as finding a job has been extremely hard plus my parents said they would like me to do that and enjoy it a little!
Obviously I will be having this chat with the FA but from what you all have said unless I know I will be going into a high income job straight out of university and will definitely be paying off my student loans straight away, I won’t be spending it on paying them off.
Also a reason why I am using student finance even though I have the funds to pay it myself or my parents pay for me is that my dad works in property (commercial and private sector) so most of his pay comes from commissions and bonuses and obviously that can change from year to year so it’s more sensible to definitely be able to pay rather than just hoping he has an amazing year.
Thank you all again so much !