Hi everyone - investment newbie here, thanks in advance for any help.
I recently came into about $55,000 USD that's sitting in a regular savings account for now. Turns out that's almost exactly enough to pay the rest of my house off, but because the interest rate is so low (2.75%), I feel like we'd all agree that wouldn't make sense to do? If I let my mortgage go the remaining 25 years I'd only end up paying about $40,000 in interest.
That much makes sense, so here's my main question - in 2019 my father put a Vanguard brokerage account in my name which contained $7,800, and after what appears to be an average yearly return of 11%, it sits at $16,100. The value/shares is split between two mutual funds: Vanguard LifeStrategy Growth Fund (VASGX) and Vanguard Wellington Fund (VWELX). I assume I can simply use the $55k to buy more shares of both, increasing my total "holdings" to $70k. Then (for the sake of argument, obviously things can change) if that 11% stays the same, using 25 years as an arbitrary timeframe, the 70 would grow into over $850k? I suppose it doesn't have to be those specific mutual funds, I'm open to anything.
Also note: I make about $85k yearly, contribute the max to my employer retirement, and if the above plan makes sense I'll hopefully be throwing like $2k more per month at the Vanguard account