I (mid 20F) just found out that I’ll be receiving a good amount of money from my estranged family.
Nothing crazy to change my life or anything , but I’m currently unemployed and it can be my emergency fund for a while/ lets me purchase things for my career.
My parents, however, wanted to loan the money from me to support the family. We aren’t in financial crisis but the money could definitely be a help for the household. Personally i dont really believe in “loans” between families, think it can get messy + they’re literally my parents and I’m grateful for the support they’ve provided in my life.
However I do feel a bit hesitant on giving all of the money away, even if it’s for a loan for couple reasons.
Even though it’s not a life changing amount of $$, I’m still in my early career and haven’t even touched that amount of money, so dealing with that much money itself overwhelms me.
Since I’m in between jobs while prepping to start freelancing/moving to a different city I think I should save at least part of the money on emergency funds.
I don’t want to make any rash decisions, and want to research and consider what’s the best way to support my family while also saving them for myself and spending some on travels.
I’m having a really difficult time figuring out the ratios, and also wondering if you guys have any advice or recommendations with situations like this!
Do I just put all of it in HYS???? Do l give away half to my parents????
For context I currently have SMP 500, QQQ and other investment accounts,
Not planning on doing ROTH for a while for personal reasons.