Seeking advice for closing estate.
quick background
My father passed away this past weekend (very unexpected, died of a heart attack, was in good health and only 50 )and I am in the middle of closing his estate. There was no property to be concerned about. He had life insurance and some credit card debt( 18,000) but the policly should cover both that and the funeral.(50,000 policy) He has 45,000 in various individual stocks, mutual funds (Vanguard), retirements, savings, and bonds. I also have his last check from work and a couple other checks of his to cash. I am his sole heir ( my mother had also passed away and I'm an only child). I am 21 years old, married, with a one year old daughter. I'm currently a stay at home mom and going back to school, hopefully in the spring semester.I don't know a lot about stocks and investing but willing to learn. My husband and I don't have a lot of money. Enough to pay the bills with just a little extra which we're hoping to put into savings/pay off debts every month. We just recovered from a huge financial hardship and have no savings at this point. I have about $500 in debt and my husband has $2000. We don't own a home, we rent a townhome.
question
Please give me advice on the best way to invest this money. I thought paying off any debts we have would be the first step. I got told to not keep the indiviual stocks as it would be a huge risk if you are not familiar in that area. I looked at rates of CD's and they are similar to some rates of online savings accounts right now. Should I diversify and put money in both? Should I put in money in bonds right now or would it be better to but that money in CD's. I would like to keep Vanguard. (excuse me if I misspelled that) if that would be of good benefit to me. Also a retirement savings account. SHould I get interest on this money before I move any into retirement savings? I would like to have a solid financial savings portfolio but also am willing to be at a higher risk for some of the money. Anyone have any good ratio ideas of what I should put where? Thanks!! josie
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