<prompt> Human: Hi PF and thanks for helping me out. Id rather spare the personal details of the matter and get right into it. Retirement account value: 140k I plan on transferring the IRA to an inherited IRA account. I do not know the details of how this should be done but I refuse to take the 20 tax hit by simply taking the money. Q1 Should I be contributing the full 5500 each year even if I am not working? Q2 Ive heard about Roth IRAs. Is that a viable option?Life Insurance: 333k This sum is currently split between two FDIC-insured savings accounts 1.0 interest.Inheritance: ?kThis value is likely between 1-20k, but the estate is not yet settled. I would imagine it is closer to the lower end of that estimate. Home equity: 120kSubtracting the remaining mortgage and splitting with my family, my 25 stake in the family home amounts to about this muchSo in total I have about 600k in assets. What about myself? I am a 21 year old college student who is about to begin law school next year. I have these costs: Law school budget year 1: 10k factoring in remaining college fundLaw school budget year 2: 85kLaw school budget year 3: 85kNew car 5yr insurancecosts: 40kI am still living in University housing paid for my parents. Starting in the fall, however, I will have to paying my own expenses. The budgets for law school above include housing and food. Ive already made my impulse purchases damn does it feel good to buy a new keyboard after months of only having 300 in the bank so I am ready to get this money out of my hands and put it to work. So here is my big question. What is an intelligent way to diversify my assets? I need to have enough money on hand each year to pay for my law school tuition, insurance, housing, food, transportation, etc. However, I would like the rest of this money to grow as quickly as possible. I dont mind high risk and am not discouraged by market volatility retirement is still 50yrs away. Ive read about mutual funds, etc. but have no inner knowledge of what is reputable and what vehicles make the most sense for someone my age. Any suggestions for what a person in my position should do would be greatly appreciated. Thanks again PF.  <response>: 1st you need to humble brag somewhere. here is a great for that, so youre off to a good startThe reason humble bragging is important is so YOU RESIST THE URGE TO TELL ANYONE IN REAL LIFE.Like... no one. Invest it where you can generate 5 income off it per year or something like that if you want. 30K a year extra is what youll have to play with. Just add that to your cash inflows an be done with it. 