<prompt> Human: I am 18 years old, and I grew up in a relatively poor family. We werent starving or anything, but money has always been very thin and we are struggling to make ends meet. We are not very close with my grandfather, but we are some of his only family. He is very old, and his health is failing, and he has informed me that he plans to leave me approximately one million dollars. What do I do to prepare for this..? Do I invest it to watch it grow in the long run? How much should I expect to lose in taxes? Should I leave it in a bank account and let it grow? I am hoping to set myself up for the long run and have no idea to go about it.  <response>: Youre not earning it, its being given to you. You wont pay a thing in taxes, unless its in a pre-tax IRA, but he might owe estate taxes. Id keep half in cash in more than one savings account, FDIC insurance max is 250K, and use it to fund college and a home after. Put the rest in a couple of total market stock index funds, one US one foreign, at Vanguard, and use these in retirement. 