Figured the active members in here usually can offer some good advice when it comes to money/investing and I'm in need of some direction on what to do with a decent chunk of change that I have inherited.
Current Financial Situation:
-20 years old
-I'm in college and have a full tuition scholarship plus a fund setup by my parents that allows me not to have to worry about any other costs (room, board, books, etc.)
-Don't work while in school, have a full-time job/internship in the summer.
-Have roughly $3500 in a Vanguard mutual fund - (about 70% stocks, 30% bonds)
-Currently have a savings account with $2k set aside. Checking account that has some spending $$ for daily expenses.
-One low-limit credit card I use to basically build credit, pay off each month.
-Car is payed off, parents cover the insurance (will continue to do so as long as I continue to take care of business in school).
So here is where I need some advice. My grandma is getting older and thinks she is always having health concerns (which is another story in itself), but basically, being the only grandchild, she wants to pass along a portion of her recent property sale ($15k), to help support my future. Obviously, I'm planning on using the $$ as intended by putting towards my future beyond college, I don't plan on touching the majority of it for around 4-5 years. I'd prefer not to put all "my eggs in one basket," but I'm young and willing to take on some risk. So what options do I have?
I plan on adding a portion to my current mutual fund balance. I've also considered some longer term CD's/bonds, stocks, and other mutual funds that may be slightly riskier than what I have now. But I'd like to hear about some other opinions.
I appreciate the advice/tips in advance.