So for reasons I won't go into, my wife has a trust account of approximately 160k. The 160k is kept in a pretty conservative portfolio and for the most part, accrues a good amount of interest.
Part of the trust agreement is that she gets disbursements at certain intervals (when she turns a certain age, graduates college, etc). She recently received a disbursement of 26.5k.
Now, we've decided to pay off our outstanding debt (combination of credit card, medical, and family debt, in tune of 11,600). That leaves us with roughly 14,500-15,000. We are putting 2k in our "oh shit" savings account
We want to take 3,000 and get some things that she and I have been wanting for a while (tattoo and laptop for her, a new cell phone for myself, and travel a bit). That leaves us with around 10k.
We want to invest the rest of it and start managing our own investments (her trust fund is managed by a trustee). Honestly, we have no clue where to really look. We were pretty much planning to go to Fidelity (or a different investment broker) and talk with them on where to start. Is there anything we should be aware of when we go in?
We also own our own place, so we don't need to look into real estate.
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The broker that you speak with should ask you several questions to get an idea of how to place your cash. Things like, what your investment horizon is like (long or short). Any other investments that you have, as well as if you are looking for growth or income. This will help him in placing your investment to best meet your needs. None of this is set in stone, and if you have a change of plans down the road, things can be adjusted.
As for what to invest in, take a look at some index funds. They are low cost (fees) and generally do well. Keep in mind that the global and domestic market is in a period of significant turmoil, so investing is likely to see losses in the short term. This is only an issue if you plan on needing the cash soon. in which case you should not be in the market! (go into fixed income securities)
If you don't expect to need the cash anytime in the foreseeable future, i would recommend maxing out a Roth IRA for both you and your wife. Its not very sexy, but having a retirement fund is a good thing.
If you have a child, you may want to consider a 529 plan for their education later in life.
$10k into an IRA is a good idea, just make sure that you keep paying into it and by the time you're thinking of retirement you'll have a lovely nest egg saved up. I'm less sure about the 529 plan but only because I haven't read up on them. Cash for college is boring as all hell but it's a great thing not to have to worry about when it comes time to consider.