conversation: User (PFfirstpost): "Hello. To start off, I am a long time lurker of PF, and for many reasons this is a throwaway. Within a week, I will be compensated approximately $500,000 tax-free (post medical bills and lawyer fees) from a medical incident that I endured. I am 20 years old and am seeking the advice from the people I have learned so much from already. Please bear with me.\n\n\nMany times I have viewed the sidebar and posts in this sub, read the information on them, and even reread them again and again. However, this is a much different scenario for me. I have known for a few weeks that this would be the outcome, and have been preparing myself. I have read *The Boglehead's Guide to Investing* in addition to other research about personal finance, and plan to read more. My mindset is clear about how I am going to approach this - I view this money not as something to spend, but to save and invest for future potential income.\n\n\nI have not told anyone (other than my parents who obviously know and my 2 siblings) and have laid out a plan over the past few weeks, and would like some input on it.\n\n\nFirst and foremost, I plan on following the golden rule for my age, and will continue to invest in my education. I will be graduating next year from a 4 year university. As for now, I will be placing a majority of the money in a 6 month CD until I am absolutely certain of what I am going to do.\n\n\nFuture money allocation: $500k\n\n1. Pay off student debt upon graduation: ~50k\n\n2. High-yield savings account (safety net until I know I have a secured job): 50k\n\n3. Invest: ~300k (can go a lot more into detail about this, but want to keep post short)\n\n\nQuestions:\n\n1. Should I split up the money into more than 1 CD to make sure they are FDIC insured? (Ex. Split at 200/200/100?)\n\n2. What bank recommendations for the CDs or savings accounts do you recommend? (I am thinking Schwab and/or Ally for savings)\n\n3. What would you do in this situation at this age?\n\n4. Any other personal or financial recommendations?\n\n\n\nThank you for taking the time to read and consider my post. I am looking forward to your feedback and will be ready to provide any other information you need."
  Self: "I would recommend looking into /r/financialindependence - it seems like you may have enough to make you Financially Independent, in which case you could do whatever you'd like, instead of only focusing on secure jobs. For example: Feel like volunteering in a third world country? If you've got enough to live off &lt;3 or 4% of your investments go right ahead!"
  User (PFfirstpost): "I am a lurker over there, too! Although this is a possibility, I have a different course for becoming financially independent. Thanks for the suggestion!"
  Self: "Neat, some people don't realize that becoming FI before 65 (or ever) is an option so you're on the right track then."
  