You've Saved the Money, but You Need a Plan.
Congratulations! You have more money than you know what to do with. After taking a little time to savor your good fortune -- and good saving habits -- you should put that money to work ASAP. First, park it in a safe, interest-bearing account, like a money market or savings account, while you figure out your long-term plan.
Next, prioritize your financial goals. Since you have some money to spare, you might be more willing -- and it might be more worthwhile -- to pay for the guidance of a fee-based professional financial planner who can recommend suitable investment strategies based on your risk tolerance, performance expectations and time horizon. You should also review your insurance needs and make sure you have the appropriate amount of coverages and types of policies for your situation and goals.
Whatever financial planning process you choose, you will want to focus on maximizing savings in tax-advantaged vehicles like 401(k)s, IRAs and 529 college savings plans (if that's a priority for you) -- assuming you already have a well-funded emergency fund and no high-interest debt to eliminate first.
For your long-term investments, choosing a balanced blend of no-load, passively-managed stock and bond index mutual funds or exchange-traded funds, if possible, will help you create a well-diversified portfolio and minimize cost. For shorter term goals, you may want the majority of your portfolio dedicated to less risky bond funds. Of course, DIY investing through discount brokerages will save you even more than paying for someone to trade and manage your investments for you.
Remember, these tips can help put you on a more financially secure path, but the motivation to implement them comes from your way of thinking about money. So, the most important advice to get started -- and to keep you on track -- is to ditch the “I can’t” or “I won’t” excuses and operate from a place of “I can,” and “I will.” Your future self will thank you.