I don’t know if this is what some people would call life changing money.
safe bet: long term investment for retirement or to buy a house.
dreamer me: study the piano bachelor you always said you wanted to do, even if it’s just the bachelor, and not a master, even if you’re doing it not for the money or fame, but just because you want to play and maybe teach part time, but mostly because is something I enjoy doing, even if teaching the piano is mostly a side job to my main job.
I don’t know what to do. Feel free to read my previous post, because it’s related to this one.
If you’re not sure, put it in a savings or stable short term investment account , like a money market account or a short term CD account. That way the money is doing something while you make sure you’re doing what you want, there’s no real risk, and you can pull the money out whenever you want. You might lose some interest if you pull out of the CD early.
You mentioned wanting to learn the piano for love of it, rather than for professional reasons. If you’re looking at a school the semesters might line line up with a CDs investment cycle, which means you might be able to avoid loosing out on interest. A proper credit union will likely have an account specialist who can help you get things sequenced. They won’t give you financial advice, but they can help you get things timed and setup right.
It’s super important to do what you love. The point of money is, in part, to help you do what you love. Sometimes that’s by providing security, and sometimes by creating opportunity.
If it’s the love that’s driving you it might be worth it to look if you can audit then classes, or follow a different path that costs less money. You don’t get the degree but you might be able to get the same education.