Is there a standard or best practice way to handle money from an expiring UTMA account?
I have recently turned 21, and the UTMA account that held my college fund is being turned over to me. I have no serious experience with personal finance or investing, and I just don't know what to do with the remaining money.
I suspect that money from my UTMA account is no different from any other kind of money, but I thought it would be a good idea to find out if I should do anything different with it. It's important that it isn't tied up too heavily, as I still have one year of college to pay for.
So, what should a college student do with money from an UTMA that now belongs to him or her?
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I'd first put it in CDs or other short term account. Get through school first, then see where you land.
If you have income that allows you to start a Roth IRA, I'd go for that, but keep it safe in case you actually need it back soon. After school, if you don't land a decent job fast, this money might be needed to live on. How long will it last if you take a few months to find work?
If you do find a good job, moving, and setting up an apartment has a cost. Once you're there, I'd refer you to the many "getting started" Q&As on this site.
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