If you receive the money before April 15th, open an IRA and make a 2008 contribution. While you’re at it, make your 2009 contribution, too. Put the money in a stable value fund until the economy starts to turn around, which won’t be this year. Then, consider a 20-50% equity allocation. Put the rest of your inheritance in a short-term CD while you finish your obligations to the Army. Don’t waffle; just do it. Cash is king right now, and you might get a great deal on a foreclosure in a terrific neighborhood. But, given that you don’t know where you’d like to set down roots, I’d pass on buying a home. Forget about buying and renting – you don’t want to be a landlord. Quit screwing around with your on-and-off attitude of taking classes. You’re 32. Finish a degree in something already. Look to the future. Get the IRA opened and finish your education. If the inheritence is sizeable and you find you have begun to accrue assets, spend a $1000 and create a will.