I would put it into three or four conservative mutual funds. Don’t put it all in one place. And get a broker you can trust.
What state do you live in?
This is off-topic, but I’m really curious: What happened that an 8-year-old is getting a $30,000 settlement? If you don’t want to tell us, I understand… But I thought I’d try.
The Vanguard Fund has an excellent long-term tax free bond fund if you are a PA. resident. It is moderate risk/ moderate reward.
Here’s a list of some other good Vanguard Tax-free funds as well.
I have used the NY State long-term tax free bond fund for thirty years.
Do your due diligence. Don’t take my word for anything.
To triple it in 10 years you will need to get about 15% per year. That is going to be hard to find. Yields like that are possible with equities (stock) but they are risky.
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