No. of Recommendations: 1
Well first I'd make sure he understand the tax implications of this money he received - if any - and put into a savings account whatever he'll need to pay his taxes. And make sure to make estimated payments to not end up with penalties.

Next, if he wants to own a house soon, its not a bad idea to put away whatever $30K for a 20% downpayment or so. Put it in that same high yield savings accounts with the tax money (Emigrant Direct, HSBC Direct, GMAC, ING, etc).

With the remaining money, he should use $4K to fund an IRA for this year, if he's not already doing so (and if its not considered income which would disqualify him from a Roth). And use the rest and put it in a Vanguard Targeted Retirement fund (or the similar funds from Fidelity or T Rowe Price). These are funds that have a year on them and they automatically adjust your balance as you go for what's appropriate for your age.

If he wants to be more involved with creating his portfolio, then there's plenty of ways to do that too. But that's not worth getting into unless he wants to be a more active investor.
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