Not that this type of thing happens often to me (actually, try never), but it is likely in the near future I will get a small inheritance (guesstimate is around $5,000). In the past I would just put the money into a CD, but I have more than that already in CDs, plus ING and HSBC accounts. So I already have money available if an emergency comes up (6 months worth).

My Musings:

I have been considering setting up a Roth IRA, perhaps this could be the starting money for that.
I already put 10% into an retirement plan at work, so I don't think I need to do more there.
I could pay down my mortgage some, but its not like that is necessary. Also doing that, while good, would limit my flexibility with the money. Also, I'm at the point my payments are about 75% principle, so its not like a large payment now will make a huge difference in the overall length I will be paying out.
A plain mutual fund? At least there the money would be accessible if needed. And it hopefully would have a better return than either a CD or early payment on my mortgage.

In any case I hope this will hold off for a while but if not... I'm leaning towards a mutual fund, hopefully something low load and low turnover. Since I'm a newbie with this, where does that leave me? Some type of an index fund? I guess its time to research this more and be ready.