I am a 20-year-old university student and have recently inherited $40,000 from the estate of my grandmother. I have decided to keep $10,000 in my bank account to spend on a number of things over the next year or so, but I wish to invest $30,000. My investment time frame is long term, I am interested in capital growth but am not sure whether I should keep the money in a term deposit in the bank until I decide to use the funds as a deposit for a home unit, or to invest in shares. I am aware of the share market going up and down each day and would be prepared to invest some in this area. Interest rates seem to be fairly low at the moment and the share market seems to be rising despite its daily changes.I believe I have a high tolerance to risk.

What advice do you have as to my best options for investing this money?

What other investments do i have? [diversification]