Hey I’m very new to Blueprints and have been watching a bunch of videos but am having a hard time approaching what my concept. I just want to be able to click on the player character (in 3rd person or top down with the cursor showing) and have a little menu of options open exactly at the pointer location but only when I click on the character directly. And also be able to click away from the character and have the menu disappear. Hopefully that makes sense and thanks in advance for you help and time 
In your BP for your main character click on the Skeletal/Static Mesh and on the right side “Details” pannel scroll down to find the events tab. Click on the “OnClicked” witch will create the event OnClicked in your Blueprint Event Graph. Now drag off of that and create a Widget (of the premade little menu options) create at the mouse cusor point. then add to your viewport so you can see it. As for the next part of closing the menu maybe put an invisable button (in the Little menu widget) behind the new menu that will close it.