Inheritance is a tricky subject. We’re aren’t saying that you should be just tickled pink when you get an inheritance. However, you are going to get the money whether you like it or not, so you might as well try to make the best of it. If you are receiving the inheritance, it means that someone loved you enough to try to make your life a little more comfortable in a financial sense. The best thing that you can do with the money is to actually make sure that it’s being used wisely. Of course, all work and no fun tends to make matters worse. If you’re looking for a good way to make the most of inheritance money, this is definitely the guide that you need to check out today.
First and foremost, you must realize that when you come into a sizeable amount of money, you’re going to have a hard time stopping the flow of advice. Just about everyone that you can possibly think of is going to think that they have the right to jump into your life and tell you what to do. You’re going to have people that want to push their agenda on you, and if you’re in an emotional state they will try to take advantage of you. You need to make sure that you give yourself time to build a plan. Yes, that’s right — a real plan that gives your money power without seeing it used for ill purposes. If that means that you have to sit on the money for a little while, then that’s totally what you need to do. You don’t want to rush and then find that you’re not spending the money wisely. You will probably also be tempted to help people through any and all types of emergencies that arise. Remember that not all emergencies are created equal, and many people will ask you for money with no intention of paying it back. If you’re just feeling generous that’s one thing, but don’t lend out sizeable amounts of money thinking that you’re going to get any of it back. Charity is one thing, but loans are another. Having something written up protects both parties and makes it a true transaction rather than just a gift.
It’s a given that debts are going to need to get paid off. If you have credit card debt, you will still want to make sure that you are trying to negotiate as much as possible. Just because you’ve come into some money doesn’t mean that the collection agencies should make tons and tons of profit off of you. Pull your credit report and make sure that you aren’t paying time barred debts — those need to be deleted off your credit report anyway. SO don’t feel like it’s a requirement to have all of these things done at once. Take things slowly. Add these things to your plan and watch it grow from there.
Purpose should be the order of the day and the name of the game. If you find yourself writing a check just because, you might want to pause. Take some time to sleep over it. Find people that you can truly trust and then talk to them. Or better yet, get a third party that isn’t biased. Your friends might think that they’re trying to do what’s best for you, but you might be surprised at the things your friends will do because they feel that you have the money to handle it.
There’s nothing wrong with having some fun, but you don’t want to go overboard. A lot of people feel like an inheritance allows them to finally have the type of fun that they never got the have in the first place. That’s a mindset that can lead to a lot of problems. You want to be determined but flexible — that’s the real mentality that’s going to allow you to elevate your financial life.
You’ll probably notice that many of these tips fit any situation where you have a lot of money suddenly. Lottery winners often find themselves in the same position. Either way, you will want to make sure that you really are thinking through your “money plan” steps in a logical manner. Yes, it’s going to be tempting to go on a shopping spree and take everyone out to dinner and buy the whole bar a few drinks, but is that really the best way to give that money power, meaning, and purpose? Probably not! Good luck finding the plan that works for you!