How to Inherit Money

Do you have a plan?

 

You just inherited money, now what?

Nothing

It will be tempting to do something rash as you have money ‘sitting around’ but if you are like most people, you need to invest in yourself first. Can you imagine being given a car and never having practiced before, started driving? This is how most folks inherit money and it is why most inherited money does not last.

A better approach is to learn how to drive a car with an instructor present first. 

Begin gathering resources for your self investment journey.

Am I willing to read books? Take a course like altitudeforyou.com? Hire a teacher? When faced with a bit of hard work ahead of you...the question may pop in your head, “Can I just outsource this?”

Why can’t I outsource this?

The world punishes those that aggressively outsource the handling of their finances. What works for oil changes and dentistry does not work for money. You will surely have a suboptimal financial situation if you completely outsource. 

Begin the journey of evaluating your giftedness

Do you have a skill or business idea that could be aided by an inheritance?  Are you willing to ask someone for feedback on that giftedness? Not every nickel from the inheritance needs to go into a brokerage account if a better option for you arises.

Start your investing journey……..with the right order of operations.

Investing may not be the best first step for you. Debt pay down, emergency fund build up, 401k max, and other steps may need to be first. Be sure to take advice that is tailored to your specific situation.

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