Handling an Inheritance
Updated: January 7, 2009
RECEIVING AN INHERITANCE CAN BE DRAINING.. DECIDING WHAT TO DO WITH THE MONEY WHILE DEALING WITH A LOSS CAN BE A LITTLE OVERWHELMING.
FINANCIAL CONSULTANT ERIC BOLAND HAS SOME ADVICE.
Take a time-out - This is usually an emotional time. Keep your money in a safe place while you have time to calm down and create a plan.
Be Realistic - the average inheritance is usually between $50-100K. This amount isn`t going to be life changing. This is not the Mega Millions game.
Prioritize your goals - (debt, planning for college or a wedding, retirement) You probably won`t have enough to do everything, so focus on the few goals that are most beneficial.
Ask for Help - Attorney, Accountant, Financial Advisor
Have some fun - but in moderation/dependant on the size of your inheritance
