What To Do With Your Inheritance Money?
Do you want to know how you can invest your money to get the highest returns? More specifically, do you want to know what you can do with your inheritance money?
People, as young as eighteen-year-olds, can inherit huge sums of money from their parents or grandparents. It is a huge responsibility when you inherit a hefty amount and have no idea what to do with it or how to invest it properly.
Therefore, in this blog, you will learn what you can do with the money you’ve inherited.
What You Should NOT Do With Inheritance Money
Before we begin, I need to share with you four things that you should NOT do with the money you’ve inherited, or even saved over the years. It is important to know the things you shouldn’t be doing with your inherited money because the money can go away…FAST!
Don’t Spend It Right Away.
I get it; it’s very tempting to go on a trip or get yourself a shiny car when you’ve just inherited money or won the lottery. However, there’s a statistic that reveals that lottery winners end up being broke or even in debt after three to five years of winning their lottery.
Now, how does this happen? It’s because people tend to spend their money right away without planning and consider ‘treating’ themselves extravagantly when they receive huge sums of money.
Don’t Rush Into Investments.
This may seem a little counterintuitive; however, trust me, you do not want to get into the next investment that comes your way just because you have the money. People will be coming to you with their ideas about business, or joint ventures, or their apps, and you would feel interested as well because you would have that sum of money available. However, do not rush into investments and put all your money right away in the next investment opportunity that arrives.
Don’t Tell Everybody About Your Inheritance.
Do not tell everybody that you’ve inherited a huge sum of money. Don’t go to Facebook groups asking what you should be doing with the money you’ve just inherited, because guess what, people are going to pitch in their ideas to you to have you invest in their schemes. And not every scheme or idea is worth investing in. Therefore, refrain from telling the world about your inheritance.
Don’t Be Naïve
Listen, if you’ve just inherited money or won the lottery, etc. and you’re not experienced in business, do not accept every offer and advice that comes your way.
I do believe that there are people with legitimate business ideas, but many people are just scam artists.
Moreover, you need to be mindful of IFAs (Independent Financial Advisors) as well. These people will come to you and advise you how you can lock this much money here, and that much money there. However, the majority of these advisors receive commissions for the products or services they recommend; they have an agenda.
Therefore, do not blindly trust someone with your inherited money, be it the IFA, your mum, your friend, etc. and leave it all to them to handle and invest your money.
These were the four things you shouldn’t be doing with your inherited money. Now, we move on to the things you SHOULD be doing.
Things You Should Be Doing With Your Inheritance Money
Store The Money Away
Notice how I am telling you to ‘store’ the money away and not ‘lock’ it away. When you lock your money away, and a good opportunity comes by, you don’t have access to your money for investment.
Therefore, store your money away in a separate bank account to use when you absolutely need it. This way, when you need the money, you have access to it.
Start Looking For Investments
Now that you’ve stored your money start looking at opportunities and investments. Start talking to people about properties. However, as mentioned previously, do not sign the first deal that comes your way. Just start viewing properties, start looking at opportunities, start seeing investments. Take your time to invest your money. Because if you invest in the first deal that comes your way, chances are, there may come other amazing deals later, and you’ll be regretting your decision.
Do Speak To A Few Trustworthy People
Even though you shouldn’t tell the world you’ve inherited money, you SHOULD talk to a few trustworthy and experienced people about it.
See, when you become a millionaire over time, you go through so many things and learn so many values and lessons that lead you to that point. However, this is not the case when you inherit money. You do own the money, but you do not own enough knowledge and experience to deal with the inheritance. Therefore, money can deplete fast if you do not get in touch with experienced people.
Speak to people you know that don’t have an agenda; that aren’t commissioned to recommend your services or products, speak to people who would give you genuine, trustworthy advice.
My last tip for all those who have inherited money is to get smart and educated. When you inherit half a million pounds, pay a little bit of it to educate yourself regarding money and investments.
There are people who inherit great amounts of money but do not educate themselves regarding how to use it properly and end up losing it all.
Therefore, just educate yourself as much as possible even if you spend 1% of the money you inherit on education. The money you would spend on education would be far less as compared to the money you would get from returns!
A Final Word
This blog enlisted the things you should and shouldn’t be doing with your inherited money, or the money you’ve saved over the years, or the one you’ve won from the lottery.
Follow these advice to protect your wealth and get maximum returns from your investments.
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