Unpopular Opinion: Your Inheritance Is Not Your Friend

Video Transcript:

A lot of people think that receiving their inheritance will solve all of their problems.

The fact of the matter is, your inheritance could end up hurting you.

One of my dear friends, and clients, inherited a large sum of money before he was ready to manage it. He chose to ignore my advice and ended up wasting it all on expensive, big ticket items like cars, a boat, and an RV.

Statistics show that 1 in 3 heirs will spend their entire inheritance within the first 24 months.

These heirs often walk away with more debt, a bigger house than they need or can afford, and multiple large purchases they can’t maintain.

If you are expecting an inheritance or already received one, here are 3 things you need to do:

  1. First, be honest about what you want this inheritance to do for you and your family.
  2. Secondly, talk to your family. Share your vision with them and hear what your loved ones have to say. What are their hopes for your future?
  3. Lastly, talk to professionals. A fiduciary financial advisor can help you design a plan, grow your money, and make it work for you.

The money your parents or even grandparents pass on to you can be a tremendous blessing. But, if you’re not careful, you could end up more miserable in the long run.

Don’t let this happen to you.

Let’s schedule a quick phone call.

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