10 Best Tips: What To Do With a Large Inheritance

Have you recently inherited a large sum of money and need to know the first steps to ensure you don’t blow it? Then, we got you covered. After someone asked for Redditor’s best tips, these are the top-voted responses.

What To Do With a Large Inheritance

1. Hold Your Cards Close to the Chest Someone recalled a few friends who won a settlement equaling $300 thousand each and how it affected the relationships around them when their close friends found out.

2. Do Not Live Above Your Means Someone noted not to trick yourself into thinking you can purchase whatever you want because you have lots of money left. The truth is you will end up broke in a year.

3. Educate Yourself on Laws Around Inheritance One mentioned the inheritance laws and the need to educate yourself on them, especially if you are in a relationship. They continued how a spouse or common-law partner may feel entitled to their significant other’s newly acquired gains.

4. Put Your Oxygen Mask on First One user commended the original poster (OP) for wanting to help a friend in need while warning the same person not to allow themselves to be taken advantage of with their lump sum.

5. Guaranteed Investment Certificates (GIC) Another mentioned the use of a Guaranteed Investment Certificate. They elaborated on saving what you will need to survive for a year and put the rest into GIC a year to research the best financial decision.

6. Banks Look Out for Themselves One said to please refrain from talking to your bank because they are salesmen, not advisors, and they have a massive conflict of interest. They continued how the bank will recommend what is best for themselves and their commission first, then you second.

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