10 Important Tips if You Receive 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.

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After someone asked for Redditor’s best tips, these are the top-voted responses.

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They explained the number of people who felt entitled to the settlement was hard to watch.

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Someone noted not to trick yourself into thinking you can purchase whatever you want because you have lots of money left.

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One mentioned the laws around inheritance and the needing to educate yourself on them, especially if you are in a relationship.

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They compared it to putting your oxygen mask on first in the event of a plane crash because you can’t help anyone until you take care of yourself first.

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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.

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One said to please refrain from talking to your bank because they are salesmen, not advisors, and they have a massive conflict of interest.

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They continued to be sure to speak with a fee-based advisor instead of talking to a bank advisor. The fee-based advisor will analyze your entire financial picture.

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10 Important Tips if You Receive 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.

They explained the number of people who felt entitled to the settlement was hard to watch.

Hold Your Cards Close to the Chest

Someone noted not to trick yourself into thinking you can purchase whatever you want because you have lots of money left.

Do Not Live Above Your Means

One mentioned the laws around inheritance and the needing to educate yourself on them, especially if you are in a relationship.

Educate Yourself on Laws Around Inheritance

They compared it to putting your oxygen mask on first in the event of a plane crash because you can’t help anyone until you take care of yourself first.

Put Your Oxygen Mask on First

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.

Guaranteed Investment Certificates (GIC)

One said to please refrain from talking to your bank because they are salesmen, not advisors, and they have a massive conflict of interest.

Banks Look Out for Themselves

They continued to be sure to speak with a fee-based advisor instead of talking to a bank advisor. The fee-based advisor will analyze your entire financial picture.

Talk to a Fee-Based Advisor

Swipe Up To Read More

Read More