This week’s theme is: What Do I Do With Inheritance Money?

Today, I’m talking about 3 smart ways to use your inheritance.

The first smart way to use your inheritance is to spend money on something meaningful to you and consistent with your values Of course, you’ll want to do this within the confines of spending, gifting, or donating no more than 10% of your inheritance, which is what I covered yesterday. 

[jewelry - meh...] - so if I bought a pair of diamond stud earrings or a fancy new ring, that wouldn’t be a gift used with my inheritance would be likely to bring me joy. On the other hand, there are many travel-related things I would like to experience with my husband, and based on our past travel experiences, it would bring joy to allocate some of my spending in their area - not just because of the fun involved in the trip itself, but also the lasting memories created. 

Make a wish list and discuss your plans with your spouse and your children. If you make the decision to be prudent with your spending, you may not be able to do all the things you ever dreamed of with your inheritance. And that’s ok. In fact, it’s probably better that way. So given the limited resources available, it’s a good idea to make a wish list. Let that percolate. Talk about it with your spouse and your children. Whether it be a one-time spend or an annual budget to do something with the funds, it’s important to make your wish list and really consider it. You may find after talking to your family and mulling it over for a month or 2 that your priorities change or something more appealing takes it’s place. 

Lastly, the smartest use for your inheritance is to invest for future growth. If you’re 50 and you receive an inheritance of $1,000,000 it’s not unreasonable for that $1million to be worth $4 million dollars by the time you’re 70 if you don’t touch in and invest it wisely. 

That’s it for today. Thanks for listening. My name is Ashley Micciche and this is the One Minute Retirement Tip. 

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