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Expert tips for managing an inheritance
The gift of inheritance almost always comes with a loss. Consequently, it’s normal to feel confused, upset, and overwhelmed. The last thing you want is to make financial decisions while in shock. If needed, put the assets in a high-interest savings account to give yourself time to grieve. That way, you won’t regret rushing into any major purchases.
Once you’re ready to take the next step, hire a financial adviser to help you create a plan about how to work your inheritance into your life. For example, you could pay off debt, save for retirement, or put money into your children’s higher education fund. You may also want to establish an emergency fund with at least three to six months of living expenses.
Moreover, don’t feel bad about using some of the inheritance money to treat yourself. After all, your loved one wanted the best for you. For instance, you could use some money to take a trip or buy your dream car. The most important thing is to be intentional about how you spend money.
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