Inheriting Money – Your First Financial Move

If you inherit money then that likely means someone that you love recently passed away.  This can add a whole new layer to grieving.  You will probably have a lot of emotions added to the grief you are feeling.  That is why I suggest that your first financial move when you have inherited money is to just put it into a savings account or money market account.

Do not focus any energy on figuring out what to do with the inherited money until you have appropriately grieved.  This should allow you the opportunity to grieve in a healthy manner plus make smart, informed decisions that would be honorable to the person that blessed you with the inheritance.  Some may be comforted, and have grieved well, more quickly than others.  For some it can take years to get to a point where it makes sense to start figuring out how to best handle the inheritance.  Only you will be able to gauge when you are at a point where it makes sense to start putting that inheritance into action by giving, paying off debt, buying assets, spending, saving, etc.  Be sure you also assess where you are in the Financial Stages and what steps should be taken to get to the next Financial Stage.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s