How to Make Your Inheritance Last
Most people believe that receiving a large inheritance from a loved one would be life-changing. At least one study, however, found that about one-third of Americans who had received an inheritance eventually experienced a decrease or no change in their wealth after receiving the inheritance, meaning that they most likely spent everything they received. For baby boomers who received an inheritance of $100,000 or more, nearly one in five spent it all. If you are preparing to receive an inheritance, there are several steps you can take to ensure that your funds will last longer than a few years. Do not make any hasty decisions. Once you receive your money, do not make any hasty decisions about what to do with it. While you are crafting your long-term financial plan, consider taking some of the following actions: ● Park the funds in a safe place such as a savings account, money market account, or certificate of deposit...
