Inheritance money can come in an unexpected time with an unexpected amount. According to Curtis Financial Planning, studies suggest that money inheritance from the “Greatest Generation” often comes in an immense amount. To some, it may even accumulate up to trillions. While this sounds like a dream comes true, inheritance money often comes with unanticipated emotional weight.
How does inheritance money become emotionally draining? It comes from various perspective. To one person, the money may remind them of the sacrifices their parents have done. To some, it could even inflict clash with relatives who are not as fortunate. Sudden change in financial status also becomes a burden to such people. Whatever the causes are, inheritance money can drive your emotion back and forth from being anxious to relieved, sad to happy, and so on. This becomes a problem when your emotion can dictate how you spend the money.
How to free your thoughts from the emotional weight inflicted by inheritance money
Curtis Financial Planning noted several things you can do to unload the emotional weight you receive from inheritance money. First of all, make sure you have a trusted professional to talk about your feelings. Taking care of your mental state comes first before the money. Once you’ve got the hang of yourself, try to jot down a list of things you want to buy or you want to do with the money. Be careful, try not to overspend and end up losing all the money for trivial things! Instead, consider allocating some of the money for donations, charitable giving or donor-advised funds.
Another thing to consider is an investment plan. Choose an asset that fits you the best, and make sure to learn about the investment before actually proceeding with the plan. Last but not least, make a financial plan. The inheritance money is not only a chance to invest but also future retirement plan. Contact a professional financial advisor if needed.
While setting your financial plan, some relatives will come to you to borrow money. This is also a thing to be careful of. Make sure you can trust the person. If possible, weigh the pros and cons of leading them your money. Being too soft-hearted can make you look too easy to manipulate by bad people.
Read also: Making Saving Money A Habit in 4 Steps
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