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Money Guy Show

"I'm Getting An Inheritance Soon - What Should I Do?"

Money Guy Show

Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors

Investing, Education, Business

4.73.2K Ratings

🗓️ 15 November 2021

⏱️ 23 minutes

🧾️ Download transcript

Summary

We always recommend saving 20-25% for retirement, but how do you factor a future inheritance into that savings plan? We'll walk you through that question and more in today's Q&A episode! Subscribe on YouTube! Download FREE Financial Resources from the show Sign up for our Financial Order of Operations course Let’s make sure you’re on the path to financial success - then help you stay there! The Money Guy Show takes the edge off of personal finance. We’re financial advisors that believe anyone can be wealthy! First, LEARN smart financial principles. Next, APPLY those principles! Then watch your finances GROW! Visit our site for more info. Instagram Twitter Facebook TikTok Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0

It's Brian Preston, the money guy, restoring order to your financial chaos, retirement,

0:07.0

investing, taxing.

0:09.0

You've got financial questions, he's got financial answers.

0:12.6

It's Brian Preston, the money guy.

0:16.2

This next question is from Aaron.

0:17.4

Now, Aaron said, my wife and I received a $25,000 inheritance.

0:22.1

It was from her side of the family, so she feels more ownership of it.

0:26.3

I want to invest some of it.

0:28.3

She wants to pay off our 2.8% mortgage and remodel our home.

0:32.7

How do I navigate investing over spending it on our home?

0:37.3

There's a lot packaged up in this question, Brian.

0:39.5

How do we think about assets that come in from inheritance?

0:44.0

What should we think about and how should we navigate those assets and then even how do

0:46.9

you make the decision on using those for the future, versus using those for the present?

0:51.6

I like questions like this, Aaron, because I have a visual of you and your wife watching

0:56.0

this answer.

0:57.0

We're going to let these guys decide.

0:59.0

Use this as a tool to hopefully mediate your discussion.

1:02.2

First of all, I think it's very important, and this is something I would do this in my

1:05.7

household, and I hope you would consider it with yours, is that there's a legal protection

1:09.7

to inherited assets.

1:13.0

My wife came into an inheritance of $25,000.

...

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