Q&A: Don’t Waste Your Inheritance! Here’s How

Afford Anything | Make Smart Money Choices

Paula Pant | Cumulus Podcast Network

Entrepreneurship, Investing, Business

4.7 • 3.6K Ratings

🗓️ 19 July 2024

⏱️ 67 minutes

🔗️ Recording | iTunes | RSS

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Summary

#524: Mark and his partner will soon inherit an IRA worth over a quarter million dollars. With today’s elevated interest rates, would throwing it all at a primary residence be the smartest play? An anonymous caller and his girlfriend are musicians who dream of building a home with a monetizable recording studio. How do they untangle personal wants from business needs? Will feels stumped about the options in his defined benefit pension plan. When should he choose a guaranteed annuity over a lump sum payment? Former financial planner Joe Saul-Sehy and I tackle these three questions in today’s episode. Enjoy! P.S. Got a question? Leave it at https://affordanything.com/voicemail For more information, visit the show notes at https://affordanything.com/episode524 Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	Joe have you ever come into any sudden money sudden big money when I sold my business yes
0:06.5	you were 40 at the time right I was does the public know how much it was I don't think I know they do not know how much it was? I don't think I know. They do not know how much it is.
0:14.0	Ooh.
0:15.0	Dun, it was a lot. It was a mid six figure number. Let's put it that way. How about that?
0:20.0	Mr. Moneybag.
0:22.0	Look at you, right?
0:24.0	Well, speaking of a six-figure number,
0:27.0	we're going to take a call today from someone who is receiving a $300,000 inheritance.
0:34.0	What should he do with this inheritance?
0:36.2	It's a great question because a huge wealth transfer
0:39.2	is about to take place from first the silent generation
0:42.4	to the baby boomers and then the baby
0:44.0	boomers to millennials. So for people who either are getting an inheritance or a
0:49.4	bonus or a commission, people who are getting sudden money,
0:52.8	people who are selling their businesses like you did?
0:55.6	It's a good question to grapple with.
0:57.7	It is.
0:58.6	It buys a lot of Kitcats.
1:01.3	That's your candy of choice Kit Kat?
1:03.0	Oh yeah, that's not yours?
1:05.0	I've been in a starburst kick lately.
1:08.0	Yeah.
	...

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