MyMoney Online, Business Wrap

4 dumb things even clever people do when they inherit money

Also read the following related article from Bruce Whitfield's "The Money Show":

* How to make the most of a financial windfall (tax refund, bonus, gift, etc.)

Time and again people (even smart ones) make these same four mistakes when they inherit money, says Galileo Capital Financial Advisor Warren Ingram:

  • They forget about taxes.

  • They think they’re investment gurus.

  • They buy a holiday house or timeshare.

  • They talk about how much they inherited.

The generation who are passing away now came from very little and worked very hard. They have a drive to leave something behind.

Galileo Capital Financial Advisor Warren Ingram

The problem is; we feel uncomfortable talking about these things, which can be ruinous to those who receive a large inheritance.

Galileo Capital Financial Advisor Warren Ingram

“Easy come, easy go.

The Money Show presenter Bruce Whitfield

If it feels like a lot of money; take a couple of months to think about it. Don’t do anything rash.

Galileo Capital Financial Advisor Warren Ingram

Be an uncover millionaire until you’ve learned to say ‘no’.

Galileo Capital Financial Advisor Warren Ingram

Listen to the audio for more detail.

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