Dear Fran,
I’m a 45-year-old single woman who recently inherited a large sum of money. I’m not sure what to do with it. I want to make wise investments and ensure a comfortable retirement. What are some good strategies for managing this windfall?
Sincerely,
Wealthy but Worried
Dear Wealthy but Worried,
Receiving a large inheritance can be both exciting and overwhelming. Here are some steps to consider: My first priority would be to:
- Pay off debts: If you have high-interest debt, consider using some of the inheritance to pay it off. Being debt free is a great position to be in.
- Build an emergency fund: Having a solid emergency fund can provide peace of mind.
3.Invest wisely: Find yourself a reputable financial advisor. Consider investing in a diversified portfolio of stocks, bonds, and other assets.
- Be mindful of your spending habits and try to avoid impulse purchases.
- Consider charitable giving: Volunteering and giving back to causes you care about can be rewarding.
Remember, it’s important to take your time and make informed decisions.
Best wishes, Fran
