Recently Received An Inheritance? Here’s How To Approach Investing It

Receiving an inheritance can come with some complicated emotions. On one hand, you have received a sum of money that might give you a lot of added financial freedom and ability to pursue your goals. On the other hand, you’ve likely just lost someone near and dear to you. This mix of emotions resulting from this circumstance can make planning for how to invest your inheritance complicated. Here are some steps to consider if you inherit cash, retirement accounts, non-retirement investments, businesses, and properties.

Cash Inheritances

If you have received a cash inheritance, then your first objective should be to figure out what your financial goals are. You may want to get rid of debts, work less to spend more time with loved ones, go back to school, start a business, donate to charity, buy a home, travel around the world, fully retire, or invest it for longer term growth. It is important to identify these goals and plan for each.