How to manage an inheritance
Inheritances and the fights they can lead to in court can be devastating; celebrities have left this world, leaving their loved ones behind to bitterly fight with each other over the (financial) legacy they have left behind. Then there is the question of how these “winners” will manage that money. How do they spend it? Will they squander it, save it, or invest it?
We’ve written a lot about greedy relatives, split families and broken relationships. Inheritances can obviously make or break families, and you learn who your true loved ones are. Not everyone is going to be lucky enough to inherit a fortune from a long-lost uncle, or even inherit much at all from their parents, for that matter. There are people who are lucky enough to inherit just enough to comfortably survive, pay off debts, etc. For some though, getting an inheritance (any inheritance) is almost like winning the lottery. How do you manage your inheritance if you have never had any money? What happens when the dust has settled and you’ve GOT your money? What do you spend it on? Here’s some advice from someone who inherited money from his grandmother, and learned not to blow it all: