Comments on: What to Do With Inheritance Money

By: Economic Recovery and Stock Market Uptrend In The Horizon?

Economic Recovery and Stock Market Uptrend In The Horizon? — Thu, 26 Mar 2009 06:10:59 +0000

[...] Master Your Card: What To Do With Inheritance Money [...]

By: Dawn

Dawn — Tue, 24 Mar 2009 15:18:59 +0000

I thought this was a great post – and I think the idea of holding off a bit is a wise one. I also agree with kosmo, it seems to me that if you are using the money to give yourself peace – whether it is with an emergency fund, retirement savings, or paying off debt, that is exactly what your loved one would have wanted.

By: Bill McCollam

Bill McCollam — Sun, 22 Mar 2009 23:17:22 +0000

I must be missing the point. It’s an inheritance. It was purposefully left to you (presumably without any strings). Why fuss over how to spend it? Why would you spend it any differently than money you earned or found or won? I suppose I can imagine a scenario where you wanted to spend it on something that the recently deceased had strong negative feelings about – but I have a hard time thinking that applies to paying off debt.

By: Barry

Barry — Sat, 21 Mar 2009 15:00:40 +0000

Well, since I have no debts to pay off right now I’d put part of it away to bolster my savings and use the rest to invest in my own business.
Then again I’ve always told my loved ones that I’m not interested in any kind of inheritance and that they should spend it as they see fit

By: Trevor @ Financial Nut

Trevor @ Financial Nut — Sat, 21 Mar 2009 03:13:37 +0000

Excellent points. Though I’ve never been in a situation like that, I can imagine that the feeling of taking that person’s money and spending on yourself could be rather uncomfortable.

If they left it to you, I’m sure that’s what they would want to happen anyway, so take some time to mourn and then use it.

Great post.

By: kosmo @ The Casual Observer

kosmo @ The Casual Observer — Fri, 20 Mar 2009 18:35:11 +0000

If the money helps you get onto solid financial footing (so that you can enjoy retirement – and get through your current stage in life with less stress) wouldn’t the person who gave you the money be as happy (or more) with than, than if you bought a fancy new car that you might enjoy an hour a day for 7-8 years?

If you use the money to get things into shape, maybe you could afford the car a few years down the road, and know that it was the inheritance money that put you onto that road.

By: Frugal Dad

Frugal Dad — Fri, 20 Mar 2009 18:08:21 +0000

Sound advice! Thanks for mentioning my article. I think it is smart to look at things like emergency funds and the health of your own retirement before plopping down the entire inheritance on debt. Doing so may leave you closer to debt freedom, but without a proper safety net that the inheritance could have established for you.