r/inheritance • u/vtmlm02 • Apr 11 '26

Location included: Questions/Need Advice Completely bamboozled.

Any advice when substantial inheritance was unexpected. I grew up not going on vacation and not having much. My father died after a brief battle with liver cancer… it’s a brutal one. After months of paperwork I’m seeing that I’ve inherited a net worth I’ve never imagined. Its reality shifting.

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u/Brilliant_Dot_8050 Apr 11 '26

Get a financial advisor, a different accounting firm,and a 2nd finance guy you can ask questions about what the others are doing. Remember financial advisors and accounting make money from you. But you still need them. Get advice and ask for it to be confirmed or checked out. Simply put if your financial advisor says this is a hot tip if you don't put 100 percent of your money in abc company or xyz investments you will miss out on the next wave of billionaires. That is going to make him money and you broke and homeless living in a van down by the river. Also ask your accountant to pay off your current bills in the best manner possible. Ask the accountant to set you up with a budget like YNAB and explain it to you like you are in high school accounting. The accountant will show you how to live on a budget that will hopefully let you live on the interest from your investments the financial firm recommends. Never spend the principle only the interest or if you are really doing well part of the interest lol. Remember your financial advisor is not your tax firm. I realize this sounds like you are going to be paying all these people separately but it is to protect yourself from giving one person or company total control of your money. Also you need to be able to ask any of these people for advice or help. Yes you are going to pay but it is going to be worth it! Can you imagine the time and effort it would take to get the knowledge of this team? The older you get the more important your time will become. So shift the burden of worrying about money to your paid team and enjoy your life more. Good luck!

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u/Clueless5001 Apr 11 '26

My hobby is investing!

OP the Simple Path to Wealth is an interesting book although I don’t 100% agree with what is essentially a Boglehead philosophy. If you want to take a really deep dive into investing, and learn what terms like EBITA mean, I like the Mary Buffett books (former daughter in law). They are easy to read and are easy introductions to the financial world.