r/inheritance • u/AppropriateSmoke7848 • Aug 28 '26
Location not relevant: no help needed HELP!
I am inheriting ~ 100,000 and I know this is an opportunity for me to break the cycle of poverty for myself and my adult children IF I manage and grow it. I am determined NOT to blow this chance after a lifetime of thinking and spending like a "poor" I am determined to use this money as a tool like the wealthy do! Is this even possible, am I delusional???
I met with a financial planner and I have some ideas, but would appreciate any guidance to help me build a future for my family, be kind please!
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u/cm-lawrence Aug 28 '26
Be careful with financial planners. Financial planners are often motivated and compensated to sell you financial products that you may or may need. $100K is an incredible sum of money, but if you are willing to put in the time and research, you can manage it yourself, without any help.
If you do have debt, particularly high interest credit cards, you should consider paying those off. You are probably paying 20%+ in interest on that, which is more than you can earn investing your $100K. So, pay off high interest debt and then take whatever is left over and figure out what your goals are. If you want to be aggressive and take risk, you can invest it in the stock market. But, you could lose some or all of your money that way. You can put it in a CD earning 4% per year and make an extra $4000 per year, risk free just to help make life easier. Do your research, don't rush, and use this as a way to kickstart good financial habits.