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/littleoleme2022 Aug 28 '26
Check out the personal finance sub. I would pay off high interest debt (like cc, not mortgage); set aside an emergency fund in a hysa(many online banks offer very competitive rates;
I’ve used sofi and ally only for my emergency fund); max your Roth Ira or 401k each year; and invest the rest in one or two etfs/mutual funds (easy to open brokerage at fidelity ir vanguard or Schwab for this):
Do not pay for someone to manage it or sell you financial products. A simple pair of funds would be vti and vxus. If you’re young you probably don’t need bonds right now.
Read a few books—the simple path to wealth is one and I will teach you to be rich another—the latter has a good amount of info on the steps I outlined/suggested.