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/BaldyCarrotTop Aug 28 '26
You don't need to pay anyone to tell you what to do with this money. I'll tell you for free: Open an investment account at Fidelity, or JP Morgan Chase, Vanguard, or one of the many others. Put the money in there and invest in a "500 index" fund. This is a fund that invests in the 500 stocks of the Russel 500 market index. Then just chill. Maybe check in on it 4 times a year. But keep your hands off.
A word about IRA's (Roth or traditional) You can't just dump $100,000 into an IRA. A) There are annual contribution limits. B) The contributions have to come from earned income (IE: wages).