What To Do When You Receive An Inheritance | The First Steps To Take

[@freedominabudget]

The first thing to do when you receive an inheritance is place the money in a high-yield savings account so you can earn interest on your money while you process and get everything sorted out. CIT Bank is the BEST high-yield savings account in my opinion: fxo.co/9vwL

[@fearlessbeast5456]

Hi Kelly, I am from Nepal, I got email from Elizabeth williams from USA. She is suffering cancer and in last stage . Doctor said she will be no more in three month . She and her husband deposited some money in ecab bank and wants to give for charity to poor people, window women etc. But now the bank asked me I will be secondary beneficiary and for the inheritance fund transfer I have to pay 865 dollor for clearance certificate or change ownership certificate for us ministry probate courte . I don't know exactly what they are talking about ? Is scam or truth ? They said the money is in suspense account in ecab bank (Eastern Caribbean Amalgamated Bank).

[@theresamiller4683]

Hey everyone, I recently received my inheritance, and I'm trying to figure out the best way to invest it. Any suggestions?

[@lysanderjones9338]

That's fantastic, Alex! First off, have you considered your financial goals and risk tolerance?

[@JensenWhite]

Good point. Knowing what you want to achieve and how much risk you're comfortable with will guide your investment choices.

[@LewisCapaldi-774]

Also, what's your time horizon. Are you looking for short-term gains or thinking more long-term?

[@theresamiller4683]

Well, I'm thinking more long-term. Maybe use it for retirement or something substantial down the road.

[@JensenWhite]

In that case, you might want to look into a diversified portfolio. Stocks for growth, bonds for stability, and maybe even some real estate. It might also be worthwhile to consult with a financial advisor. They can help tailor a strategy that aligns with your goals.

[@JJs_playground]

1. Pay off any high interest debt 2. Put a 6 months emergency fund 3. Use 10% to splurge and spend 4. Sit and think about what your long term goals are

[@freedominabudget]

You've got it! :)

[@shawshank6015]

Thanks

[@hemlocklatte]

Thank you

[@tracyyvon225]

Perfect

[@natedoggaming5279]

With you except splurge and spend I’ve put ALL of it away until I have aged and learned how I’m going to invest

[@trishawallor]

Best advice, if the inheriatnce is in cash, you could think about foreign exchange but you gotta be well informed about where you want to put your money... Made my first million through it earlier this year from a 400k inheriatnce from my grandpa who died from covid (through the help of a pro though). Now I can afford to be much more relaxed and not panic as the inflation hits.

[@winstonwawrzyniak3925]

Now you have my attention sir How did you do this? Who's the knight in shinning armour? I am slowly giving up on everything

[@trishawallor]

@@winstonwawrzyniak3925 It's funny cos I'm a lady or doesn't it suit the "narrative"? It takes quite some level of patience and "Nancy Lynn Lewis" is the "knight", she was in the news alot in 2018. You can look-her up online to get more info.

[@winstonwawrzyniak3925]

@@trishawallor Low Blow right there ma'am. You didn't have to pull the gender card. Wasnt necessary. Thanks though. Ill check her out

[@archiemcdougald5466]

@@trishawallor Wow I know this little lady. Once attended a seminar she was also in attendance here in Texas. Great speaker. I still think putting,, it in a high yield savings account as the channel owner said is the safest option, given the economy,,

[@thesportsguruu]

@@trishawallor This right here is the second time I am coming across this name in a week. Came across her podcast and it was lit

[@danikeebler1662]

A.friend of mine got an inheritance from her mom. We were coaching her on this. I told her flat out....you don't need to talk about the amount. It is no one's business. You don't need to advertise new money....especially when you are grieving. If people are so rude to ask, give them a flip answer if need be. The other thing I told her was to handle creditors before the money is in your account. They can garnish account and take it. Do the damage control before the large number hits the account. Pre set up an agreement of repayment plan that they cannot go back on because they see the cash available. Get the agreement in writing. Unfortunatley,.if the creditor is the government (taxes) it might not matter. They have their own rule book on that. It is OK to do nothing to.grieve and cool off. DO.SERIOUS homework when you are looking for financial help so they don't help themselves to your cash.

[@danishasroyaltybloodline7386]

Wait so if your in dept you can’t get your inheritance???

[@lynmorris3453]

Thank you for this video Kelly. I think your Grandma would be so proud of you - both for the restraint you and Jayme had on your honeymoon and for sharing what you have learned through receiving your own inheritance from her. One piece of advice that I noticed didn't come up (or if it did, I didn't notice) - if the inheritance comes from someone you were extremely close to, don't make big decisions immediately. Emotional spending can cause big problems with overspending.

[@freedominabudget]

Thank you so much!! Yes, that is so true!! It's important to let it sit in a savings account for a little bit to make sure you make smart decisions!

[@ninjahamster1551]

I'm set to received my mums inheritance money when I turn 18 some people say spend a couple thousand to realise how quickly it can he blown to stop me wasting it and then be careful with the rest. I want to buy a house and rent it out until I'm ready to move into it, is this a good idea?

[@freedominabudget]

I'm so sorry that you lost your mum! I'll be praying for you! As for buying a house, that CAN be a really great investment but I will say that you need to be very careful about the additional costs of owning a home. I'm actually coming out with a video on this in the next couple of weeks so stay tuned. So many people see the home price as $100,000 and they have $100,000 cash so they think they should put all their money into it but don't think of the added costs of being a homeowner. Depending on where you live and the value of the home you need to pay for house taxes, insurance, repairs etc. If there are renters you will need to pay for their repairs because things will break, or if it needs a new roof or air conditioner for example. At 18 I would put the money into a high yield savings account like Capital One and sit on it for a few years until you are 100% sure what you want to do with it. It will grow interest and make you money while you make all the decisions. I have a close friend that spent her entire inheritance on a paid in cash house but is now close to losing it because she didn't save enough to pay taxes.

[@ninjahamster1551]

@@freedominabudget Thank you she moved on when I was 3 so it's been sat in a trust fund since I was approx 5 I think, I'm from the UK so what would the UK equivalent capital yields savings account? Something like an isa? I have three accounts at the moment, Spend acc. ,Save acc. And House saving acc. I dont want to waste her money but I think I will use 1/2k to spend to get an idea of how much I'm actually dealing with so not to spend, spend, spend like its endless, I look forward to the video :)

[@jonathandillon1524]

I made my first million investing in the stock with my inherited money with help of a professional broker I met after his conference in Texas, excited for what comes next

[@dovieursery7130]

That's a reasonable decision, can you share your his contact ?

[@jonathandillon1524]

@@dovieursery7130 look him up Mack Daron Wilson he is well known here in the states

[@dovieursery7130]

@@jonathandillon1524 Thanks I see his Profile , look impressive

[@donnettefortino8142]

last year I was at Macks conference with my wife, it was very informative , I recommend him , he is doing a great job

[@gregdescant4121]

I'm close to making first million from stock I invested from mother's inheritance.also excited for what comes next!😂🎉❤

[@mb3214]

Congratulations on your "What To Do When You Receive An Inheritance | The First Step To Take" inspirational thanks for sharing. 💌

[@laozdruni6856]

Watching this to prepare for the possibility of me inheriting money, and some jewels such as emerald and even rubies

[@freedominabudget]

Hope this video was helpful. Thank you for watching.

[@abdulkadirali4668]

pls tell me something i just recieved inhertance its cash what taxes do i need to pay

[@janie2shoes537]

We just inherited 2 stores with apartments above them and a house.

[@freedominabudget]

Oh wow! Good luck with them!

[@tracyyvon225]

While on disability I didn't feel obligated to tithes since I was in a barren season. But fully intend o tithing FRUITS like inheritances and rewards even though I didn't work for them, they were GIVEN FRUITS to me to steward and so for me: that falls under the category of FRUIT. God is just. He doesn't ask the poor to give 10% of their surviving income to Him. I have in other ways that I had abundant 'fruit's in like my time and service. It all contributes to my passion to see God's joy cover the earth.

[@freedominabudget]

Tithing is definitely a very personal decision! 💕💕

[@starwarshistoryarchives2834]

My paternal grandmother died when i was only twelve years old, and i recieved my inheritance from her, if that makes any sense at all, about four months ago. I want to do things, not only for myself, but for others. How do i go about this?

[@freedominabudget]

I'm so sorry to hear that! First thing I would do is to talk to a tax adviser and see if you will owe any taxes on it. I had to pay a large amount of taxes on my inheritance, it all depends on how the trust was set up. Then I would think about what organizations you are passionate about!

[@yaseenmohammed3648]

@@freedominabudget Hi, Kelly. First of all, star wars history archives is my KZbin name. My real name is Yaseen Mohammed. Thank you. As i said, it was only a few months ago that i received my inheritance. (90,000, if I'm allowed to say) This amount makes up my entire house, since i asked my father. I had made my younger sister the trustee, managing my affairs, etc. A tax adviser, it'd have to be someone i know. I've also been thinking about, and want to, talk with my cousin Andrew, asking him to be one of my financial advisors, so i can make the best financial decisions for myself and others. As for organizations, there are two right now in mind where sports and healthcare are involved - healthcare - shriners hospital for children in Tampa Florida, and an NBA organization called the Miami Heat. I also mentioned wanting to do things for myself as well - the trust that makes up my house, I also want to expand my man cave. My current bedroom was also supposed to be my mancave as well, bu it was too small, and therefore, i had to use the room next to it, but i want to have someone break down the wall, to make the two rooms, one big, single room Let me know, please, what you think.

[@danishasroyaltybloodline7386]

How did you receive it

[@bobbyjowilliamswilliams7958]

Do you have to be with someone to get your inherited because I never heard of that

[@freedominabudget]

What do you mean? In a relationship?

[@bobbyjowilliamswilliams7958]

@@freedominabudget yes

[@freedominabudget]

No you don't need to be in a relationship, I'm sorry if my video was confusing!!

[@gloriagaines2304]

How much does it cost to meet with an investor?

[@freedominabudget]

Everyone is different, I would reach out to a few and see who you feel most comfortable with.

[@gloriagaines2304]

Wow! I wasn’t expecting a response. New subscriber thank you so much Blessings to you

[@freedominabudget]

Of course I'm going to respond to you!! :) Your comments are my favorite part of making videos!

[@amberhott5328]

Thank you for doing this Bc my husband and I will be receiving one soon

[@freedominabudget]

Let me know if you have any questions! :)

[@lenodiaz]

Great video sister and You’re so smart. How I can contact to you I want to ask a few questions

[@freedominabudget]

Hi! Send me an email [e-mail]

[@Soulsurviver22]

Can a lawyer claim 40 percent of the estate if there client is no longer living .

[@ZackSilver77]

Im going to recieve a $70,000 inheritance in a few weeks. What should i invest in?

[@freedominabudget]

The first thing to do when you receive an inheritance is place the money in a high-yield savings account so you can earn interest on your money while you process and get everything sorted out. CIT Bank is the BEST high-yield savings account in my opinion: fxo.co/9vwL

[@paulaspruell910]

Good advice! I am a bit confused on the capital gains... you should get a step up in basis on capital assets as of date of death. 😎

[@freedominabudget]

We have to pay taxes on the capital gains on the investments she had. If we kept them invested we wouldn't but we decided to liquidate them.

[@m_ianO]

Is it really fun ?

[@BellaCinco]

Great video helpful!💕 im going to inherit some properties. I will make sure it is a blessing!😊 thank you.

[@freedominabudget]

Thank you so much! :) Feel free to reach out to me if you have any questions as you go!

[@BellaCinco]

Freedom In A Budget thank you! Really appreciate it. 😊

[@bobbyjowilliamswilliams7958]

Do you have to be with someone to get the inherited or can you just get it

[@Adrian-wi7bt]

350,000 coming soon..wish me luck thanks for the advice appreciate it

[@freedominabudget]

Best of luck!

[@pkworley]

Thanks Kelly 🙏

[@CentsibleLivingWithMoneyMom]

Kelly, this is such a great topic. I need to learn about this topic. Thank you much.

[@freedominabudget]

Thank you so much! :)

[@melodiev9253]

So you have a 6 month emergency fund? It seems like in your budget videos you are still building it.

[@WendyValencia]

Some inheritances come in phases, maybe that was her case. I knw that is what is happening with my dad's inheritance. They liquidate X and it produces Y amount of money to be split up among the kids....then this account gets released from probate....that gets split....this property gets sold, that gets split....etc.

[@nicolasmith11]

Melodie V im thinking it could have been her 6 month emergency fund when she was single and now they're building it as a married couple.

[@freedominabudget]

Hi Melodie! Great question! Check out my budget video from Friday. I received my inheritance in phases as Wendy said. I received the last portion of my inheritance and used it to finish off my 6-month Emergency fund last week and now I am continuing to save for the car fund! :)

[@nicolasmith11]

Freedom In A Budget it all makes sense now! Congratulations :)

[@freedominabudget]

Yes, that is exactly what happened! Probate can take a while to settle.

[@serum7075]

Inherited 27 dollars monthly or 309.00 yearly as set @ 10 weeks then 1,400.00 tuition towards college majors first being a doctor🙄🤦‍♀️🤫👀 Became a surgical tech from CNA class of 2016 I am 29 years old

[@freedominabudget]

The first thing to do when you receive an inheritance is place the money in a high-yield savings account so you can earn interest on your money while you process and get everything sorted out. CIT Bank is the BEST high-yield savings account in my opinion: fxo.co/9vwL

[@tracyyvon225]

Hi thanks for the great advice. I couldn't find Dave Ramsey on description

[@sfg4972]

I am inherited 300 k in 10 years wish me luck

[@steveo601]

That’s along time to wait bud. Hope ya get it. I’ve got about 270k coming within a week.😎

[@miahann7619]

Why does it take so long.?

[@sfg4972]

Shamiah White my age I guess

[@wwx3603]

The value will reduce so much, sad for you.

[@freedominabudget]

The first thing to do when you receive an inheritance is place the money in a high-yield savings account so you can earn interest on your money while you process and get everything sorted out. CIT Bank is the BEST high-yield savings account in my opinion: fxo.co/9vwL

[@barbarakelley1908]

I am still struggling to find my trust I need help

[@freedominabudget]

I would hire a probate lawyer.

[@joannthomases9304]

My parents had indemnity bonds. These were to guard against loss. So i am being made a 3rd party on whatever the bank is asking me to sign. I do not sign things i know nada about. I was totally not informed nor asked about any of this, while all my sisters were chatting back and forth over this. It has been 3 years asking what they did and what's going on and where. None care to speak to me, and the money is not the situation, it's the complete feeling of left out as no one. Therefore a said some things about keep ur money if this is what kind of people you have become. I do not like feeling this way. I like a loving family. My oldest sister has been a type of culprit..but then that is a long story of being a different type as she begged me to her state to start a family busness..20years later...and no sister there. I became pretty isolated with no sitter to a tiny only child. It was due to family accepting them through my daughter and i, was all. Then i became the target to a lot of things, instead. It was very depressing as i had a lot going on where i was, with my little only daughter. She also, was told i was at fault isolating us here. Ohhh boy, i was just polite, while just tending to my daughter, while things turned opposite than the simple agreement i came to do for her.

[@JohnSmith-ss6ic]

I know you husband loves the hell out of you. Your awesome.

[@freedominabudget]

LOL Yes he does!

[@vails7]

My Dad died and I inherited money. I don’t know if I should save it or spend it. I am 13.

[@freedominabudget]

The first thing to do when you receive an inheritance is place the money in a high-yield savings account so you can earn interest on your money while you process and get everything sorted out. CIT Bank is the BEST high-yield savings account in my opinion: fxo.co/9vwL

[@judys9201]

A great topic you talked about. Yes tithes is a personal choice but as a Christian you would get a blessing from God by doing it. Second I personally would feel like i rob God. So yes a good time for prayer self examination done on your inner heart as what to do. I liked your top, enjoy the video, thanks. I've used the wallet for one month and it went ok. I actually save money that I hadn't intended on by using it but did better than my envelopes. I'm going to use it one more month before I make a final decision to keep it or use my envelopes again I'll let you know.

[@freedominabudget]

Thank you so much! :) Yes, please let me know how you like the envelope system, I always recommend trying it for at least 3 months! :)

[@frankperez7885]

I'm going to buy a Lamborghini

[@freedominabudget]

With cash?!

[@colequaile692]

My man

[@Marysiewert]

:)

[@muse2225]

ty

[@kennethg.arnado1481]

WHAT IS BABY STEPS?!

[@wachingchannel2560]

Dave ramsey she said i think

[@rvbzero7]

You''re pretty but this more of overall steps to take

[@margarethockensmith2156]

Excellent

[@sdriscoll1757]

This isn't a "really fun topic." Have some respect.

[@freedominabudget]

Yesterday was the 15 year anniversary of when my mom passed away, trust me I have respect. It isn't a topic that people want to talk about or enjoy talking about but its an IMPORTANT topic that a lot of people need help on.

[@paulacookcollinsmotherjugs4611]

Iareal commanded to give them their inheritance now biggest bethel knows the truth

[@paulacookcollinsmotherjugs4611]

That the Lord God, the Lord zeal he makes sure you get it.

[@paulacookcollinsmotherjugs4611]

Apples inheritance debt free

[@Playboyy265]

😢

[@tytraulich4987]

Ah State capitalism.

[@HunterMann]

Sorry to sound critical but why do people become so neurotic with their financial considerations that they make KZbin videos to try to advise other people? I’m asking for a friend…

[@freedominabudget]

I am all about sharing my journey. Thank you for watching!