When a Million Dollars Feels Like a Burden

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Күн бұрын

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@GibsonJames-gr3on 8 күн бұрын

Have you ever imagined inheriting $1 million? Bro said he's feeling guilty about spending the money and anxious about making financial mistakes.

@ThomasColt 8 күн бұрын

I can relate. Sudden wealth syndrome is real. People struggle with guilt, anxiety, or impulsive decisions. I've seen it happen to friends who received inheritance

@John-ww2fv 8 күн бұрын

They should take time to adjust, don't make rash decisions. Consider seeking professional advice from a financial advisor or planner. They can help create a personalized financial plan.

@OwenFlex 8 күн бұрын

I've seen friends struggle with identity and purpose after inheriting wealth. It's essential to redefine your goals and values. Maybe explore philanthropy or volunteering

@GibsonJames-gr3on 8 күн бұрын

Roth vs. traditional retirement accounts? Which is best?

@John-ww2fv 8 күн бұрын

Depends on individual circumstances. Roth accounts offer tax-free growth and withdrawals, but contributions are made with after-tax dollars. Traditional accounts offer tax-deductible contributions, but withdrawals are taxed. Still consulting a financial planner for personal guidance is best

@ryanmorris4995 12 күн бұрын

For the pre-tax vs Roth retirement account... I think the pre-tax (nearly) always wins IF you invest the tax "savings" of the pre-tax, especially in a Roth account. But for most people, who probably won't invest the tax savings, I would also generally speaking favor Roth.

@milikapm 10 күн бұрын

Is the pre-tax Roth the same thing as a 401k Roth? I think my work offers a 401k Roth plan.

@ritalally7018 15 күн бұрын

I think he should buy a modest house outright and add the rent payments he will save to investments for the future. The security of owning your own home is, I think, something most grandparents would be delighted to see.

@gerrie720 15 күн бұрын

PAULA YOU MAKE IT SEEM SIMPLE, HOW DID YOU GET YOUR EXPERTISE? SERIOUS.

@JaneThorson-dm3ev 12 күн бұрын

Good advice

@driatros 15 күн бұрын

Yeah, no one is going to care about one’s difficulty adjusting to sudden fortune. If anything, they’re just going to get annoyed and say they’d be happy to relieve them of that burden.