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As an artificial intelligence language model, I am not capable of inheriting money or writing a personal article based on a personal experience. However, I can provide helpful tips and guidelines to help someone who has inherited $100,000 from their mother. Receiving an inheritance can be both exciting and daunting, and you may be wondering what to do with such a significant sum of money. Here are some steps to help you make the most of this inheritance.
Firstly, take some time to grieve. Losing a loved one is never easy, and inheriting money from a parent can be bittersweet. Allow yourself to feel whatever emotions come up and take some time to process your feelings.
Once you are ready to think about what to do with the money, it’s important to consider your financial goals. Do you have any existing debt that needs to be paid off? Do you have any savings goals, such as buying a house or planning for retirement? Make a plan for how this inheritance can help you achieve those goals.
It’s also crucial to seek professional financial advice. A financial advisor can help you create a long-term plan for managing this inheritance. They can help you assess your current financial situation, determine your risk tolerance, and create a plan for investing the money wisely.
Another important thing to consider is taxes. In some cases, inheritance may be subject to estate taxes, so it’s essential to understand your tax liability. A tax professional can help you navigate this process and ensure that you are paying the appropriate amount of taxes.
Lastly, consider using some of the money to honor your mother’s memory. Perhaps there is a cause or charity that was important to her that you can donate to in her name. Creating a meaningful legacy can help you find purpose and meaning in this inheritance.
Inheriting $100,000 from a parent is a significant event in anyone’s life. By taking the time, seeking professional advice, and making thoughtful financial decisions, you can make the most of this inheritance and create a stable future for yourself.
Sweet Deal!
run from an annuity
Annuities is very costly.
"Getting ready to retire" yet "not working right now"
Idk, sounds like you're already retired then. lol
Everything sounded good till she said she basically had no retirement. Like at all
Sorry for the typos.
dave, I really enjoy yiur comments. However, I would like point out an error.
Fixed annuities only require an insurance license. Variable annuities require a securities license and an life and health license.
Thanks for everything you do. Very valuable.
Your thumbnail for this video has the wrong $ on it
That's was really good advice Dave! I learned something!
Bad advice from Dave. The answer should have been – go back to work,
work till you are 70 and then take social security at 70 when you max it out.
Simple fact is, she is still 6 years from being able to retire.
Because she probably holds no gold either, she is sadly in a worse place. I hope to God she didn't put that 100,00 when she got it into one of Dave's 'good s&p 500 index funds' .
ramsey is not very smart. he never advises people that some of their money should be invested in gold and silver so they dont go broke like folks in venezuela. what good is it to have 100,000 dollars in annuiies and have hyperinflation destroy all the money you have. when one is retired it is even more important that retired people keep some of their wealth protected as gold and silver is the best way to put a chunk of your money to protect your wealth from collapse of the usa dollar-we are not a stable country any longer-and the dollar still loses value each day.
She needs to fill out an application at Walmart.
My financial advisor advises against annuities. He says much better ways to invest money.
She has 100k from her mom, 50k in savings, and 65k in retirement funds = 215k total. I really don’t see how the heck she can retire on that??
Basically, this lady can't afford to retire. What is she thinking?
She can not afford to retire..
Annuities are scams
how do you retire when you're not working?
"I'm getting ready to retire"
"I'm not working right now"
I also don't have any money saved for retirement….what, lady!?
Most likely this 100k will be used for income purposes since she has no other pension. An indexed Annuity can provide 6-7 percent of guaranteed returns for income purposes. Then she can use this for lifetime income. A Variable Annuity sounds like a waste of her time with protecting the principal and only getting 5%.
what about indexed annuities? lol
You must have a mutual funds license in most states to sell variable annuities. They also offer guarantees like lifetime income. Yes. there are fees, but it is insurance against running out of income. I own one so I understand.
Dave Ramsey is like my financial Dad.
Thanks Dad.
Also the thumbnail doesnt match the title of the video. Heh.
Just put it in Vanguard Wellesley Income. Solid long term returns. Modest volatility. Low expenses.
Annuities are an insurance product, you are placing yourself in a statistical position that benefits the company more than yourself.
The thumbnail for this is wrong…it says 10,000 dollars…FYI
good