Verify Inheritor Calculated with airSlate SignNow

Save initials inheritor

hey guys welcome to freedom in a budget I'm Kelly and this is a really fun topic that we're gonna talk about today we are talking about inheritances now what to do that inheritance this is a really really sensitive topic it is something that you need to handle with care' and it can it can either be a blessing or a curse it can go both ways so you really want to make sure you are dealing with it properly now I have received a inheritance from my grandmother when she passed away because my mom passed away when I was 16 so I then got half of her share of the inheritance now I'm a talking about some terms like shares and capital gains and different things like that so if you have any questions let me know down below but I'm gonna try and break it down for you because all these terms I never heard before before this all happened so you want to first think you want to make sure that you're handling it properly here you want to make sure that you are not making any rash decisions you're not making any big decisions when you're grieving that is huge because when you do receive an inheritance it means that you know someone has passed and they have left you a part of it so like I said before you want to make sure that's a blessing and not a curse after all that has happened oh and while you're doing this while you're grieving it's okay to let it sit in a savings account and just gain interest that is totally fine I let mine sit in a savings account for quite a while before I made any move just because I wanted to make sure I wasn't making rash decisions that I wasn't just saying I would have this big old wedding and you know do all this and all this one them so after that has passed the number one thing you want to do is do your research and see what type of taxes you're gonna have to pay so because that mine was a trust fund I had to pay capital gains and so what I did is I made sure I set aside the money for it and the capital gains are quite expensive I think it's like 15% on any money that grew over time in her investment in her trust so you want to make sure that you you've had that that we are not spending it all and then taxis and comes and you're like oh I have to pay five thousand dollars I have to pay twenty thousand dollars to the IRS now what am I gonna do you really want to be careful about that next you want to make sure that you follow the baby steps so as you guys know I am debt-free I followed Dave Ramsey's baby steps so follow the baby steps don't try and outsmart him don't try and just work your way around it when I first got my inheritance I originally was like you know what I want to pretend that I didn't receive this money I still want to work the baby steps I still want to do everything like that on my own and just invest the money man some people talk to me and it's not okay what would they say if I called them to his radio show he would say no work the baby steps pay off your debt why you you know paying six percent on interest when you're investing and it's just not it's not adding up so the first thing I did was mine is I paid off my debt and that made sure that I was a hundred percent debt-free and then the next thing I did is I sat on it for a while and then I built my six-month emergency fund with it so you want to follow the baby steps a hundred percent make sure that you're not skipping around make sure you're not just go in and buying cars and this not if you do purchase any properties make sure that it is an investment make sure that it is within your means you don't want this blessing to turn into your curse in a way that it can turn into a curse is you're buying way above your means you know you may go and get a car and have a nice down payment on the car but then your car payments $500 month because you bought this crazy expensive car or you buy a down payment on a house that's way outside your price range and then your monthly mortgage is more than 15% of their tank home income you don't want that to happen you don't want to you know have this big lifestyle because you receive this money and then it it screw you in the end make sure you watch you're spending a lot of people will say I'm just buying this one thing and then that one thing turns into two things turns into three things next thing you know you have a snow law and you are spending out of control so write it down don't what you want to do one thing that we did is we used part of the money for our honeymoon and you know every time that we were on the honeymoon we said you know what this is a blessing from for my grandmother this is um a gift that she gave to us and we made sure that just because we were using part of the money for the honeymoon that we didn't go crazy we didn't go on all these crazy excursions that we couldn't afford we didn't go and buy all these drinks and all this fancy dinners we made sure that we stayed within our means with it and we had a written plan of what we were doing with it a common mistake that people have when they're grieving is they find someone to manage their money but they just find someone quickly they don't really do their research you want to make sure you find someone with a heart of a teacher that they can explain it to you that you can ask the same question 30 times and they still explain it well they still help you to understand it if you can't explain to someone else what they explained to you then you don't fully understand it and you need to be able to explain it and understand it fully to someone else make sure you're not just saying yeah that's fine yeah that's fine yeah that's fine put that money here do whatever you want a heart of a teacher is so important in this a good way to find someone with the heart of a teacher check out Dave Ramsey's website I haven't linked down below but he has smart Busters and they are incredible what you do is you just put in your zip code and it'll show you all the smart bachelors in your area so you can go and meet with them personally it's not over the phone you can sit down and say okay this is my scenario this is what I'm doing and you can just say all right what do we what are we gonna do with this well how are we gonna manage this and really work through it you want to make sure that you're involved you're invested in it you don't want to just say all right here's the check do you with my money do whatever you want with it no you want to be involved in it when you're just signing and running away and let them do everything it's not it's not gonna go well you need to be involved in it you need to understand what they're doing with their money and how they're managing it and changing things up every every couple years I'm moving around investments there and watching the market see how things are going when someone leaves you an inheritance you want to honor them with your money you want them to be proud of you for what you've done I you know I received this money at age 27 so I want to make my grandmother proud with a boy whatever seat you can only do three things with money that's it you can only spend it save it and give it so you want to make sure that you are using your money wisely are you helping others with it are you saving money are you spending it well you don't want to just hoard it and everything you want to have a little fun with it too and lastly a really big question I guess do you tie the uninhibited you know in church they say just tie Sun percent do you tell an inheritance that is a personal decision that's something that I can't tell you that something that you know your friend can't tell you that's something you need to decide it for yourself alright guys so these are my tips on what to do with an inheritance I have a really exciting video coming up this Friday can't wait for you to check it out but there's gonna be a big announcement and it's gonna be fun so let me know if you have any questions and I will talk to you guys later bye