What to do if you receive an Inheritance

Episode 28 - What to do if you receive an Inheritance with Joe Beckford

Reid Trego, host of the Money Pig Podcast, is joined by financial advisor Joe Beckford to discuss what to do when receiving an inheritance or windfall. They emphasize the importance of stewarding the money responsibly and recommend prioritizing needs first, such as creating an emergency fund and funding education goals. After addressing needs, they suggest paying off debts and considering wants like paying off a mortgage or investing in real estate or stocks. The approach taken with investing depends on the purpose and size of the windfall.

The transcript discusses the importance of understanding the purpose and time horizon of windfall money. It emphasizes the strategy of dollar cost averaging, which involves consistently investing a set amount over time to mitigate market fluctuations. The decision to employ this strategy depends on the size of the account and individual preferences. The conversation highlights that there is no one-size-fits-all approach to investing inheritance, as it depends on personal goals and circumstances. Being intentional with money and assigning specific purposes to each dollar is crucial for financial fulfillment. The podcast concludes by encouraging listeners to rate, review, and submit questions for future episodes.

If you are looking for a Financial Advisor that does not think of you as just a number and truly cares not only about you as an individual and your unique financial goals, but also cares about your impact on your community, then please reach out to us to learn more about how we can help guide you. Joe Beckford would love to start a conversation with you.