SVTP Financial gurus

[Equalbracket]

This forum is full of intelligent successful individuals so I come here to ask advice on what to do with a decent inheritance. I make good money as a plumber and absolutely love my job and will continue to work until I can't.

I can't bring myself to spend any of it as I know the time and hard work and smart decisions involved in making that money. I'm not interested in seeking out a financial adviser as I'm not trying to make a ton or risk any of it. I simply just don't know what to do, its been weeks and it's just sitting there. Other shithead family members act like they won the lotto like my loser junkie cousin get's a new raptor the day he was able to, it disgusts me but that's irrelevant.


How have others handled situations like this? I know my grandfather didn't work his ass off and build and run a successful company for 55 years just for others to have an easier life.

 

[DHG1078]

I'm not interested in seeking out a financial adviser as I'm not trying to make a ton or risk any of it.

Have any kids? You could put it in a 509 (529?) college savings account.

You can always have a broker invest it for you, and they can be conservative to lower risks.

Have a house payment? Personally, I would probably pay off my mortgage if I had a decent inheritance. Or car loans, etc.

 

[testorossa1989]

Personally I don't make any large financial decisions unless I know I can get all my investment back or at least enough that the difference isn't missed. On top of that I won't buy anything that depreciates significantly. A supercharger is decent, older sports car, maybe some consistent stock. I know a guy who buys exotics then pays close to 9% sales tax on it then gets rid of it for less a year later. He's spending nearly 10k in taxes and still comes up under. Now that is a great example of how NOT to spend

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[BrunotheBoxer]

You could contact a cfp. Certified financial planner. They will charge for their service but you will be happy in the end plus I'm not so sure you want to take financial advice on a car forum.

 

[Equalbracket]

You could contact a cfp. Certified financial planner. They will charge for their service but you will be happy in the end plus I'm not so sure you want to take financial advice on a car forum.

Ya it's a car forum but there's plenty of successful individuals that read and post.

No kids, no mortgage finally. I have a truck payment but its 0% so no reason to pay that off, but it's my only debt. Nobody know's about it outside the family, it's almost like a burden lol, imagine that.

 

[Equalbracket]

Oh trust me, I'd love to order a new white raptor and get another 04. But I honestly would feel wrong doing so. I'm so conflicted and stressed out over something that shouldn't make me feel this way. I was incredibly close to my grandfather and I know he wouldn't approve of me using that money for toys, yes he's gone but I can't over look that, I know i'll see him again.

 

[Buckwheat 1]

I would do nothing for a while.

 

[Pribilof]

Advisor here... feel free to PM me for my contact info. Whether you work with me or not, I'd be happy to give you some free advice. I'm licensed in Texas.

 

[Ohio Snake]

Investment Advisor here licensed in 12 states. Talk to a trusted Advisor to discuss your goals, objective and taxation. " It's not about how much money you have, but how much money you get to keep!"


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[Screw-Rice]

You could contact a cfp. Certified financial planner. They will charge for their service but you will be happy in the end plus I'm not so sure you want to take financial advice on a car forum.

Bruno is 100% correct.

Either I missed a post or something got edited but saw no mention of what kind of money you're sitting on.

Ya it's a car forum but there's plenty of successful individuals that read and post.

No kids, no mortgage finally. I have a truck payment but its 0% so no reason to pay that off, but it's my only debt. Nobody know's about it outside the family, it's almost like a burden lol, imagine that.

It's a car forum with a bunch of people you think are super successful. A good number are, but also a lot of bullshitters on here too. You also have no idea if the guy with the twin turbo cobra, or new GT350 is buried in debt, given money by mommy and daddy, lives at home, etc.

 

[ssj4sadie]

I'm sorry man. But if the money is such a burden to you (I don't get why), then donate it to some organization or charities you believe in.

Edit: And if your grandfather didn't bust his ass to amass (what seems like) a sizable fortune for his heirs, then what did he do it for?

You're not claiming to want more money from the inheritance. But yet you are denouncing the choices of your fellow heirs. So what is it that is making you feel guilty about the money?

 

[rotor_powerd]

Ya it's a car forum but there's plenty of successful individuals that read and post.

No kids, no mortgage finally. I have a truck payment but its 0% so no reason to pay that off, but it's my only debt. Nobody know's about it outside the family, it's almost like a burden lol, imagine that.

The successful people that are here are here because they like spending a lot of money on cars, not because they're successful with money. Lol

Go talk to someone who is qualified to help you select the best option

 

[ON D BIT]

You make good money and have savings and retirement what are your current earnings in?

Make a list of priorities, such savings, Emergancy fund, travel, housing, college for kids, charity...

Once you rank these priorities you'll have a better understanding of where to place your money.

Lastly budget. Label every dollar dollar and stick to it. Some will have more in life expenses some more in entertainment or travel some in investment/savings and such.

To determine risk/safety/security of your money you need to talk to a CFP. They will share all their knowledge and info with you so you can make the best decision for you and your family.

 

[Equalbracket]

I'm sorry man. But if the money is such a burden to you (I don't get why), then donate it to some organization or charities you believe in.

Edit: And if your grandfather didn't bust his ass to amass (what seems like) a sizable fortune for his heirs, then what did he do it for?

You're not claiming to want more money from the inheritance. But yet you are denouncing the choices of your fellow heirs. So what is it that is making you feel guilty about the money?

It's a burden as far as having it be a secret to my friends, people around me. And just how little I truly knew blood relatives. Like they've been waiting around wasting their life waiting for this, and all they've ever cared about.

It's not going to change my life or who I am. He was my best friend and we were the closest of anyone in the family. I've known about what he was leaving me for a long time and I thought about what I would do, but it's simply not the same without him.

But seeing others, specifically one who was taken care of her entire life by him, never had a real job, but started 3 businesses that he financed but failed quickly, never gave a shit about him but greatly benefits from his death, eats at me.

He built the company for himself to retire, and enjoy the things he loved to do like flying, farming, gambling. I expected another at least 15 years with him, he wasn't in poor health so his death was unexpected.


Me and my cousin were pretty close, but my aunt/uncle always felt they were better then the rest of the family, and nobody has heard from any of them since.

I'm simply venting, and looking for advice, which i'll follow up with the guys who posted offering to help, and go from there.

 

[Ohio Snake]

You make good money and have savings and retirement what are your current earnings in?

Make a list of priorities, such savings, Emergancy fund, travel, housing, college for kids, charity...

Once you rank these priorities you'll have a better understanding of where to place your money.

Lastly budget. Label every dollar dollar and stick to it. Some will have more in life expenses some more in entertainment or travel some in investment/savings and such.

To determine risk/safety/security of your money you need to talk to a CFP. They will share all their knowledge and info with you so you can make the best decision for you and your family.

These are all very important and good advice. However, one of the most important things to consider is taxation and tax bracket. I highly recommend working with a CFP or Registered Investment Advisor who works closely with a CPA in the state you reside in. One area the OP did not mention is whether this inheritance is qualified cash, non qualified cash, life insurance , hard assets or a combination. I've seen times where a beneficiary accepted an inheritance in the wrong manner causing unnecessary taxation.

Again, seek professional help as soon as possible.


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[TK1299]

I was kinda thinking you're wanting to vent a little. I think most know someone who only care about possessions of others because they haven't attained anything and become vultures. At least thier colors are showing and you know. All that is beyond your control so let it be. Take solace knowing in a few years they will be broke again and their current new vehicles will be wrecked and/or trashed.
As far as your money, I'm not going to pretend to be an expert, but maybe offer a little opinion. You mentioned it's just "sitting there". I'm assuming it's in a savings account and, by "just sitting there", you want to put it to work and grow it. It depends on the amount(which isn't my business and I'm not asking)but I think you would definitely be better served sitting in an office and speaking face to face with a professional. Remember, just as there were family members who couldn't wait to get at your grandfather's money, there are strangers who can't wait to get at yours. Protect it by speaking with a reputable firm. My opinion bro, best of luck

 

[rezarxt]

Assuming you're young, you should have it invested in the market. Im up 18% this year on my 401k. Obviously, its a very strange year. But I've made a substantial amount and I'm only 27. More risk but more reward. With a skill such as a plumber, you can afford to take risk. Plumbers aren't going away anytime soon. Just my two cents. I agree with everyone else, speak with a professional. I'm just lucky my wife is an actuary and very versed in financials. If you want to PM for some advice, Id be glad to ask her for you.

 

[MG0h3]

I would do nothing for a while.

Big changes like this can make people make bad/hasty decisions, but it doesn't sound like you are that type. Regardless, Id just let things settle for yourself for a short period of time.

If you don't have a 401k at work I'd open both a Simple/personal IRA AND a ROTH for sure.

I'm a believer in multiple sources of income and have done well (in my opinion anyways) with real estate and stocks.

Sounds like you've done great with no mortgage and no car payment.

 

[Ohio Snake]

Big changes like this can make people make bad/hasty decisions, but it doesn't sound like you are that type. Regardless, Id just let things settle for yourself for a short period of time.

If you don't have a 401k at work I'd open both a Simple/personal IRA AND a ROTH for sure.

I'm a believer in multiple sources of income and have done well (in my opinion anyways) with real estate and stocks.

Sounds like you've done great with no mortgage and no car payment.

The OP has to be a business owner to open a SIMPLE IRA and must meet certain qualifications to contribute to a Roth IRA. Many 401 K plans now offer after- tax Roth deferrals for participants. Roth 401k accounts allow much higher deferrals than Roth IRA's and no additional qualifications to participate. Roth 401k are subject to RMD distributions at age 70.5 unless rolled over to a Roth IRA.

i agree with your multiple sources of income.....pre-tax and after-tax.

Somebody mentioned paying off the mortgage. Not so fast.....the mortgage interest may help as a tax deduction depending on tax bracket and mortgage balance.


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[MG0h3]

^^^^Ya I dont know all the in and outs of different IRAs since I have a 401k at work. Opened a ROTH on the side. When I was in the private sector the shop I worked for offered a SIMPLE IRA but that was 20yrs ago and that's about all I remember about it.

I agree on paying off the mortgage. Were typically only paying 4% but it is on a large sum so the interest can pile up. I've been taking a balanced approach and making extra payments against the principal up front; residential mortgages are a scam. Plus I don't benefit tax wise as I'm only paying @3500 a year in tax so I end up better off taking the standard.

Thanks goodness for rental properties!