Want to know where and how to invest inherited money? Investing is challenging especially if you don’t know how to start, where to start and when to start. Investing will only become easy if you will study and learn about it. But, guessing? It doesn’t work like that! Other newbie investors are asking questions from the seminars or workshops they attended.
If you received inherited money, let’s find out the best way to invest it and make it doubled. I will not emphasize how to double your money, since it was already discussed in our previous post. This post is also related to the popular post of InvestmentTotal.com how to invest $1,000 and double it.
Best Answers: Where to Invest Inherited Money
- Pay off your debt first.
- Save extra for emergency funds.
- Buy health and life insurance, these are income protection.
- Invest in index fund for 7 years or more.
- Open a Roth IRA with maximum contribution.
- Invest in real estate.
- Keep on reinvesting, don’t just doubled it.
- Invest in education, save money for college.
- Allocate the money properly. Distribute it to different investment vehicle to minimize the risk and maximize the profits.
If I have $25,000 and knowing it’s inherited. I will make sure I invest the money properly. So, here’s InvestmentTotal.com advice;
Consult with a Certified Financial Planner or Registered Investment Advisor, spend some money in hiring financial and investment planner. You can follow CFP or RIA investment advices. Second option is, I will invest with both real estate, business ownership and stocks. Maybe 50% in real estate, 20% in business, 20% in stocks, 5% to spend when consulting the financial experts and 5% to learn financial education by attending seminars, buying business and finance books.
Related: Hire a Certified Financial Planner or Not?
What about you? How will you spend inherited $25,000? Which of the investment advice you will choose, which of the investment advice given above is the appropriate and the best advice. Leave a comment and share this page with your friends.