What Would You Do If You Inherited a Fortune?
Have you ever dreamed about inheriting a fortune? Maybe a long lost Aunt who secretly made millions and stuffed it under her mattress will leave you the whole lot in her will. This is probably one of the few ways in which most of us can expect to ever have a bulging bank balance, so how would you deal with it?
It would probably be easy to go a bit mad and spend huge amounts of cash without thinking about it first. A new car, a dream holiday (How about some holiday ideas, courtesy of Scottish Friendly?) and some new clothes could make a big dent in your new fortune in little time. The first step is, therefore, to stay calm. Sure, you will want to celebrate your new found status with a nice meal and maybe a few gifts but you don’t want to start digging into the fortune before it has even earned you any interest.
Of course, having a lot of money will open up a number of new investment opportunities for you as well. If you are used to having a basic bank account and maybe a small savings account then it might be frightening to discover that you are now being offered share portfolios and other types of sophisticated investment. The main point here is to avoid feeling obliged to put your money into something you aren’t completely comfortable with. It would be better to keep it safe and earning a small amount of interest until you are sure where you want to invest it. If you get this right then it could be something which makes you money for the rest of your life.
One issue to think about is that it is easy to forget to enjoy being rich. You might be so worried about interest rates and investment types that you forget to appreciate the sheer pleasure of having spare money in your pocket. You won’t want to go mad and spend it all at once but you will want to enjoy the fact that you can spend more than you could before. We all know that money can’t buy you happiness but having more of it can make your life that little bit more enjoyable. A few meals in nice restaurants, thoughtful gifts for friends and a more relaxed attitude to your finances can all make you feel good. Don’t forget that being rich in itself won’t make you happy; it is how you use your wealth that does this.
Come Up with a Plan
The amount of money you inherit will determine what sort of long term plan you can come up with. For example, maybe there is enough cash there for you to consider giving up work and living off the interest. You need to be honest with yourself here and decide what level of lifestyle you are after. If you plan to live simply then maybe the interest on its own would give you enough to get by. On the other hand, if you want to live the high life then you could find that the amount in your account would soon start reducing if you were to stop working. Receiving a large sum of money is something which gives you a unique chance to change your life and find a way of living which suits you. Just make sure that you think about it before you make any decisions you might end up regretting. If you can do this then receiving a large inheritance could be something which gives you a financially secure future as well as a lot of fun.