Coming into money because someone has passed away is bittersweet. You could be relieved and happy that you have received a lump sum for your own security, but feel incredibly guilty that it took someone dying for you to be given a break. Staring at a sum of money that could change your life in some way can be quite overwhelming, especially if you haven’t dealt with a large sum before.
Choosing what to do with that inheritance burning a hole in your bank account is difficult. You could be frivolous and blow the money entirely, you could start contacting your local real estate agency and working out whether you should pile some money into a new home and you could even just pay into a high interest savings account and let it grow. For most, investment is the way to go with a chunk of money, as then you can have your money work for you. You may not be familiar with how to invest your money, so we’ve put together some of the most popular investment routes that people take.
- Precious Metals. A lot of people don’t think about gold and silver when it comes to investing their money; most likely because they have no idea it’s possible! They’re controversial assets to have, as they can only respond in a positive way in good market conditions. However, it is an asset you can physically hold and take possession of, which you cannot do when you invest in the stock market.
- Real Estate. So, we mentioned earlier that you could take your inheritance to a real estate agent and invest in a house. It’s one of the best things you can do as it’s a physical asset that is secure. You get to also live in it, giving you something you can see is worth the cash. You can also pass it down through the family so it’s a grounded asset.
- Pay Debts. It may seem like a boring way to invest your money, but truly you’re investing it in yourself. Paying off your debts and allowing yourself financial freedom gives you a better status for one day getting a mortgage or credit elsewhere. You are able to start yourself all over again financially.
- Business. You might have a friend or relative who is involved in a business that you truly believe in and if this is the case, you could become a silent partner and invest some money in their company. There’d be a return for you and you could invest in further businesses by reinvesting your profits.
- Yourself. Ultimately, the best investment you can make is your own. Pay into further education and get yourself the degree you always wanted. Take some courses to further your career and even pay into getting fit and healthy if that’s what you want.
There’s no truly wrong way of investing your money, just all the ways you can make something of the inheritance you have been given.