What should I do with a small inheritance?
A relative passed away and left me about $10,000. It's the most money I've ever had at once. I don't want to waste it. What's the smart thing to do with an inheritance? Should it go to debt, savings, investing, or something else? Is it okay to use some of it for something I want?
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2 Answers
Taxes are the part everyone forgets about. Whatever you're planning, factor in what you'll owe Uncle Sam. Talk to an accountant — a good one saves you more than they charge. H&R Block is fine for simple stuff but get a real CPA if it's complicated.
Talk to a fee-only financial advisor, not one who earns commissions on products they sell you. The commission-based advisors have an incentive to recommend products that benefit them, not you. A fee-only advisor charges a flat rate.
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