Oct. 22, 2025
111: Most People Blow Inheritance Money — Here’s the 5-Step Fix
Most people blow through inheritance money in just a few months.
In this episode, Jessica and Brandon break down the 5-step plan to make sure a $50K windfall actually improves your life, instead of disappearing into lifestyle creep, bad investments, or impulsive spending.
✅ What to do in the first 90 days
✅ How to protect and grow sudden money
✅ Why most people get windfalls wrong
✅ Common traps with taxes, family, and fake friends
Whether you inherited $50K, got a surprise bonus, or won big — this episode shows you exactly what to do next.
🎙️ Got a story about blowing or building from sudden money? DM us @TheSugarDaddyPodcast or email us at thesugardaddypodcast@gmail.com
Head over to our YouTube channel to catch this episode in full video form.
Apply to be a guest on the show.
You can also email us at: thesugardaddypodcast@gmail.com
Connect with us on Instagram
We’re most active over at @thesugardaddypodcast
Chat with Brandon
Want to work together? Learn more about Brandon
Book a free 30-min call to see if it's a fit.
Show us some love, hit subscribe, leave a five star rating, and drop a quick review!
Money, relationships, and the mindset to master both. Hosted by financial advisor Brandon and his wife Jessica, The Sugar Daddy Podcast breaks down how to build wealth, unpack old money beliefs, and have real conversations about love and finances. Our mission? To help couples and individuals grow rich in every sense of the word: emotionally, relationally and financially.
Chapters
00:00 - Sudden Money Reality Check
02:30 - Emotions First, Decisions Later
05:15 - Park Cash In High-Yield Savings
07:50 - Build Your Financial Foundation
11:30 - Insurance And Protection Audit
15:30 - Investing For Long-Term Growth
18:00 - Taxes, IRAs, And Beneficiaries
22:00 - Goals, Risk, And Time Horizon
25:00 - Purposeful Splurges And Giving
28:00 - Pitfalls: Lifestyle Creep And Pressure
Transcript
WEBVTT
00:00:00.160 --> 00:00:07.599
In today's episode, we talk about what to do if you come into an inheritance or a windfall, a large amount of money.
00:00:08.240 --> 00:00:17.440
Imagine waking up and finding out you just inherited$50,000 or more, or maybe your company gave you a huge bonus, or you hit a big with a windfall.
00:00:17.760 --> 00:00:19.120
That sounds amazing, right?
00:00:19.280 --> 00:00:20.320
But here's the truth.
00:00:20.480 --> 00:00:23.519
Most people blow through sudden money in a matter of months.
00:00:23.679 --> 00:00:30.000
In this episode, we're breaking down how to make sure that$50,000 or more doesn't slip through your fingers.
00:00:30.160 --> 00:00:38.640
We'll talk about the first steps to take, how to build a strong financial foundation, and how to make this money create lasting impact instead of short-term excitement.
00:00:38.880 --> 00:00:40.719
If this is of interest, stay tuned.
00:00:54.960 --> 00:01:06.000
Today we're talking about what I think most people wish would happen, which is like you wake up and boom, you have a ton of money just waiting for you.
00:01:08.640 --> 00:01:10.239
$850 million.
00:01:12.239 --> 00:01:13.599
Yes, it would be nice.
00:01:13.760 --> 00:01:16.719
Uh I can think of a lot of things that I would do if I wanted to lie.
00:01:17.120 --> 00:01:17.760
So many things.
00:01:17.920 --> 00:01:18.959
There would be signs.
00:01:19.040 --> 00:01:29.680
There would be to kind of bring this conversation to like a more realistic scenario for most people is that, you know, we're talking about if you were to inherit maybe$50,000.
00:01:30.159 --> 00:01:34.959
And like you said, like winning the lottery, that'd be uh, you know, things that we all want to do.
00:01:35.120 --> 00:01:37.920
However, inheritance obviously comes from somebody passing away.
00:01:38.079 --> 00:01:39.920
So normally it's a negative situation.
00:01:40.079 --> 00:01:49.840
But the idea here is that out of that negative situation, if you do receive some type of inheritance, we do want to focus on some of the things that you can do to make sure that that inheritance that you do receive doesn't go to waste.
00:01:50.079 --> 00:01:50.319
Yeah.
00:01:50.560 --> 00:01:57.439
I think too, there's like this caveat where some people know what they're going to be getting, right?
00:01:57.599 --> 00:02:04.719
Like every single time my mom goes on a trip where she, especially if she's flying, she reminds me of Doomsday mom.
00:02:05.359 --> 00:02:11.680
She reminds me of what my brother and I would get, um, you know, and where things are located.
00:02:11.840 --> 00:02:20.319
And, you know, I mean, in in what we do with the podcast, I do appreciate that, you know, things are organized and we know where to find things, et cetera.
00:02:20.479 --> 00:02:22.080
Um, and a lot of people don't.
00:02:22.240 --> 00:02:30.000
A lot of people have no idea if and what they may or may not be getting, um, let alone where it might be coming from, et cetera.
00:02:30.159 --> 00:02:44.159
So, you know, it it it's this caveat of like, even if you know what you're getting, you know, I don't think about what I will do one day with my inheritance because, like you said, it's gonna mean that our parents are no longer here, right?
00:02:44.560 --> 00:02:51.919
Yeah, it was like obviously with what I do for a living, I manage, you know, some aspect or all of like our in-laws' money.
00:02:52.159 --> 00:02:52.400
Sure.
00:02:52.560 --> 00:02:54.960
And obviously I know how much they have and all everything like that.
00:02:55.039 --> 00:03:04.159
But like I don't think about that because, you know, no amount of money is going to equate to, you know, me having my mom here or my you know, or your my you know, your parents here.
00:03:04.479 --> 00:03:04.960
Exactly.
00:03:05.120 --> 00:03:07.919
But, you know, winning a lottery, getting a huge bonus at work.
00:03:08.000 --> 00:03:12.080
I mean, look at all the people who work at NVIDIA who are now millionaires, right?
00:03:12.159 --> 00:03:16.639
Or like uh what's the other company where everybody's getting like a$1.5 million bonus.
00:03:16.719 --> 00:03:20.000
Or I mean, they're you're starting to hear things, right?
00:03:20.159 --> 00:03:33.599
But then there's also on the flip side of that, is I've seen plenty of threads where people talk about getting an inheritance that they had no idea they were getting, and then they feel completely unprepared to manage that large amount of money.
00:03:33.840 --> 00:03:38.400
So we wanted to dive in uh because we are getting older and our parents are getting older.
00:03:38.560 --> 00:03:54.400
And unfortunately, I think we've both had scenarios where, you know, we know people, whether close or more distant, where parents, for whatever reason, are passing away, um, you know, and may or may not be leaving an inheritance.
00:03:54.479 --> 00:04:05.840
So we wanted to shed some light on tips and tricks that we think would be helpful in the event that you do come into some sort of a windfall and how to best handle it and and not blow through it.
00:04:06.400 --> 00:04:06.719
Yeah.
00:04:06.960 --> 00:04:12.000
So starting out with step one, I honestly think is the most overlooked step.
00:04:12.159 --> 00:04:12.400
Okay.
00:04:12.560 --> 00:04:15.840
I think people get way too much into the numbers and thinking about all these things.
00:04:15.919 --> 00:04:18.560
But no, honestly, step one is just take a breath.
00:04:18.720 --> 00:04:19.439
Take a moment.
00:04:19.680 --> 00:04:20.319
Take a moment.
00:04:20.560 --> 00:04:25.600
Because, you know, if you're inheriting, you know, money, more than likely someone that you care about passed away.
00:04:25.839 --> 00:04:32.399
So you do need to deal with, you know, the grief or any other type of emotions that are associated with that potential loss.
00:04:32.879 --> 00:04:39.360
Or even in a scenario where, you know, you you won, say, fifty thousand dollars from something, you know, you might be excited and everything like that.
00:04:39.519 --> 00:04:43.759
But rarely are good decisions made when it's based solely in emotion.
00:04:44.079 --> 00:04:45.279
Yes, that's true.
00:04:45.519 --> 00:04:50.399
And you've even known somebody, weren't they were on some sort of a game show, like Shazam or something, I think.
00:04:50.639 --> 00:04:53.199
And like a guy somebody that went to high school, yeah.
00:04:53.279 --> 00:04:58.879
They that show Shaz Shazam, uh guy that went to high school with, I think they won like the million dollar prize.
00:04:59.279 --> 00:04:59.920
Yeah, that's crazy.
00:05:00.079 --> 00:05:00.240
Yeah.
00:05:00.399 --> 00:05:00.639
Yeah.
00:05:00.720 --> 00:05:04.800
So again, like if you win a million dollars, sure, they're gonna be taxed out the wazoo.
00:05:05.040 --> 00:05:07.199
But you now have what,$700,000?
00:05:07.839 --> 00:05:09.759
Like it was two people, so you had to split it.
00:05:10.000 --> 00:05:10.319
Okay.
00:05:10.480 --> 00:05:12.160
So$350,000.
00:05:13.040 --> 00:05:16.639
Uh take a take a beat before you do anything with that money, right?
00:05:16.959 --> 00:05:26.319
Yeah, they kind of call it like, you know, you take, like, say, the 90-day rule where you're not making any major, you know, financial decisions or impulse purchases or anything of that nature for 90 days.
00:05:26.480 --> 00:05:36.160
So give yourself that 90-day period to really think through, hey, what should I actually do with this money and how can it best serve me so that I don't just blow through it?
00:05:36.639 --> 00:05:46.480
Can we agree that if you're getting a large amount of money and you don't need to make any kind of rash decisions, please put that money at least into a high yield savings account?
00:05:46.720 --> 00:05:47.199
Oh, yes, yes.
00:05:47.439 --> 00:05:50.000
While it's while you park it and while you decide on what to do.
00:05:50.240 --> 00:05:57.600
And once again, with the caveat here, we're talking about if you're coming into a windfall, say$50,000, and you don't have immediate needs.
00:05:57.759 --> 00:06:04.240
So for example, like if you are behind on your on your rent, you don't have enough money to pay for groceries each month.
00:06:04.399 --> 00:06:08.079
Obviously, in those scenarios, the money needs to go towards Maslow's hierarchy of needs.
00:06:08.240 --> 00:06:09.120
Yes, towards your needs.
00:06:09.199 --> 00:06:13.920
We're talking about if all those needs are met and this is excess money that's you need to make a determination on what to do with.
00:06:14.079 --> 00:06:14.240
Yeah.
00:06:14.399 --> 00:06:14.560
Okay.
00:06:14.639 --> 00:06:30.240
So Maslow's hierarchy of needs, take care of what you need to take care of to be safe and to keep your family safe, of course, but also move that money into a high yield savings account while you park it and wait to really make true decisions about what you're gonna do with that money.
00:06:30.399 --> 00:06:30.639
Yeah.
00:06:30.800 --> 00:06:31.120
Okay.
00:06:31.519 --> 00:06:33.600
Um, where do you where do we go from there?
00:06:33.920 --> 00:06:34.240
All right.
00:06:34.319 --> 00:06:43.759
So for me, moving to step two is you want to look at kind of you know, solidifying what's considered to be your financial foundation.
00:06:43.920 --> 00:06:44.160
Okay.
00:06:44.319 --> 00:06:44.639
All right.
00:06:44.879 --> 00:07:02.319
So if you're someone that maybe has, you know, some debts that you need to pay off, whether that's, you know, high interest credit card debts, student loan debt, personal loans, whatever it may be, depending on the interest rate on that debt, this money may be better utilized to start, you know, paying off all or a portion of that debt.
00:07:02.560 --> 00:07:03.040
So what?
00:07:03.199 --> 00:07:06.720
Maybe anything with uh an interest rate of 7% or higher?
00:07:06.959 --> 00:07:07.360
Yeah.
00:07:07.519 --> 00:07:07.759
Yeah.
00:07:07.920 --> 00:07:14.959
I mean, I I know usually it used to be like anything six seven percent or lower was like good debt, quote unquote.
00:07:15.040 --> 00:07:16.639
But now interest rates keep rising.
00:07:17.040 --> 00:07:20.879
I mean, like I said, when it comes to that, it's each individual situation.
00:07:21.120 --> 00:07:23.680
But I would say that, you know, consumer debt for sure.
00:07:23.920 --> 00:07:25.120
Yeah, seven, eight percent.
00:07:25.279 --> 00:07:25.439
Yeah.
00:07:25.600 --> 00:07:30.240
Um, depending on your situation, because sometimes it doesn't make sense to do with the student loans, depending on what your situation is.
00:07:30.319 --> 00:07:37.120
But 100% with the consumer debt, credit card debt, especially, that money would probably best be utilized to pay off that debt.
00:07:37.279 --> 00:07:37.600
Yeah.
00:07:37.759 --> 00:07:38.079
Okay.
00:07:38.399 --> 00:07:43.120
Um, you know, after that, we always talk about building up your emergency savings.
00:07:43.439 --> 00:07:57.360
You know, having six to twelve months worth of expenses saved up in a high yield savings account so that if, you know, the unknown happens, you have money to get through an emergency, if you get laid off, whatever it may be, you have this money saved up that you can use to live off of.
00:07:57.519 --> 00:08:00.319
So this money could be used towards funding that.
00:08:00.560 --> 00:08:00.959
Yeah.
00:08:01.120 --> 00:08:01.439
Okay.
00:08:01.920 --> 00:08:07.120
And then after we uh pay off our high interest debt, we uh fund our emergency.
00:08:07.360 --> 00:08:08.800
Where do we go there from there?
00:08:09.120 --> 00:08:11.920
Now we do want to assess kind of your insurance insurance coverage.
00:08:12.160 --> 00:08:22.399
The reason for this is that I always say that we need to put some protections in place for things that can happen today or tomorrow so that we can then focus on our long-term plan of growth.
00:08:22.959 --> 00:08:31.920
Because what good does it do you to put away money into an investment account today if you can't protect against if you have an accident tomorrow and you can't work?
00:08:32.320 --> 00:08:35.120
So this is where we're gonna look at, you know, your disability insurance.
00:08:35.279 --> 00:08:36.799
Do you have it through your employer?
00:08:37.039 --> 00:08:41.279
Do you need additional life uh disability insurance, you know, as a for an individual policy?
00:08:41.519 --> 00:08:45.840
If you do you have a life insurance policy, you know, um, is that up to date?
00:08:46.080 --> 00:08:46.960
Adequate coverage?
00:08:47.519 --> 00:08:51.200
Do we need to increase our life insurance if we come into a big windfall?
00:08:51.519 --> 00:08:52.639
Well, not necessarily.
00:08:52.879 --> 00:08:53.200
Okay.
00:08:53.679 --> 00:09:08.240
What you're gonna do is assess what your needs are as an individual, as a family from a life insurance standpoint, and that's something that I can help you out with if you have no idea, or somebody else that is, you know, a licensed life insurance agent, they can help you out with that as well.
00:09:08.399 --> 00:09:12.480
But that's gonna be an individual thing as far as determining how much is adequate for your situation.
00:09:12.720 --> 00:09:12.960
Okay.
00:09:13.200 --> 00:09:16.159
But this could be the money that helps you pay for that additional life insurance.
00:09:16.320 --> 00:09:16.720
Right, right.
00:09:17.120 --> 00:09:28.879
Because really what we're looking at here is that with the windfall of money that you're getting, we want to make sure that we are propping up our own financial situation from a planning standpoint to be not just optimized today, but in the future.
00:09:29.039 --> 00:09:29.200
Right.
00:09:29.360 --> 00:09:32.080
And this could be setting the groundwork that can allow you to build upon that.
00:09:32.320 --> 00:09:32.639
Yep.
00:09:32.799 --> 00:09:33.120
Okay.
00:09:33.279 --> 00:09:34.080
I love it.
00:09:34.320 --> 00:09:36.159
So we're putting the basics in place.
00:09:36.320 --> 00:09:38.080
Where do we go after that?
00:09:38.399 --> 00:09:47.759
Well, next, since we kind of have that protection aspect in place now, now we are can we can actually start to focus on maybe some of the um forward thinking as far as from a growth standpoint.
00:09:47.919 --> 00:09:52.399
So, for example, like, you know, are you maxing out your 401k plan?
00:09:52.720 --> 00:09:58.399
Are you, do you have, you know, do you want to contribute to an IRA or a Roth IRA or even just a brokerage account?
00:09:58.559 --> 00:09:58.799
Okay.
00:09:58.960 --> 00:10:01.360
So the idea here is that we're looking at long term.
00:10:01.440 --> 00:10:03.279
What can we do with this money to help grow?
00:10:03.919 --> 00:10:05.759
And that's gonna be investing in.
00:10:05.919 --> 00:10:06.080
Yeah.
00:10:06.240 --> 00:10:15.919
Now, one of the things you do want to check out at this time as well is that you probably would want to consult with the CPA because depending on how you inherit the money, it's gonna determine whether or not you do owe taxes.
00:10:16.000 --> 00:10:18.240
And if you do owe taxes, how much you would owe.
00:10:18.320 --> 00:10:24.559
Because you do want to 100% take into account if you're gonna owe taxes on any of this money, you want to make sure you know that beforehand.
00:10:24.799 --> 00:10:34.480
The reason being is that depending on how you receive the money, planning could be done beforehand on by the specific, let's just say in the scenario, someone in your family passes away and you receive money.
00:10:34.639 --> 00:10:40.240
Things can be done on the person who passes away before they pass away in order to ensure that maybe a transfer is tax-free.
00:10:40.399 --> 00:10:48.960
But if it's just like, you know, oh, you're getting money out of a savings account and you know, it's certain things haven't been done, you could potentially be taxed on it.
00:10:49.200 --> 00:10:50.559
Is life insurance taxed?
00:10:50.879 --> 00:10:52.960
Life insurance generally is not taxed.
00:10:53.200 --> 00:10:53.440
Okay.
00:10:53.519 --> 00:10:55.039
So there's caveats like everything.
00:10:55.279 --> 00:10:56.639
There's always a caveat to everything.
00:10:56.720 --> 00:11:01.519
And so that's why I always say it depends on your situation, because I don't like to just give a blanket statement.
00:11:01.840 --> 00:11:02.159
Yeah.
00:11:02.399 --> 00:11:08.639
But like in most cases, if you get a check from life insurance, you should be okay.
00:11:08.879 --> 00:11:09.279
Correct.
00:11:09.519 --> 00:11:09.759
Okay.
00:11:10.000 --> 00:11:13.600
Which is another way the wealthy build wealth is through life insurance.
00:11:13.840 --> 00:11:14.000
Yeah.
00:11:14.080 --> 00:11:16.399
And also too, because there's multiple ways that you can receive money.
00:11:16.480 --> 00:11:31.360
So one of the ways that I'm thinking of that a lot of people that could be a little bit more difficult in understanding how you have to utilize it is if let's just say hypothetically, you know, your your parent has a IRA and you're the beneficiary in the IRA.
00:11:31.440 --> 00:11:33.440
So now you received an inheritance IRA.
00:11:33.600 --> 00:11:36.720
There are specific rules around how you have to utilize that.
00:11:37.039 --> 00:11:37.360
Okay.
00:11:37.840 --> 00:11:40.320
But with proper planning, there might be ways to mitigate.
00:11:40.559 --> 00:11:45.840
Yeah, proper planning can have mitigation, but then also working with the CPA to ensure that you're following all the IRS rules when it comes to that.
00:11:46.000 --> 00:11:46.320
Yes.
00:11:46.480 --> 00:11:47.600
Okay, got it.
00:11:48.159 --> 00:11:50.559
Um what else?
00:11:51.120 --> 00:11:59.919
Um, once again, this is gonna be like kind of like things that we've always talked about as far as having an actual conversation on what your specific goals are.
00:12:00.159 --> 00:12:04.559
Because a lot of the stuff that maybe you're gonna do with this money is also gonna be determining upon what your goals are.
00:12:04.720 --> 00:12:08.559
So for example, well,$50,000 is not going to be.
00:12:08.799 --> 00:12:09.600
I mean, yeah.
00:12:10.240 --> 00:12:15.200
Remember when you like you thought that like$50,000 would be like like a life-changing amount of money.
00:12:15.600 --> 00:12:17.679
You mean like when our kids are kids' age?
00:12:18.000 --> 00:12:18.399
Exactly.
00:12:18.639 --> 00:12:24.639
And then now it's like, I mean, it'd be nice and I would gladly take it, but like you know it's not a life-changing amount of money.
00:12:24.879 --> 00:12:27.679
$50,000 wouldn't change anything about our life.
00:12:28.000 --> 00:12:28.320
No.
00:12:28.639 --> 00:12:30.320
That was so arrogant.
00:12:30.559 --> 00:12:33.919
I'm just saying, like in reality, like I'm being honest about our situation.
00:12:34.080 --> 00:12:37.919
$50,000 isn't gonna change our life, but I'll take it all the time.
00:12:38.399 --> 00:12:39.519
I'll take$50,000.
00:12:39.919 --> 00:12:40.080
Yeah.
00:12:40.240 --> 00:12:41.679
And for some people, yes.
00:12:41.840 --> 00:12:44.320
$50,000 wouldn't be a life-changing amount of money.
00:12:44.559 --> 00:12:56.399
And I would honestly say for I'm not this I'm I'm honestly saying that if$50,000 is gonna be a life-changing amount of money for you, more than likely some of these steps wouldn't apply because you have an immediate need for it.
00:12:56.639 --> 00:12:56.879
Right.
00:12:57.039 --> 00:12:57.519
Yeah.
00:12:57.840 --> 00:13:02.399
So I do want to preface this is for people who already have all their needs taken care of.
00:13:02.799 --> 00:13:06.000
Because, like I said, if$50,000 is gonna change your life.
00:13:06.080 --> 00:13:08.720
I'm not, this is not a judgment conver uh statement either.
00:13:08.799 --> 00:13:13.200
This is just saying that you're gonna have to do something, you're gonna use this money for something different if it's gonna change your life today.
00:13:13.360 --> 00:13:13.600
Yeah.
00:13:13.759 --> 00:13:14.159
Tomorrow.
00:13:14.399 --> 00:13:14.720
Yeah.
00:13:15.039 --> 00:13:15.360
Okay.
00:13:16.399 --> 00:13:25.200
However, you know, kind of back to what we were talking about before as far as the investing aspect is that you are gonna want to make sure that you're investing wisely based upon your specific situation.
00:13:25.440 --> 00:13:38.480
So, you know, we're big fans of, you know, the index ETFs, but you do need to assess your own specific situation with taking into account what's your risk tolerance, what is your time horizon before you actually need the money.
00:13:39.200 --> 00:13:40.960
And then you can invest accordingly.
00:13:41.279 --> 00:13:41.600
Okay.
00:13:42.399 --> 00:13:42.879
All right.
00:13:43.360 --> 00:13:43.679
Yeah.
00:13:43.919 --> 00:13:45.039
Let's talk about, okay.
00:13:45.200 --> 00:13:49.679
So we've got the basics, we're planning for a future, we're taking care of our debts, et cetera.
00:13:49.919 --> 00:13:51.840
Now let's talk about some of the fun stuff.
00:13:51.919 --> 00:13:54.639
Like, what else could we be planning for?
00:13:54.960 --> 00:14:02.639
Well, I mean, in all honesty, if you're, you know, you could possibly use it for some things that, you know, are maybe a little bit more enjoyable to you.
00:14:02.799 --> 00:14:06.320
You know, you could possibly um plan a vacation.
00:14:06.480 --> 00:14:12.240
Because, all right, so I'm a I'm gonna use a real life situation for people that I know who have passed who have had family members pass away.
00:14:12.320 --> 00:14:16.879
They received an inheritance, and for the most part, their financial situation is kind of taken care of.
00:14:17.120 --> 00:14:23.600
They think about, hey, what would this person that I love, what would they love, what would they want me to do with this money?
00:14:24.399 --> 00:14:30.559
So sometimes it's like, say, for example, you have an an aunt that loved to travel and you guys used to travel together.
00:14:31.120 --> 00:14:33.840
It's like honor them by taking the trip type thing.
00:14:34.000 --> 00:14:34.159
Yeah.
00:14:34.480 --> 00:14:45.200
Maybe you want to take a trip, you know, or start a foundation or do some charitable giving for like organizations that maybe that person was really involved in, something like that.
00:14:45.440 --> 00:14:45.679
Yeah.
00:14:45.759 --> 00:14:56.720
So if you have the ability to not necessarily need this money for your own personal use, like you said, if you're e the family member was very heavily involved in a specific charity, maybe giving a portion of m that money to the charity.
00:14:56.960 --> 00:14:57.200
Yeah.
00:14:57.360 --> 00:14:58.240
Yeah, I love that.
00:14:58.480 --> 00:15:07.200
I mean, that's the kind of stuff where you can then say, like, what would I be able to do that I wasn't able to do before I got this money, and then take advantage of those things.
00:15:07.519 --> 00:15:12.399
And even from an investing standpoint, maybe that person was heavily into education.
00:15:12.639 --> 00:15:17.519
And then, you know, you can use this money that you inherited to put in to like a 529 plan for your kids.
00:15:17.759 --> 00:15:18.159
Your child.
00:15:18.639 --> 00:15:29.039
You know, I mean, I know like, you know, my mom's heavy on education, obviously, being a former math professor, and that's something that she's very, you know, um adamant about is making sure that our kids' college is funded.
00:15:29.840 --> 00:15:36.240
So you can kind of, like I said, take into account what was special about that person and maybe use that money to honor that person.
00:15:36.559 --> 00:15:37.519
Yeah, I love that.
00:15:38.240 --> 00:15:38.559
Okay.
00:15:39.759 --> 00:15:45.600
Um what are some things people should avoid if they come into a windfall?
00:15:46.080 --> 00:15:58.159
Uh these are gonna be the stories of everyone that you've basically ever heard that's like, you know, won the lottery or, you know, just came into a significant amount of money without taking a pause to think about what they should do with it.
00:15:58.240 --> 00:16:13.840
And in all honesty, part of it, it's I don't actually fault a lot of people for that because once again, we do this podcast because of the lack of financial literacy that's taught to us, you know, basically non-existent in K through 12 and not even so much really in college from that standpoint.
00:16:14.159 --> 00:16:15.600
Yeah, not not at home either.
00:16:15.919 --> 00:16:20.879
So a lot of times you don't have the knowledge on how to handle a situation like this.
00:16:21.039 --> 00:16:24.480
But I would say number one is don't have some immediate lifestyle creep.
00:16:24.639 --> 00:16:27.759
So if you receive an inheritance, don't go out and like buy a new car.
00:16:27.919 --> 00:16:30.639
Like Gotta get that Range Rover.
00:16:31.519 --> 00:16:36.480
Or go out and buy a bunch of clothes or like um a nice watch or whatever it may be.
00:16:36.799 --> 00:16:42.480
We've actually had several guests on the podcast that have talked about exactly this, right?
00:16:42.639 --> 00:16:48.960
We had former NFL football player went out, bought all the cars, all the things.
00:16:49.279 --> 00:16:59.919
We had uh now financial coaches who came into a large uh windfall, and you know, within a pretty short amount of time, all of that money was gone.
00:17:00.080 --> 00:17:09.920
We've also had somebody who got an inheritance from a family member while like getting ready to start college, basically went out clubbing, buying bottles, buying clothes, nothing to show for it.
00:00:00.160 --> 00:00:07.599
00:00:08.240 --> 00:00:17.440
00:00:17.760 --> 00:00:19.120
00:00:19.280 --> 00:00:20.320
00:00:20.480 --> 00:00:23.519
00:00:23.679 --> 00:00:30.000
00:00:30.160 --> 00:00:38.640
00:00:38.880 --> 00:00:40.719
00:00:54.960 --> 00:01:06.000
00:01:08.640 --> 00:01:10.239
00:01:12.239 --> 00:01:13.599
00:01:13.760 --> 00:01:16.719
00:01:17.120 --> 00:01:17.760
00:01:17.920 --> 00:01:18.959
00:01:19.040 --> 00:01:29.680
00:01:30.159 --> 00:01:34.959
00:01:35.120 --> 00:01:37.920
00:01:38.079 --> 00:01:39.920
00:01:40.079 --> 00:01:49.840
00:01:50.079 --> 00:01:50.319
00:01:50.560 --> 00:01:57.439
00:01:57.599 --> 00:02:04.719
00:02:05.359 --> 00:02:11.680
00:02:11.840 --> 00:02:20.319
00:02:20.479 --> 00:02:22.080
00:02:22.240 --> 00:02:30.000
00:02:30.159 --> 00:02:44.159
00:02:44.560 --> 00:02:51.919
00:02:52.159 --> 00:02:52.400
00:02:52.560 --> 00:02:54.960
00:02:55.039 --> 00:03:04.159
00:03:04.479 --> 00:03:04.960
00:03:05.120 --> 00:03:07.919
00:03:08.000 --> 00:03:12.080
00:03:12.159 --> 00:03:16.639
00:03:16.719 --> 00:03:20.000
00:03:20.159 --> 00:03:33.599
00:03:33.840 --> 00:03:38.400
00:03:38.560 --> 00:03:54.400
00:03:54.479 --> 00:04:05.840
00:04:06.400 --> 00:04:06.719
00:04:06.960 --> 00:04:12.000
00:04:12.159 --> 00:04:12.400
00:04:12.560 --> 00:04:15.840
00:04:15.919 --> 00:04:18.560
00:04:18.720 --> 00:04:19.439
00:04:19.680 --> 00:04:20.319
00:04:20.560 --> 00:04:25.600
00:04:25.839 --> 00:04:32.399
00:04:32.879 --> 00:04:39.360
00:04:39.519 --> 00:04:43.759
00:04:44.079 --> 00:04:45.279
00:04:45.519 --> 00:04:50.399
00:04:50.639 --> 00:04:53.199
00:04:53.279 --> 00:04:58.879
00:04:59.279 --> 00:04:59.920
00:05:00.079 --> 00:05:00.240
00:05:00.399 --> 00:05:00.639
00:05:00.720 --> 00:05:04.800
00:05:05.040 --> 00:05:07.199
00:05:07.839 --> 00:05:09.759
00:05:10.000 --> 00:05:10.319
00:05:10.480 --> 00:05:12.160
00:05:13.040 --> 00:05:16.639
00:05:16.959 --> 00:05:26.319
00:05:26.480 --> 00:05:36.160
00:05:36.639 --> 00:05:46.480
00:05:46.720 --> 00:05:47.199
00:05:47.439 --> 00:05:50.000
00:05:50.240 --> 00:05:57.600
00:05:57.759 --> 00:06:04.240
00:06:04.399 --> 00:06:08.079
00:06:08.240 --> 00:06:09.120
00:06:09.199 --> 00:06:13.920
00:06:14.079 --> 00:06:14.240
00:06:14.399 --> 00:06:14.560
00:06:14.639 --> 00:06:30.240
00:06:30.399 --> 00:06:30.639
00:06:30.800 --> 00:06:31.120
00:06:31.519 --> 00:06:33.600
00:06:33.920 --> 00:06:34.240
00:06:34.319 --> 00:06:43.759
00:06:43.920 --> 00:06:44.160
00:06:44.319 --> 00:06:44.639
00:06:44.879 --> 00:07:02.319
00:07:02.560 --> 00:07:03.040
00:07:03.199 --> 00:07:06.720
00:07:06.959 --> 00:07:07.360
00:07:07.519 --> 00:07:07.759
00:07:07.920 --> 00:07:14.959
00:07:15.040 --> 00:07:16.639
00:07:17.040 --> 00:07:20.879
00:07:21.120 --> 00:07:23.680
00:07:23.920 --> 00:07:25.120
00:07:25.279 --> 00:07:25.439
00:07:25.600 --> 00:07:30.240
00:07:30.319 --> 00:07:37.120
00:07:37.279 --> 00:07:37.600
00:07:37.759 --> 00:07:38.079
00:07:38.399 --> 00:07:43.120
00:07:43.439 --> 00:07:57.360
00:07:57.519 --> 00:08:00.319
00:08:00.560 --> 00:08:00.959
00:08:01.120 --> 00:08:01.439
00:08:01.920 --> 00:08:07.120
00:08:07.360 --> 00:08:08.800
00:08:09.120 --> 00:08:11.920
00:08:12.160 --> 00:08:22.399
00:08:22.959 --> 00:08:31.920
00:08:32.320 --> 00:08:35.120
00:08:35.279 --> 00:08:36.799
00:08:37.039 --> 00:08:41.279
00:08:41.519 --> 00:08:45.840
00:08:46.080 --> 00:08:46.960
00:08:47.519 --> 00:08:51.200
00:08:51.519 --> 00:08:52.639
00:08:52.879 --> 00:08:53.200
00:08:53.679 --> 00:09:08.240
00:09:08.399 --> 00:09:12.480
00:09:12.720 --> 00:09:12.960
00:09:13.200 --> 00:09:16.159
00:09:16.320 --> 00:09:16.720
00:09:17.120 --> 00:09:28.879
00:09:29.039 --> 00:09:29.200
00:09:29.360 --> 00:09:32.080
00:09:32.320 --> 00:09:32.639
00:09:32.799 --> 00:09:33.120
00:09:33.279 --> 00:09:34.080
00:09:34.320 --> 00:09:36.159
00:09:36.320 --> 00:09:38.080
00:09:38.399 --> 00:09:47.759
00:09:47.919 --> 00:09:52.399
00:09:52.720 --> 00:09:58.399
00:09:58.559 --> 00:09:58.799
00:09:58.960 --> 00:10:01.360
00:10:01.440 --> 00:10:03.279
00:10:03.919 --> 00:10:05.759
00:10:05.919 --> 00:10:06.080
00:10:06.240 --> 00:10:15.919
00:10:16.000 --> 00:10:18.240
00:10:18.320 --> 00:10:24.559
00:10:24.799 --> 00:10:34.480
00:10:34.639 --> 00:10:40.240
00:10:40.399 --> 00:10:48.960
00:10:49.200 --> 00:10:50.559
00:10:50.879 --> 00:10:52.960
00:10:53.200 --> 00:10:53.440
00:10:53.519 --> 00:10:55.039
00:10:55.279 --> 00:10:56.639
00:10:56.720 --> 00:11:01.519
00:11:01.840 --> 00:11:02.159
00:11:02.399 --> 00:11:08.639
00:11:08.879 --> 00:11:09.279
00:11:09.519 --> 00:11:09.759
00:11:10.000 --> 00:11:13.600
00:11:13.840 --> 00:11:14.000
00:11:14.080 --> 00:11:16.399
00:11:16.480 --> 00:11:31.360
00:11:31.440 --> 00:11:33.440
00:11:33.600 --> 00:11:36.720
00:11:37.039 --> 00:11:37.360
00:11:37.840 --> 00:11:40.320
00:11:40.559 --> 00:11:45.840
00:11:46.000 --> 00:11:46.320
00:11:46.480 --> 00:11:47.600
00:11:48.159 --> 00:11:50.559
00:11:51.120 --> 00:11:59.919
00:12:00.159 --> 00:12:04.559
00:12:04.720 --> 00:12:08.559
00:12:08.799 --> 00:12:09.600
00:12:10.240 --> 00:12:15.200
00:12:15.600 --> 00:12:17.679
00:12:18.000 --> 00:12:18.399
00:12:18.639 --> 00:12:24.639
00:12:24.879 --> 00:12:27.679
00:12:28.000 --> 00:12:28.320
00:12:28.639 --> 00:12:30.320
00:12:30.559 --> 00:12:33.919
00:12:34.080 --> 00:12:37.919
00:12:38.399 --> 00:12:39.519
00:12:39.919 --> 00:12:40.080
00:12:40.240 --> 00:12:41.679
00:12:41.840 --> 00:12:44.320
00:12:44.559 --> 00:12:56.399
00:12:56.639 --> 00:12:56.879
00:12:57.039 --> 00:12:57.519
00:12:57.840 --> 00:13:02.399
00:13:02.799 --> 00:13:06.000
00:13:06.080 --> 00:13:08.720
00:13:08.799 --> 00:13:13.200
00:13:13.360 --> 00:13:13.600
00:13:13.759 --> 00:13:14.159
00:13:14.399 --> 00:13:14.720
00:13:15.039 --> 00:13:15.360
00:13:16.399 --> 00:13:25.200
00:13:25.440 --> 00:13:38.480
00:13:39.200 --> 00:13:40.960
00:13:41.279 --> 00:13:41.600
00:13:42.399 --> 00:13:42.879
00:13:43.360 --> 00:13:43.679
00:13:43.919 --> 00:13:45.039
00:13:45.200 --> 00:13:49.679
00:13:49.919 --> 00:13:51.840
00:13:51.919 --> 00:13:54.639
00:13:54.960 --> 00:14:02.639
00:14:02.799 --> 00:14:06.320
00:14:06.480 --> 00:14:12.240
00:14:12.320 --> 00:14:16.879
00:14:17.120 --> 00:14:23.600
00:14:24.399 --> 00:14:30.559
00:14:31.120 --> 00:14:33.840
00:14:34.000 --> 00:14:34.159
00:14:34.480 --> 00:14:45.200
00:14:45.440 --> 00:14:45.679
00:14:45.759 --> 00:14:56.720
00:14:56.960 --> 00:14:57.200
00:14:57.360 --> 00:14:58.240
00:14:58.480 --> 00:15:07.200
00:15:07.519 --> 00:15:12.399
00:15:12.639 --> 00:15:17.519
00:15:17.759 --> 00:15:18.159
00:15:18.639 --> 00:15:29.039
00:15:29.840 --> 00:15:36.240
00:15:36.559 --> 00:15:37.519
00:15:38.240 --> 00:15:38.559
00:15:39.759 --> 00:15:45.600
00:15:46.080 --> 00:15:58.159
00:15:58.240 --> 00:16:13.840
00:16:14.159 --> 00:16:15.600
00:16:15.919 --> 00:16:20.879
00:16:21.039 --> 00:16:24.480
00:16:24.639 --> 00:16:27.759
00:16:27.919 --> 00:16:30.639
00:16:31.519 --> 00:16:36.480
00:16:36.799 --> 00:16:42.480
00:16:42.639 --> 00:16:48.960
00:16:49.279 --> 00:16:59.919
00:17:00.080 --> 00:17:09.920