He’s Terrified To Inherit $2.5 Million Dollars From His Grandpa
This man fondly remembers his grandpa as someone who was rough around the edges but had an enormous heart underneath that tough exterior.
His grandpa was pretty consumed with money, and it was a barricade between him and allowing everyone to see who he truly was.
He was able to ignore his grandpa’s obsession so that he could develop a close bond with him, and that’s all he ever cared about.
Several weeks ago, his grandpa passed away, and his aunt told him yesterday that he’s inheriting $2.5 million dollars from his grandpa.
To be honest, he’s terrified to inherit such a sizeable sum. The money is currently in a revocable living trust, and he has no clue how he should feel about inheriting such a massive amount of money.
“I have never had more than $5,000 to my name at one time so this is going to be quite the shift of financial planning for me,” he explained.
“I’m only 28 and was planning on law school, but would I even need to at this point? I plan on paying off all my minimal debts and possibly fixing up my house.”
“However, I need like a long-term plan to know how to make this money work for me. Possibly just throwing it in index funds and living off the interest? Would that be too slow in gains? What would I even do if I get it all set up?”
He currently makes $67,000 a year at his job, which involves working with estate planning lawyers. He is comfortable with that annual sum, so $2.5 million dollars truly is a life-changing amount of money for him.
He could even use his inheritance to pay off his home or purchase a luxury car to enjoy. What do you think he should do with his money?
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