Most people spend an inheritance within five years. Avoid buying expensive assets you can't maintain, leaving money idle in a bank account, or putting it all in one investment. Diversify instead to make it last.
The average person will burn right through any inheritance they receive in about 5 years. If you've received an inheritance or you're in line for one, here are some things you do not want to do. The first thing you do not want to do is run out and buy a bunch of stuff that you can't afford to pay to maintain. Don't buy a house that is so big that you can't afford to keep it up. Do not buy a boat that is so large you can't afford to pay for the repairs or to keep it clean. I speak from experience. The second thing you do not want to do if you receive an inheritance is just to stick it in a bank account and let it sit there. Leverage that money through investments and make it work for you and your family. And the last thing you do not want to do with an inheritance— and before I get there, click on my picture and my link and get my newsletter— is to invest it all in one place. Diversify the investment of your inheritance and it can have a huge impact on your life for a long time.
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