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They count on those assets whether money or property to reach their goals or sustain their lifestyle.
But what happens when things go awry?
What happens if you dont get the inheritance you were expecting?
Also seenine things you should do if you get an inheritance of $1,500 or less.
This unexpected change requires a comprehensive reevaluation of your short-term and long-term financial goals.
This gives you a clear picture of where you stand financially without the expected inheritance.
Avoid Damaging Your Relationships
Do not damage family relationships by contesting the will, Blain said.
An inheritance should never make up the foundation of anyones financial plan, he said.
Withdiscipline and perseverance, financial independence can still be achieved.
Accept this new situation and move forward, he said.
Stay determined and committed to sound financial principles.
In time, with realistic planning and prudent decisions, financial stability can still be built.
Boost Your Income
Increasing your income can help bridge the gap left by the unrealized inheritance.
Salahi advised asking for a raise at work, taking on a side gig or monetizing a hobby.
Prioritize high-interest debt and consider options likedebt consolidation or balance transfer credit cardsto reduce interest payments, Salahi explained.
You might also need to negotiate with creditors for more favorable terms or longer repayment periods.
Look into loans, grants or investor funding that align with your goals, he said.
For homebuyers, this might mean exploring FHA loans or other programs designed for first-time buyers.
For business ventures, considersmall business loansor seeking angel investors.
Review your policies to ensure youre sufficiently covered for potential setbacks.
Seek Professional Advice
Incomplex financial situationslike this, professional guidance can be invaluable.
Advisors can provide objective advice and help you make informed decisions about your financial future.
Use this as motivation to take control of your financial future, Salahi said.
This experience underscores the importance of not relying onuncertain future windfalls, Salahi explained.
Moving forward, base your financial plans on your current resources and realistic expectations.
Any unexpected financial gains should be viewed as a bonus, not a foundation for your financial planning.
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