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While not everyone will receive an inheritance, quite a few Gen Xers, millennials and Gen Zers will.
However, this can be a mistake.
During this time, put your inheritance in a secure, interest-bearing account.
This can help ensure your inheritance lasts a long time.
Thats why financial experts suggest creating one before doing anything major with that money.
They find themselves with a windfall and buy big-ticket items thinking they are rich without looking at the ramifications.
They often wont calculate things like higher property taxes or utility bills.
Investing Without a Clear Plan or Strategy
Investing is a well-known strategy for buildinglong-term financial security.
Unfortunately, many millennials who receive an inheritance will invest without a clear plan.
When markets shift, they can lose a substantial portion of their wealth.
Fortunately, there are ways to mitigate this risk and get more from your investments.
Simply invest in a well-diversified portfolio that matches both your risk tolerance and you long-term goals.
First, avoid any big spending decisions for at least six to 12 months.
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