The 5 worst things you can do with your inheritance, according to a financial planner

By Bo Beard | May 20, 2024


Financial expert Shala L. Walker, CFP, is sharing five detrimental actions to avoid when inheriting money.

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Receiving a significant amount of money, such as an inheritance, may seem like a life-changing event for your finances. However, the impact it has on your financial situation ultimately comes down to the choices you make with that money.

On average

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via CNBC

"On average, an inheritance is gone within five years of receiving it, unless it is invested in financial assets or housing equity," said Walker.