A young professional suddenly received a trust fund but had no idea how to handle it. Should they invest? Pay off debt? Save for the future? In this video, Russ Rivera walks through the steps he took to help them create a solid financial plan—one that ensured their inheritance would last and work for them.
Topics Discussed:
Handling an inheritance wisely
Creating a financial plan
Emergency funds and debt management
Financial stability and confidence
Transcript:
Hi, I'm Russ Rivera, founder and president of Voice Wealth Management, and welcome back to the April edition of Sidewalk Talk. So today I want to talk a little bit about what happens if you might get an inheritance or a windfall. Of course, getting an inheritance is bittersweet. You've lost somebody who you probably love for years. Hopefully you did know them and you did love them, but at the same time, they're not part of your life anymore, and as they've now passed, they've left you with a great opportunity to improve your life significantly. But the right, sometimes people aren't so skilled with money and the right plan can make all the difference.
So recently I've worked with somebody in their twenties who all of a sudden received a trust fund and didn't really have a plan as to what to do and hadn't had a lot of success to that point, dealing with money and really needed help trying to understand what they should do and how they should handle it next so that they can make their money work for them instead of maybe doing something less responsibly and be more responsible than they've been in the past.
What did we do? We started by breaking things down. We needed to understand what they were trying to do, how much money they needed to get by, and make sure that they were set up well so they can make sure their money works for them maximally. So start by having an emergency fund, then making sure we paid off the debt, and then making sure the rest of their money was working for them so it could supplement their lifestyle as they needed it to. With that, there was some confidence that they could make their money will last - the trust fund specifically without diving too deeply into it and making sure it can last them, along with trying to get themselves more successful financially than they had been in the past. And they could do that with comfort because now they had a plan that got them going in the right direction.
So if you've received an inheritance or an unexpected windfall, give us a call at Voice Wealth Management and we can try to help you get yourself dealing with the emotions of receiving that money and then getting you on the path to financial success. Thanks and see you next time.
Russell D. Rivera, CFA, CFP®, is the Founder and President of Voice Wealth Management, an independent financial services firm serving professionals, entrepreneurs, and families in New York City and beyond. Focusing on helping clients make informed decisions about saving, investing, and financial planning, Russell is committed to providing a customized approach that reflects each client’s unique priorities and experiences.