Managing an unexpected inheritance or a large sum of money can be overwhelming, but with careful planning, you can make the most of this financial windfall. Here are some steps to help you navigate this process:

1. Seek advice from a professional like a financial adviser. They can offer an unbiased perspective, helping you make informed decisions without emotion and the influence of family and friends and social media!
2. Try not to make immediate decisions, especially if there is a lot of emotion involved. Let the money sit in a safe, interest-bearing account while you take time to process your situation.
3. If you have high-interest debts, such as credit cards or personal loans, consider using some of your inheritance to pay them off. This can provide financial relief and improve your overall financial health.
4. Ensure you have an emergency fund that covers 3 months of household expenses. This fund can provide a safety net for unexpected expenses or financial setbacks.
5. Define your financial goals, such as saving for retirement, buying a home, renovations, a holiday or funding education. Allocate the inheritance towards achieving these goals.
6. Resist the temptation to make large, impulsive purchases. Take time to consider whether these expenditures align with your long-term financial plans.
7. Be cautious about sharing news of your inheritance. This can help you avoid unsolicited advice and potential conflicts.

Handled thoughtfully, your inheritance can make a meaningful difference to your financial future and help provide lasting security.

This information is of a general nature and is not intended as personalised financial advice. RIVAL Wealth is a Financial Advice Provider (FAP) licenced by the Financial Markets Authority to provide financial advice. Our disclosure document is located at rivalwealth.co.nz or a written copy is available on request