I help busy professionals and retirees avoid costly mistakes and grow lasting wealth through retirement. I write a blog, produce a podcast, and create this free weekly newsletter to an audience of 25,000+ monthly members. Subscribe and learn!
When a Windfall is Coming, Do You Change Your Plan? đź’Ą
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Hello! Jesse Cramer here. Thank you for reading The Best Interest blog, And listening to my podcast, Personal Finance for Long-Term Investors. New podcast cover art?! Your eyes don't deceive you. When you next see Personal Finance for Long-Term Investors in your favorite podcast player, you'll find the new cover art below. From the blog...Reader Liz writes in: Hi Jesse. We’re a 40-year old couple with two kids, earning about $200K a year, and saving what we can. We both have a parent who ran businesses for years, and we both always knew (based on our upbringings) that our parents likely had amassed considerable wealth.
We recently learned that when my parents pass, we’ll inherit half of (what is currently) $10M. When my husband’s parents pass, we’ll inherit one-third of (what is currently) $12M.
$5M or $4M (or both!) would immediately put us at our FIRE number (about $2.5M). But…we don’t have that money yet, and might not receive it for decades to come.
How do we adjust our financial plan? It’s a good problem to have…
What a fascinating question, Liz! And very much a “good problem to have.” I’ve heard similar quandaries from clients before, and I suspect we’ll hear this question much more over the coming decades, as the ~67 million Baby Boomers continue to age.
But considering the number of uncertainties about these future inheritances, how do we adjust our financial plans today? Or do we simply carry on as if that inheritance doesn’t even exist? 👉 I'll Inherit Big Money Someday. ​ ​What Do I Change Now?​ On the podcast...​Episode 118 of the podcast is our 9th Ask Me Anything "AMA" episode. I tackle questions about:
​ ​🎧 Our Ninth Ask Me Anything AMA Episode | Ep 118​ ​
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​ P.S. - if you find something great that you think deserves to be shared with our community, let us know! What Are *Your* Questions?I've been creating "ask me anything" episodes on the podcast, where I answer your questions about investing, financial planning, and retirement. They are quickly becoming my most popular episodes. 🔗 All of My AMA rom The Big Picture ​ I'm collecting questions for AMAs 11 and 12. Work with Jesse?By night, I run The Best Interest and Personal Finance for Long-Term Investors. By day, I work for a fiduciary wealth management firm in Rochester, NY, helping busy professionals and retirees avoid costly mistakes and grow lasting wealth to and through retirement. Learn more here. In ClosingThank you, as always, for reading, listening, and getting in touch. The project continues because the audience (that's you!) is amazing. People like you send me questions every single day. I’d love to hear from you. Go ahead! Send an email or ask me question: ​jesse@bestinterest.blog​ Until next week, Jesse |
Jesse Cramer
I help busy professionals and retirees avoid costly mistakes and grow lasting wealth through retirement. I write a blog, produce a podcast, and create this free weekly newsletter to an audience of 25,000+ monthly members. Subscribe and learn!
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