How To Invest a Large Sum of Inherited Money
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and is joining us in which I talk kansas .

anson who we have good how are you how not um so a recently my uh grandfather first away and he worked for a bullying and NASA for about thirty five years um he was also in the united tes army and when he passed away uh when his will was right out he left me my two older brothers um very healthy sum of three million dollars in his he will uh along with uh equal shares of his um estate in miami in H I three million each S H and .

I have absolutely .

no idea what to do that kind of money. I think the biggest paycheck i've ever seen was like twenty five hundred box for two week. And um how long .

good did you get IT to do?

I I got IT back in july and I don't get to touch IT until i'm twenty one. That was part of the agreement was when I turned twenty one that I get full access to the fund.

How are you know.

I have, i'm twenty. I turned twenty one nine. O, K, wow.

And I want to know to do with that. I have no idea what to do. I want to know. So I sit on IT for, you know, twenty years and let you know accumulate interest in a bank somewhere. You take somebody out and you know buy a house, you know not something super huge or invested um you know put IT in A A rough I R A. I mean, you know what what what should be the next step for somebody who's twenty years old and just became a little five million?

Well, number one, I would like you're doing, take great pause in care with this. And okay, I want to make sure that I managed this wisely. This was a big legacy, a big responsibility put on my shoulders and I want to be able to do the same thing for migrant kids one day uh versus squaring IT and your grandfather of visited a great job to manage the investments wisely, allow IT to grow.

He he's in real estate, he's in neutral funds. And I would encourage you to do the same over a long period of time. So I would make sure that sets you up well for success. That might mean, you know, buying a reasonable housing cash and investing the rest.

What do you want to do? What's let's assume let's just assume for a moment that the inheritance isn't there. What were you on track to doing, at least thinking about doing with your life?

So right now i'm a full five days and looking I I manage a um disco shop um close where I live. And about a year a half ago I thought, um I used early two thousand cancer trailers that I don't behind my pick up and I was in the oil field and then I switched over the indeedthe mechanic just to be able to stay closer to one spot. And i've been living in the trail in my rent five hundred box a month.

I own the trailer alright um I have no vehicle payments. I bought a twenty five hundred dollar beater pick up and I traded that for my current truck that I have now. Um and so I have no I have no other payments other than you know my internet in my film bill in my grand I think my total maybe under two thousand dollars and I was on track to saving up to go to um welling trade school. But since uh since a about a month ago, i've been more digging down the road to just getting, uh, going to college for my a degree in a deal mechanics and getting actually piece paper yeah I know how to do this and that was kind of the path I was going down. I have I have a personal savings before I have about twenty five, twenty.

I'm not tell this right early. I'm not worried about you squandering this money, not after the the cairo ure. You just kind of painted for us.

That's fantastic. Let me ask you this on the deal mechanic thing. Did you want to eventually open up your own shop and own your own business?

Yeah eventually yet that would be. I mean, I got my first job, fourteen, and I was on a ranch working, you know, combines and truck. And to like that time is something.

If but I I just got to believe that there's a short way for you to get that certification that hey, I know how to do this. And I right, i'm assuming there is a great for decel mechanics. It's not a college .

and there is a and I were away from uh actual trade school is uh along with you know getting A A degree and you I could take a major and say these cash whatever, but I can also stick a minor business go for go.

So there is somewhere money right there. So based on the school that you want to go to and and you get into, and whatever that cost, there is a chunk to change right there, George. So we now know kind of where he wants to go.

I was trying to dig here. I an education is a great next goal. And I can said what's the best way to do that and the effective way.

We do not need to go blow the money just because we have IT. And then beyond that, you're going to have future goals. You don't need to go out and buy real estate just because you're twenty one with a bunch of money.

But when the time is right and you want to buy a home for yourself, maybe for you and and someone you meet, you get married. That's a great next goal to do that with cash. And even if you spent five hundred thousand, let's say, between the education and the home, and you get your life set up, that still leaves you with two and a half million.

right? right? yeah. exactly.

And so if you connect with a smart destroy pro ramm zy solutions, don't com, you need a trusted a team to walk with you. One person is going to be that investment pro, another one would be a trusted real state agent. Another one would be a tax pro.

And you can get connected with all three of those that rage these solutions dot com and click on trust services. But I crunched the numbers for you answer to show you what this could turn into. From twenty one to sixty one, you put two and a half million in an account.

Let's say it's gross stock mutual funds, whether it's retirement or not, at a ten percent rate of return, which has been the average we've seen in the stock market. There will be one hundred and thirty four million at sixty one years old. Wow, does that not blow your mind?

Wow, I don't think about raz.

I feel like that put a smile on grandpa's face and it's not because you're storing treasures on us for the right reason. Think about the impact you could have in your lifetime on your family, your community, the country. With one hundred thirty four million, you would become what's known as a philanthropist with that kind of money.

And so I want to the part that's going to be difficult is start starting to change your mindset while also keeping the same life you have. I can mentioned we're not going to go over tired tomorrow. I want you to sink your teeth into something that really put some pep in your step and that might mean the job that pays you eighty grand that's great and let this money cook and let do its thing. And when the time is right and as you mature and get older, you're gona have different goals for generosity and .

for spending well. And I and I would say too, if you talk with the smart approve, put some away for retirement, but put some away for beneath being a benefactor. For instance, let's say, because you came into all this money, that you invest some money about fifteen and twenty years and now it's a pretty large number.

And also you start some type of a school for maybe under privileged kids to who are good with their hands and like with their hands to go straight from my school right into the workforce. And you have a local training program that is attached your business. And i'm not trying to hang them on him to say like that.

that can say that .

it's funny that say that actually because the place that I work for actually does that we take about five special new kids the week from one of the local school distance and bring a men, and we let range on stuff. And now we have a whole tour for and they, you know, they just do, and we have a job, car, whatever. They just care the part we don't really care, you know and they just have a blast doing IT.

And that said that because that was actually part of my work, can I have know places like connect one of the school district system kids out here you know there wanted to be mechanic. So just ah on the car for in the afternoon, and I think that was kind of on the back of my mind. And can I go back on the the whole spouse thing to have been dating the same woman for a gone on four years now and for sixteen and we met in high school and I I told that I inherited some money, but I didn't tell her how much and I am i'm holding out on that only for the few reason because you know I don't I want to kind of have IT and be sure that I have IT before.

I think that's nice. I'll kew the relationship when you go on. By the way, I just inherited three million dollars, so I think it's wise to wait even until you're married to go.

Hey, I told you in here and some money. I wanted to do this the right way. Here's what this is. Here's what are my plane is to do with this. I'm managing this, you on behalf of of someone else.

really.

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