The worst things you can do with an inheritance are spend it on assets you can't maintain, sit on it, or invest it all in one place.
The wisest thing you can do is speak to a financial planner, preferably before you even inherit the money.
It's easy to assume that receiving a large sum of money, like an inheritance, can change your financial situation forever.
"On average, an inheritance is gone within five years of receiving it, unless it is invested in financial assets or housing equity," said financial planner Shala L. Walker of Mar Vista Investment Partners.
Instead, Walker recommends speaking to a financial planner as soon as possible for help deciding what to do with your cash, including investing it in a diversified portfolio.
Persons:
—, Shala, Walker, She's, you'd, I've, doesn't, you've
Organizations:
Research, Service, Mar Vista Investment Partners