Making the most of your inheritance

Published on: November 11th, 2019

An inheritance can be a life-changing event and is often a loved one’s way of continuing to play a role in your future when they are no longer around. Making the most of an inheritance and ensuring it has the biggest possible impact on your life is important. This was at the forefront of Tom and Jess’ minds when they sought our advice, after Tom received an inheritance from his late father.

They had both always wanted to travel the world, and Tom knew that his father’s advice would have been to “make the most of life and enjoy the things you love while you can”. At the same time, Jess had accepted Tom’s engagement proposal, so a wedding, plans for a house and settling down together were all top of mind.

At Apt Wealth, our philosophy is to ‘live for today while planning for tomorrow’. We believe that in the end you will regret the things you didn’t do rather than the things you did. This resonated with Tom and Jess, so we put in place a plan for them to take their 6-month dream holiday, including both touring and getting married in Europe, followed by a honeymoon in South America.

Upfront, we knew that this would be expensive, so we worked together to budget the trip, from flights through to accommodation and spending money. Ultimately, we worked to a ceiling that also ensured they were in a position to come home financially secure, with the ability to put down a deposit on their first home.

At Apt Wealth, we understand that spending money on a trip of a lifetime mightn’t be for everyone – we all have different objectives. There is a seemingly endless array of options when it comes to how you use an inheritance; some may want the opportunity to change careers, others to support their children’s education, become debt free, or purchase property. However, it is critical that you use this money wisely, so it’s important to plan and prioritise your goals, ensuring you can live for today and plan for tomorrow.

Tom and Jess are currently nearing the end of their trip and we look forward to working with them on planning the next chapter of their lives together!

It’s a great example of how financial planning can help you live the life you want without sacrificing your financial future. Talk to our team about how you can reach your financial goals.

General Advice Disclaimer

The information in this blog is provided by Apt Wealth Partners (AFSL 436121 ABN 49 159 583 847) and is of a general nature only. It may not be relevant to your personal needs, objectives or financial circumstances. The circumstances of each investor are different and you should seek advice from a financial planner who can consider if the strategies and products are right for you.