Dear Liz: Your recent advice about investing an inheritance prudently is all good. However, I think most people waste unexpected money, spending it in dribs and drabs with not much to show for it. So, to your advice, I would add this:
Take a minor portion of the inheritance and spend it on some indulgence you would never have done otherwise. About 15 years ago, I used about 20% of a sizable inheritance to take my family, including kids, spouses and grandkids, on a three-week African safari. The result? We all have wonderful memories of a trip in which family members bonded closely with one another, and of once-in-a-lifetime sights and experiences.
The rest I invested, spent on college tuition and used for retirement. I can’t account for it all, but I have no regrets about that Africa vacation.
Answer: Your advice is terrific. It’s important to enjoy our windfalls and even more important to invest in experiences and memories that last. Your family is lucky to have you.
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