Financial Planners in Perth: “Don’t Make These Five Crucial Mistakes When You Receive an Inheritance.”
Announcement posted by Purely Finance 08 Feb 2016
Financial planners in Perth reveal how so many Australians waste their entire inheritances and have nothing to show for it.
Perth, WA, 08 February 2016 - When someone receives an inheritance, it is often a life-changing event. Especially in the case of a large inheritance, emotions run from surprise to happiness to indecision. Those who inherit money are usually besieged by “long lost” friends and relatives who want to provide “advice” or who want the inheritor to loan or even give them money.
According to Nick Aves, Director of Purely Finance, a firm combining financial planners and mortgage brokers in Perth: “The period immediately after someone receives an inheritance is dangerous. They are inundated with advice from their friends and family, all of whom want to tell them how to spend their money. Not only are most of them uneducated when it comes to financial planning, most of them have an ulterior motive: they want a slice of the pie for themselves.”
Recently, on his company blog, Mr Aves provided his readers with a guide to the five common mistakes those who receive inheritances often make. The highlights are below.
Trying to Make Money Too Fast
According to Mr Aves, the most common advice those who inherit money receive is that they need to make their money “work for them.” Even if someone inherits enough money to live comfortably the rest of their lives, it seems like there is no shortage of people telling them what they need to do with their money. Often, that causes people to try and make money too fast. They are offered a “safe investment” that “yields ten times what the market is doing right now.”
Ultimately, investments that make the most money usually carry the most risk.
Becoming a Venture Capitalist Overnight
According to Mr Aves, one of the biggest mistakes someone who just inherited money can make is to fund the startup projects of every friend and relative who asks them. Some also decide to invest in huge portfolios and manage them on their own. Mr Aves believes that both of these paths usually lead to losing a lot of money.
Bragging About the Inheritance
Those who brag about their inheritance or begin leading extravagant lifestyles are in danger of attracting people into their lives who want to bilk them out of their money. If someone is living extravagantly, it is easier for friends and relatives to “guilt trip” them into a “loan” that never gets paid back.
Going it Alone
Mr Aves believes that possibly the worst mistake someone can make is to “go it alone.” According to Mr Aves: “By far, the best thing to do with inherited money is to find a trusted financial planner and let them do their job. Professionals have access to more information. Most of all, they aren’t emotionally involved in financial decisions and they can provide a buffer between the client and people who want to borrow their money. If you want to keep your money, trust it to a professional.”
Purely Finance combines financial planners and mortgage brokers for a “one stop shopping” solution for those in the Perth area who wish to use property investment as a vehicle for attaining financial independence. They have become one of the most trusted names in financial planning in the Perth area. To learn more, to read the original post in full or for an individual consult, call (08) 9453 8888 or visit their website: http://www.purelyfinance.com.au/.
According to Nick Aves, Director of Purely Finance, a firm combining financial planners and mortgage brokers in Perth: “The period immediately after someone receives an inheritance is dangerous. They are inundated with advice from their friends and family, all of whom want to tell them how to spend their money. Not only are most of them uneducated when it comes to financial planning, most of them have an ulterior motive: they want a slice of the pie for themselves.”
Recently, on his company blog, Mr Aves provided his readers with a guide to the five common mistakes those who receive inheritances often make. The highlights are below.
Trying to Make Money Too Fast
According to Mr Aves, the most common advice those who inherit money receive is that they need to make their money “work for them.” Even if someone inherits enough money to live comfortably the rest of their lives, it seems like there is no shortage of people telling them what they need to do with their money. Often, that causes people to try and make money too fast. They are offered a “safe investment” that “yields ten times what the market is doing right now.”
Ultimately, investments that make the most money usually carry the most risk.
Becoming a Venture Capitalist Overnight
According to Mr Aves, one of the biggest mistakes someone who just inherited money can make is to fund the startup projects of every friend and relative who asks them. Some also decide to invest in huge portfolios and manage them on their own. Mr Aves believes that both of these paths usually lead to losing a lot of money.
Bragging About the Inheritance
Those who brag about their inheritance or begin leading extravagant lifestyles are in danger of attracting people into their lives who want to bilk them out of their money. If someone is living extravagantly, it is easier for friends and relatives to “guilt trip” them into a “loan” that never gets paid back.
Going it Alone
Mr Aves believes that possibly the worst mistake someone can make is to “go it alone.” According to Mr Aves: “By far, the best thing to do with inherited money is to find a trusted financial planner and let them do their job. Professionals have access to more information. Most of all, they aren’t emotionally involved in financial decisions and they can provide a buffer between the client and people who want to borrow their money. If you want to keep your money, trust it to a professional.”
Purely Finance combines financial planners and mortgage brokers for a “one stop shopping” solution for those in the Perth area who wish to use property investment as a vehicle for attaining financial independence. They have become one of the most trusted names in financial planning in the Perth area. To learn more, to read the original post in full or for an individual consult, call (08) 9453 8888 or visit their website: http://www.purelyfinance.com.au/.