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Don’t Make These Common Mistakes When Receiving an Inheritance
Manage episode 461056452 series 3561293
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Many people make costly mistakes with inherited money, leading to financial struggles in retirement. In this episode, Mike Douglas discusses that when receiving a large sum of money, like an inheritance or lottery winnings, it's crucial to manage these funds wisely to secure a stable financial future.
Mike challenges the notion of quickly paying off debts and considers how the money can generate ongoing revenue. He gives the example of investing the amount and using the interest to pay off debts and preserving the principal to provide steady income.
Ready to begin building your customized retirement plan? Visit MichigansRetirementCoach.com to schedule an appointment with Mike and his team today!
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