Ask Kim: Navigating New Wealth

Dear Kim,

I’ve recently inherited a substantial sum of money. I’m fairly young, only twenty-nine, and this amount of money is more than my bank account has ever seen (maybe even collectively). It’s honestly a little bit daunting to have in there. I know the smart thing to do would be to put it into some sort of savings or invest it, but I don’t even know where to begin looking into all of the options. I tried to Google some of my questions but it only left me with more. I don’t even know what risk tolerance means, let alone how to calculate my own!


Navigating New Wealth

Dear Navigating New Wealth,

Investing for the first time can be daunting, I understand. The place to begin is by asking yourself what your plans are for using the money. Maybe you want to use it for several different things. A vacation next year would be very short term, and the funds should stay perhaps in a money market, or short-term CD. If you have longer term goals for some of the funds, you would look at an investment appropriate for a longer term.

There are a lot of sources for getting the education you need to understand terms like risk tolerance, stocks, bonds and the like. I can recommend some to you or I can offer the class I teach that covers all things financial. Please reach out if I can be of further assistance.



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