Beginner's Guide to Inheritance Decision-Making

Name: Beginner's Guide to Inheritance Decision-Making
Rating: 4.6 (9 reviews)

Understand Personal Finance Basics

Created byHeather Holden

Last updated 5/2022

English

English [Auto],

What you'll learn

Complete your own financial plan
Choose the best asset allocation for your financial goals
Select the best types of investments for your asset classes
Open your own online investment account
Buy your chosen investments independently in your online account
Confidently check on your investments, make adjustments, and live your life!

Course content

5 sections • 29 lectures • 38m total length

Windfalls: Key Questions For Smart Decisions1:05
It’s a burden many say they would welcome. But deciding what to do with a lump sum of money can be stressful.
You may feel overwhelmed, vulnerable, and scared. You may feel the pressure of needing to make the right decision. You might even be wondering if you’re going to be taken advantage of or exploited.
This guide is a gentle start to this course, introducing you to the questions you'll soon be able to answer for yourself.
7 steps to align financial needs, wants & values
Anonymous letters: A compilation of common windfall regrets1:02
I expect this lecture will be entertaining and I hope it will also be enlightening. It is a compilation of anonymous letters written to represent stories I’ve heard over the years from windfall recipients.
They’re in the form of confessional notes to help you avoid falling into the same traps.
My hope is that you will benefit from reading about the regrets of those who have already made mistakes with their windfalls.
You might realize as you read these letters that you are not alone in your experience and you may even recognize that you’re trending in the wrong direction.
Good Decisions: How to navigate biases and emotions1:29
Learn a simple process to create the opportunity for your conscious and unconscious mind to work together to make better decisions.
Protect Yourself from Biases with Disciplined Process
Decision making traps1:24
Beware! If you’re not careful, there’s a lot that could sabotage your decision-making and best intentions with your inheritance.
Steps to establish financial goals0:54
There is enormous power in staying focused on your goal and not getting sidetracked by the meaningless noise - learn how here!
Connect your goals to your inheritance
Difficult conversations - A guide to talking about money1:28
It's hard to talk about money for a lot of reasons. Some of those reasons are healthy but many of them are decidedly unhealthy. Download, read, re-read and share broadly!
This is a short guide to help you have the conversations you need to have about your inheritance. It starts with a discussion of the reasons we don't talk about money and then goes right into tips on talking, specifically, with partners and older parents about money. I end with some key tips on having difficult conversations about money.

Debt & Borrowing Fundamentals1:00
Debt can ruin a person's financial independence, but there are definitely smart ways to borrow.
Borrowing - test your understanding
Budgeting Fundamentals: Building A Post Inheritance Budget0:56
This is NOT the budget police! Just tips to take control and get organized.
Budgeting - test your understanding
Investing Fundamentals: Stocks, Bonds & Diversification0:46
A little bit of knowledge goes a long way for your investment success.
Investing - test your understanding
Important Factors for Investing in Real Estate0:34
Many think real estate is a 'no-brainer' and there's no doubt it's a core part of typically financial security, but don't walk in blindly.
Real Estate - test your understanding

A Step By Step Process For Making Your Own Financial Plan1:10
Financial planning doesn’t have to be complicated. You probably just want to know where you stand, and if you’re on track to meet your goals. Follow this process to Do your Own professional financial plan!
Assets & Liabilities: Understand where you are today financially1:26
Enjoy these video clips and written explanations of why and how to create your balance sheet of what you own and what you owe.
Calculating cash flow & expenses1:33
Enjoy these video clips and written explanations of why and how to create your cash flow statement tracking when and how much money flows in and out.
Organizing Your Expenses: Examine How You Are Spending1:14
Enjoy these video clips and written explanations of how the path to goal achievement is via your budget!
Debt Management: Where to focus your Energy1:00
It can happen quickly and easily, but I expect these video clips and readings will help you focus on your debt management.
Get your Savings on Track1:20
Enjoy these video clips and written explanations with specific tips on how to get your savings on track to meet your goals.
Insurance Coverage: do an insurance audit1:21
Enjoy these video clips and written explanations of how insurance helps you transfer risks.
Check in on your Investments1:33
Even if you like being hands-off with your investments, check-in and see how things are going so you can have an informed and respectful conversation with your advisor about matching your investments with your goals.

Do you want growth, preservation or income?1:26
All good investment strategies, whether for a massive endowment or modest savings, start with a commitment to WHY you're investing in the first place. It's not complicated, as you'll see.
Articulate your investing goals
Weighing your financial goals & risk tolerance1:21
It is notoriously difficult to express risk tolerance, so this is a practical process to think about risk in terms of the importance and timing of your goal.
How much of a roller coaster can you tolerate?
Picking An Investment Mix To Match Your Goals1:18
This, 'they' say, is the most important step. Picking your asset allocation could be very easy if you have one reason for investing your money (long term growth, for example) or it could be a bit more complicated, but this process helps you break it down into steps.
Pick your asset allocation to match your goals
Understand Costs: Picking The Right Fee Model For You1:23
Fees are something you can control, so put thought into the best fee model for you.
Picking the right platform for you1:20
How involved do you want to be in your investments? You've got choices and it's worth considering them all -- remember you use different 'platforms' for different accounts, it's not 'all or nothing'. And you can always switch later.
Picking investing products1:23
Now the fun part! It's tempting to jump right to this step, but the work you did up to this point will make this step easier and also more likely to be a success.
Practice the steps above

What do you want to do with your inheritance?1:24
After all this learning and reflecting, go through the process of shortlisting your prioritized list of things you really want to do with your inheritance. Any changes?
What do you need to do with your inheritance?1:07
After all this learning and reflecting, are there things you realize you really need to do with your inheritance for your own and your family's long term financial security?
Pause: Reflect on personal values0:55
Your values won't have changed throughout this course, but has the prioritization of values in relation to your inheritance changed?
Do your wants, needs and values match?1:06
Did any of the stories/letters resonate with you and make you wonder if some things on your 'needs' and 'wants' lists were in line with someone else's values rather than yours? Are you OK with spending your inheritance on even one thing that isn't in line with your own values?
Can you meet your wants & needs?1:16
Be creative. Rarely is anything 'all or nothing'. Negotiate, contemplate, research, talk about options -- maybe you can do more than you think with your inheritance.

Requirements

Description

Hi, I'm Heather Holden,

Inheritances are stressful.

No matter how much money, people have the same concerns. This course will address those concerns.

You'll get worksheets to do your own financial plan, budgeting, and investing - starting with a review of all the basics.

You'll feel great about your decisions, knowing you did everything independently and in line with your values.

By the end of this course, you’ll know with certainty the next steps you need to take to manage your inheritance.

Receiving an inheritance or financial windfall can open the door to new opportunities. It can also come with intense and conflicting emotions.

I've worked with a lot of people who were really struggling to figure out what to do with their money - it's complicated and no one feels sorry for you! People don't know who to trust, they know they need help, but they don't want to get taken advantage of and they usually don't want to share some very private parts of the process.

This is why I created this course - so you can learn how to help yourself. It gives you a tried and tested framework so you can make decisions about your inheritance, find peace of mind, and move forward with confidence.

Who this course is for:

Women with an inheritance or other lump sum of money.

Beginner's Guide to Inheritance Decision-Making

What you'll learn

Explore related topics

Course content

Worksheets to get organized6 lectures • 7min

Personal Finance Fundamentals4 lectures • 3min

Do your own financial plan8 lectures • 11min

Understand Investing6 lectures • 8min

Revisit your worksheets5 lectures • 6min

Requirements

Description

Who this course is for: