I am 47 and just found out I am going to inherit two million dollars in 13 years.?

Question

My question is how should I live my life NOW. Should I still bother about saving for my future, try to pay off my 300 thousand dollar mortgage, or just enjoy the money I have from my paycheck now, safe in the knowledge that I will be taken care of in the future? I am not complaining abut the money I am going to be getting, but it has caused a LOT of mental confusion for me.

Answer 1

A lot of things could change in 13 years. There may be a million factors that may either reduce the amount of money you inherit, or result in you inheriting no money. I assume that the money is in some sort of financial instrument. I have personally witnessed many individuals lose a large chunk of their savings in a small period of time. Another thing that you must keep in mind is inflation. Two million dollars may not be a whole lot in 13 years.

Even if the investment grows at a greater rate than inflation, you will still need to plan ahead for it. You still should save up and pay down your debts. If you decide you practice poor financial habits, then you will most likely use that inheritance to dig yourself out of a mess instead of enjoying it as supplementary income.

My advice to you is to ignore that inheritance and plan your finances as if you will not inherit any monies. Learning good financial habits and sticking by them will help you in life, whether or not you do inherit money.

Answer 2

Live your life as you always have. Alot can happen in 13 years. For one thing, with inflation and everything in 13 years, 2 million dollars is not going to be what it is today. Also, you could develop some debilitating disease that would require extensive (not to mention expensive) medical care, in which case 2 million dollars would probably be eaten up rather quickly. Or you could die before the 13 year waiting period is up. What good would 2 million dollars do you then? Stop worrying (and complaining) about the money you don't even have yet. I lost my job 8 months ago when my employer went out of business, and just this week, my husband was laid off from his job. Be thankful for what you have now - at least you have a job and a paycheck!

Answer 3

Wow! That's a tough one! I guess it all comes down to the following:

1) If you can legally gaurantee (with lawyers involved) that this money will be yours when you turn 60, then you should live your life to the fullest right now! There is simply no time like the present to enjoy life (while also ensuring that you have a nest egg of funds in case you or a loved one becomes ill in the next 13 years, etc).

2) If you can not legally gaurantee that this money will indeed be yours, then you must continue to live your life the best way you know how assuming that this money will not exist... because it effectively does not exist for you until it is actually in your possession!

Apply one of these two rules and you will do just fine!
Isn't it ironic how such a wonderful windfall can cause so much confusion?
And... remember that if money meant instant happiness then their would be no suicidal rock stars! Continue to do things that you enjoy and focus on these things even more... it's not money that will make you happy for life; it's you that will!

Regards,
Russ

Answer 4

Do not bank on that money, and save for the future. Two Million dollars in 13 years is not as much as you think with inflation at 3% per year. Not that $1.3 Million at today's real value is chump change (=2,000,000/(1.03^13)). There is no such thing as a sure thing and I wouldn't bank on that money until it was in your pocket.

You can probably splurge a little if you're sure about this money, but in no means is this going to put you in the upper echelon of society.

Answer 5

Hi Marcy, Do as you have. Save your money, don't change your life style. You have 13 years( unlucky #) to wait for your 2 mill. You never know what will happen in 13 years. You may become ill,and have to use alot of that money for medical bills,or something else could happen. So, don't change your life until then. If you ever want to help a person out who needs money,give me a call in 13 years' LOL. A Friend.

Clowmy

Answer 6

I am older now than you will be in 13 years. Keep living your life as you always have. Take comfort in the fact that you do not have to wait till you are 62 or 65 to retire and that you will not be dependent on social security and or your retirement. If you did not know you would not change you style of living. You can fantasize about what you will do when you get the money that way you will know what you really want to do with the money

Answer 7

I'd go with the old and wise saying, "Don't count your chickens before they're hatched." I don't know the circumstances of your potential inheritance, but a million things can happen between now and then. Until the money is safe in your bank account, live your life as though it didn't exist, because at the moment, it DOESN'T.

Answer 8

$2,000,000.00 USD is not enough to survive four decades.

Asuming you invest it and you make enough to cancel inflation you would only have $50,000 USD per year.

You are not going to be poor but you cannot buy a Diablo or a house in the Orange County either.

If you don't pay your mortgage by then the figure will be even lower.

I suggest you to forget about that money and work as usual and invest your paycheck wisely.

Also if you have children you should buy a $2,000,000.00 USD (For each children) life insurance for yourself and those cost some serious money.

I don't know how much money are you making now but you could have $2,000,000.00 more in 13 years if you always invest some of your paycheck.

Top 5 Answerer.

Answer 9

The future is never really very certain. to be realistic about the situation you should assume that you may not inherit the money. The philosopher seneca would suggest that you assume a slightly pessimistic view, do not have your hopes to high. I think it would be more important to focus more on how you can make your own money in a way that makes you happy first.

Answer 10

That is a hard decision, however you cannot let it stress you out...I would hate for it to take a negative toll on your present life. However, continue to live your life to the fullest.. Continue as usual. On the other hand, make sure that you prepare for this blessing. (Do take precautions though, If you have children and/or wife (whomever) have a living will drawn up. The worst thing is (God forbid) something happens, you want you inheritance to be secure. You want to be comfortable in the years to come.