When you receive a large inheritance, your first reaction may be to take "smart" steps - buying property, hiring advisors, and starting to invest. But Suze Orman has one word: don't.
In her podcast "Women and Money," Orman gave advice to a 57-year-old widow who received $7 million from life insurance. Her message: do nothing - except pay off essential debts - and keep the money in a secure treasury-backed account for at least six months to two years.
Orman warned, "You are not in your body. You think you are ready, but you are not."
Despite this, the woman later allowed a financial advisor to convert $2.4 million into annuities and plan for riskier investments - which angered Orman. She said, criticizing advisors who prioritize their commissions over the readiness of the grieving client: "Nothing bothers me more than this."
Her core advice: take your time. Protect your money. Do not make life-altering decisions while grieving. Emotional clarity comes first, while financial decisions can be postponed.
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