Popular investment guru Dave Ramsey hosted a caller on his YouTube channel who had just inherited $1.5 million, and his takeaway advice was, “Quit your whining.”
Steven called into ‘The Ramsey Show’ from Oklahoma City, and Ramsey delivered some hard-hitting advice after gathering the details. Steven’s financial problems revolved around a $1.5 million inheritance he had gained from his father’s passing. The money was made up of $750,000 in cash and stocks, with another $750,000 in business equity.
For most people in that position, the challenge is turning a windfall into a long-term plan built around taxes, investing and risk. SmartAsset’s free matching tool connects new inheritors with up to three financial advisors in their area after a short questionnaire, so they can compare approaches before they make irreversible moves with the money.
Steven’s end of the call was delivered with lacklustre energy after saying that he had gone, “from disaster to disaster,” since the money landed. However, it became clear that his underlying problem was the business interest. Steven had previously worked alongside his father, but had given up control of the business to his uncle for a family move. That’s when the problems started, as he soon watched his share of the profits dwindle yearly.
Steven said his uncle was “like a second dad” …
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