Traditional advice on handling a windfall such as an inheritance is all about the one-third plan. Spend a third on something you want or need. Pay off bills with a third, and save a third. Some other tips:
* Don't stress over what to do with the inheritance just after receiving it. Avoid rushing into a plan.
* Spend in small increments. Instead of remodeling your house, do some smaller projects first in order to avoid irreversible decisions you could later regret.
* Have fun. It's OK to enjoy some of the money, but don't go overboard.
* Avoid risky investments and loans to relatives.
* Don't tell your spouse it's just "your money." Pay attention to your relationships.
Rick Good spent ten years in the newspaper business, including with The News & Observer (Raleigh, NC) and The Greenville News (Greenville, SC). He co-wrote, with Melinda Coleman, Rutledge to Riley: Governors of South Carolina, 1776–Present (Published by The Greenville News), and is the author of Mind Games Trivia #1 (Amazon). He has recently spent 15 years creating original trivia content through Sounds Good Mobile Entertainment and continues that with his new company, SGME Software. He edits The Smart Reader’s money, real estate, and business coverage.
