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Follow on Google News | What Should You Do with an Inheritance?By: Edward Jones You may want to consider "parking" your inheritance temporarily in cash while you can think about what to do. Here are a few ideas: • Get rid of debts. Use your inheritance to pay off debts, especially consumer loans that aren't tax-deductible and that carry high interest rates. You may want to use part of it to pay off student loans, if that's your situation. • Establish an emergency fund. This should be six to 12 months' worth of living expenses. Without it, you may be forced to dip into your investments to pay for unexpected costs, such as an expensive car or home repair or a hefty medical bill. • Review your financial strategy. If your inheritance is large enough, it may be a "game changer" in terms of your financial strategy. For example, you might be able to think about retiring earlier, if that's what you want. Or pay more of your children's college education. Or put a down payment on a house. Your financial advisor can help you make the most appropriate moves for your personal strategy. • Plan for taxes. Unless you're "inheriting" And remember to have some fun. It's likely the person who left the inheritance cared about you and your happiness. So, as you think about what to do with the money, remember it's OK to have a little fun. End
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