Dont panic: Theyre both still alive.
They gifted it to me for tax purposes.
Ever since I received the check, Ive just been staring at it.
I dont know what to do with it.
Ive never seen this much money in my life.
You always think, If only I had thousands of dollars to spend, pay off debt, etc.
And here I am, unable to deposit it unsure of where to even deposit it.
Because heres the thing: Im a firm believer in working hard and living within your means.
It feels weird to have something handed to me so effortlessly.
I almost feel guilty about it.
I want to spend it on something big, something thatd make them proud like a house.
But Im not ready for that move yet.
I dont have any debt, and I dont need the money right now.
It feels like a silly question to ask, but what should I do with it?
Am I insane for feeling the way I do?
Sincerely,
Inherited Confusion
Dear Inherited Confusion,
Ill admit it Im a little jealous.
I, too, have always thought about what I could do with just a few thousand extra dollars.
And now, here you are: staring at a check, afraid youll choose the wrong option.
But you gotta deposit the check sooner rather than later.
Otherwise, youll miss out on the power of compound interest.
Lets say you want to take some time to think about what to do with your windfall.
after you snag the cash tucked away safely, its time to start thinking strategically.
Consider meeting with a fee-only financial planner who can help you consider your long-term options.
Have you considered asking your grandparents if they have a preference for how you spend the money?
No Interest Til Almost 2027?
When the engagement ended abruptly, I got most of my deposits back.
Then I was staring at that amount in my savings, and I was racked with guilt.
I wasnt getting married.
I didnt deserve this.
You dont need to feel guilty for receiving a generous gift.
This is your chance to decide what you want and act with confidence.
But you dont have to figure it all out today.
Have a tricky money question?
Write toDear Pennyand you might see your question answered in an upcoming column.
