It sounds like a dream come true\u2014a huge inheritance that could change your life. But what if you\u2019re making a huge mistake with it? Many Australians are set to inherit a whopping $5.4 trillion over the next 20 years, but experts warn that a lot of them will waste it by acting too quickly. So, what should you do if you\u2019re lucky enough to come into a windfall? <\/p>\n\n\n\n
The first thing many people do when they receive an inheritance is rush to make decisions. Some may immediately spend the money, others might stash it away in a low-interest savings account, thinking it\u2019s the safest option. While this seems like a good idea at first glance, financial experts suggest that acting too quickly is a mistake that could cost you big time.<\/p>\n\n\n\n
Pete Brewster, a financial planner from Bridges Financial Services, points out that it\u2019s easy to get caught up in the excitement. But that\u2019s when the mistakes happen. \u201cPeople are really hesitant to dig their toe in and make some big decisions because they haven\u2019t got all the information and life can be uncertain,<\/em>\u201d he explains to Yahoo Finance<\/a>. Holding your inheritance in cash, especially in savings accounts with interest rates below inflation, is actually losing value over time.<\/p>\n\n\n\n