savings

7 money afflictions from inherited wealth

Celebrity worship: Now I can live like a Kardashian
Celebrity worship: Now I can live like a Kardashian © Photo by PR Photos

There is no shortage of media images of how the rich and famous spend their money, and they have a lot of influence because of a flashy lifestyle that includes Rolls-Royce cars, mansions and closets the size of most apartments, says Bradley. "But most people have no idea what it costs to manage all that stuff."

If you start acquiring the accouterments of celebrities, you'll cause relationships in your life to shift, she adds. "The envy you feel for celebrities -- now others will have that envy for you, and that doesn't do much for authentic relationships."

The key is to maintain a separation from the buzz around celebrities and think strategically about your own goals and lifestyle, says Flurry. One size doesn't fit all when it comes to financial planning. "Inheritors need to sit down with someone who doesn't have an agenda or a product to sell, who can help them identify their goals and develop a plan," he adds.

advertisement

Show Bankrate's community sharing policy
          Connect with us
advertisement
CD & INVESTING NEWSLETTER

Learn the latest trends that will help grow your portfolio, plus tips on investing strategies. Delivered weekly.

Ask Dr. Don

Have a savings bond tax problem?

Dear Dr. Don, I have a number of savings bonds that will stop earning interest in the next three to four years, months apart from each other. I retired in 2013. Is there any way for me to legally avoid paying the income... Read more

advertisement
Partner Center
advertisement

Connect with us