Johnathan is calling in from Idaho, and he sadly lost his uncle over the last week. However, his uncle left him some money, over $500,000 in assets. Dave gets some basics from Johnathan, mainly that he is 33 and makes 65 Thousand a year. His next question is, has he ever had this much money or estate like this before? Unfortunately, Johnathan’s mom passed a while back and left the property with a value of $100 Thousand. Johnathan is the executor of the will and has a lot to do. Dave understands the emotion is accurate and that the uncle was a father figure to Johnathan.
Firstly, Dave recommends finding a local Estate Attorney. This is to probate the will to access each of these accounts as soon as possible. Secondly, Dave wants him to figure out what he wants to do with it. He says there are three things he can do with money: 1 Give it; 2 Spend It; 3 Invest it. Dave suggests doing all three. First, clear all your debts, Dave tells Johnathan so that you can be clear of any future problems. Johnathan tells Dave that he already planned on this, and Dave is excited because this moves Johnathan to Baby Step 7. Baby Step 7 is to build wealth and be generous. Dave wants Johnathan to increase his knowledge as he grows with his money. Thirdly, Dave suggests finding experts in fields of investment to make the most out of all his money. Dave warns about finding someone with the heart of a teacher versus a money tyrant. Dave hates hearing calls about advisors keeping people from using their money. Finally, Dave warns that the house left in the will should be sold or moved into. He knows that renters are not gonna take care of the house the way that would honor Johnathan’s Uncles memory.
PARK RIDGE, IL – MARCH 22: A Living Will Declaration is seen on March 22, 2005, from The Partnership of Hope at Rainbow Hospice offices in Park Ridge, Illinois. The Terri Schiavo case has highlighted the need for Living Wills as she did not have one.
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