Thanks
You have a BIIIIGGGG problem if you feel you have a NEED to bell your friends. There is no need for anyone to know your personal matters. Learn to keep a secret. Plus what you get will go so fast thru your hands that you won't ever know it was there. Whereas if you tell friends they will either try to talk you into partying, getting into trouble, they might borrow or steal your stuff or break into your home or even hold you up on the street. These days when you have something you hold dear you should never tell anyone. If you just must tell someone then go tell yourself in a mirror.
When a person passes, well their bills are paid from the money on hand, and if there isn't enough then their assets are sold to pay for that and then anything they promised someone else well then they might not get it. Do not count your chickens yet. When you get it via certified check (whatever amount) first ask a CPA (or even H&R Block) or the attorney if there will be taxes on that and how you'd claim it on your income taxes (if you have to). Then find yourself a couple of banks and deposit the money so that if the bank was broken into you would not lose all your money. Usually probating a will takes abotu 18 months as it goes through the court system. I take it the executor of your grandad's will has already started it thru the court system.
I'm thinking you just want respect from your friends (by your wanting to tell them you have money). Respect is earned. So you're not going to get from your friends what you expect.
Wow, congratulations/commiserations James. I've found that outright lies are more difficult to stick to than white lies, and you don't want to be looking over your shoulder when you spend it do you ? This is a life changing amount of money meaning that you may not have to work. So one way or another, the likelihood is that they are going to find out. Perhaps tell them you have received a smaller amount than you actually have or that you've got a trust fund which pays you income but you cannot have the capital. Beyond that you have no control how they take it. Give them a few months to adjust to the idea - good friends will be happy for you and treat you the same, bad friends will change their behavior towards you - drop them. If you wish to make it last for the rest of your life, take out no more out than what an annuity will give you - but don't buy one as the are terrible value for money due to fees and commissions - they're just the best guide out there to how much you can take out of a lump sum whilst making it last a lifetime. As for investing – now is probably one of the worst time for investing given the amount of indebtedness in the world and relatively high equity and property valuations - http://www.smithers.co.uk/page.php?id=34 Check all investment recommendations with the good people on The Motley Fool investment discussion forums.
Don't bother telling them anything, don't bother buying them anything and do not do anything you would spend to much money on. If you go to college use other means not the inheritance also find a way to make it last for your life and make things easier for you. Also there are several investment vehicles that you could follow to allow you to build and secure your inheritance.
Good Luck
I don't understand why you want this news to be conveyed to your friends. It's none of their business to interfere with your large property inheritance. This news must not be scattered everywhere. I know you are excited to share it with your friends, but control your emotions and think about the appreciation and using this property in a better way. Consult a financial advisor for the effective financial planning.
Don't tell your friends. It's none of their business.
Six figures doesn't make you rich. And if you're not smart, you'll be back to zero in nothing flat.
Don't be an idiot. Keep your yap shut, go to university and get on with your life just as you would have without the money (with the exception of not having to borrow money for school).
People of your generation are going to need 5-7 million to retire with a middle-class lifestyle. What you inherited is just seed money. Why do I get the feeling you are going to blow it?
If you hand out free drinks all round you will be accused of showing off ; if you don't you will be seen as mean - dammed if you do, dammed if you don't. This day and age a six-figure sum is not so large, although it may seem so to you because of your age, so it's nothing to brag about. A fool and his money is soon parted - keep your mouth shut, it's no one's business but your own.
Why do you feel the need to tell all your friends? That's your personal business and certainly something I wouldn't advise you share with friends. I too will receive an amount of money at a certain time, but I won't tell everyone, especially my family because they are the first to ask for money. Be careful who you trust.
If you tell one other person soon your entire circle of friends will know. Shortly after that your current friends will be replaced by moochers and other hanger-on types looking for a handout or free ride. Pay for your school and invest the rest for your future. Don't buy a flashy car and above all don't ever do coke.
I wouldn't tell them, it's none of their business. The minute anyone finds out you have any money they will want you to spend money on them, or better yet give them some of it. If you feel like treating them to something from time to time that's fine, but again, I know from experience it's best to keep how much money you have to yourself. I was actually asked once how much my father left me. I lied and made it sound like a lot less, and I thought it was very rude for this person to ask me this. If she knew she'd be jealous.
Sorry but nobody goes around telling anyone else their financial business. You are probably dreaming anyway. By the way 'being rich' is not something to brag about and it does not involve 6 figure sums are money at all come to that. Being really rich is inside yourself.
