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It's no surprise that many people who inherit millions of dollars are uncertain about what to do with their newfound wealth. The possibilities of becoming a multimillionaire overnight can be overwhelming, especially during a period when most are grieving the loss of a parent or other loved one.
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I often work with people in many different age groups who have suddenly become wealthy as the result of a windfall inheritance. While there is a need to develop a comprehensive financial plan, it's not the first step. Instead, I try to determine each person's starting point with money. Many people fall into one of three categories:
They are anticipating how they will handle their wealth, but the money hasn't yet arrived.They have their inheritance — often several million dollars — but they are still grieving the loss of a loved one and are looking for guidance on next steps.
The inheritance has been in their bank account for a long period, but they still lack direction and can't make any decisions.
It is important to listen to each person's personal story with a windfall of money. Losing an important person in your life is difficult, and reflecting on the impact that person made is just as important. Many people express a desire to do something to honor a parent's wishes.
Figuring out how to make the best use of an inheritance
Here is how I generally approach these conversations to help a person make the best use of their inheritance:
Define their relat
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You don't have to be all that old to remember the excitement of "outlet shopping" - hitting special shopping centers (or even whole towns - Freeport, Maine, anyone?) for deals on overstock, returned, or sometimes separate bargain-lines of product. It only makes sense that the nation's biggest online retailer, Amazon.com, would play this game with its own outlet - without the bricks and mortar (and ancillary candy and fudge vendors).
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As millions of Americans signed up for Amazon Prime weigh the benefits of Amazon Prime perks - (both the new one or two and the ones being taken away) against the recent membership price increase - Amazon Outlet is probably a reason to stick around.
These aren't used or second-hand items, and some are even quite high end (think Apple, Bose, Marmot and Pendleton). Amazon Outlet items are actual overstocks - Amazon bought too many of them - discontinued items, or just plain old clearance items. And they cut across a retail swath. That means you'll see clothing, kitchenware, home d
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