Wealth Transfer 101

There’s a lot of chatter in the world right now about wealth transfers – because we are in the midst of seeing the largest one the US has ever experienced! 

I’m breaking down everything you need or want to know about what the Great Wealth Transfer is, what you should do if you receive an inheritance and how you can start NOW to amass enough wealth to leave your own wealth transferring legacy. 

What Is The Great Wealth Transfer 

The Great Wealth Transfer is the biggest handing off of wealth the United States will have ever experienced. It’s the result of baby boomers building trillions in wealth that they will be passing on to younger generations. 

 According to a 2015 report by US News & World, baby boomers controlled an estimated 70% of all disposable income in the United States. That’s a lot! 

That means Millenials will go from controlling an estimated 3% of the disposable income to a much, much larger portion. 

It’s an interesting and unprecedented phenomenon that will happen in the economy as large amounts of money are put in the hands of a generation that spends differently, saves differently, values money differently, and invests differently. 

Because The Great Wealth Transfer will have such a massive impact on the economy, no matter what your specific situation is, it will affect you. 

Whether you will be receiving an inheritance and need to know what to do to utilize it wisely, you want to build your own wealth, you want to know what to invest in or you are a business owner that needs to prep for the changing economy, The Great Wealth Transfer will affect you in one way or another. 

How To Invest An Inheritance 

There’s a sad statistic about inheritances. Nearly ⅓ of the people who receive them see either zero change or an actual decline in their wealth after they accept a windfall of money and assets. 

 There’s no way that can be possible right? They got more money, so they should have more wealth. Unfortunately, though, that’s not always the case. 

 A variety of reasons contribute to why they are worse or no better off, but most often it’s because the money is spent too fast and too unwisely. After a couple of large purchases, new cars, or expensive vacations, many watch the money dwindle quicker than expected with little opportunity to recoup it. 

 Some of my top tips for what you should do if you receive an inheritance are:

There’s No Need to Rush

Don’t start spending it right away! After someone you love passes away, grief can fog your mind for a long time. Place it somewhere safe, like a money market account, until you’ve mapped out exactly what you want to do with the influx of funds.

Map Out Your Plan

You don’t have to spend, invest, or touch a dime of your inheritance until you’ve carefully planned exactly what you want to do with it.

My advice is to start first with where it NEEDS to go. Some places that it might need to go could include:

  • Paying off credit card debt (and then planning to never acquire massive debt on credit cards again).
  • Paying off your mortgage. By paying off your mortgage early, you’ll save thousands in interest and you won’t have the burden of a monthly payment so you can focus that income elsewhere (like building more wealth!)
  • Stashing for an emergency fund. If your emergency fund doesn’t contain 3-6 months of living expenses and a few thousand extra for the hiccups and unexpected expenses that life often brings us, use some of your inheritance to build up that pad so you feel more confident and comfortable knowing you have financial support saved up.

Once you know what’s left after determining where the money needs to go, you can figure out what to do with the rest! 

Making Your Money Work For You

Yes, you could take the money left over after needs and buy the fanciest car in your neighborhood, which will quickly depreciate in value, or you could take a no expense spared trip around the world for six months, but those kinds of decisions will deplete the money faster than you can imagine.

While you CAN use it to enjoy yourself and get a new car if yours is a clunker or take some trips, just know what you can spend on the fun stuff without setting yourself up for a poor financial situation a few short years later.

If you want to take that money and make it work for you, instead of constantly working for money, consider investing it wisely.  

Building Your Wealthy Legacy

Whether you receive an inheritance that you want to make last for future generations, or you want to be the first generation to leave behind a financial legacy – you can!

Anyone, no matter what their income, can take steps towards financial independence and building a multi-generational legacy of wealth to be transferred on!

wealth transfer 101

I love, love love helping people, from all financial backgrounds and situations, build their fortune! I left a high-paying job as a financial planner to the ultra-wealthy because I felt financial advice and guidance needed to be available to EVERYONE, not just those who already had millions in the bank.

Some of my top tips for how you can build your wealth legacy include:

Don’t wait to start!

The time to start saving and investing is NOW. It takes as little as $5 to start so whether you only have $5 or have thousands from an inheritance, it’s wise to start early.

How To Start Investing With $1k or Less


Your money shouldn’t all go in one basket. It should be planned to go in a variety of stocks, bonds, mutuals, and high-interest generating savings accounts. You want a complete and well-rounded portfolio. 

Use Technology

Thanks to technology, investing is more accessible and fun than ever before. A few of my favorite investing apps I encourage you to check out are Robinhood, Acorns and WeBull, both of which you can get started investing in just a few minutes and a couple of bucks!

Lifestyle Design

Your financial goals and lifestyle choices should be aligned. If your lifestyle design is that you want to travel more, great! Make a financial plan that supports that. If your lifestyle choice is to send all your kids to college, also great, just make a financial plan that supports that!

Anything you want is achievable, but it does require careful planning, conscious spending, and informed decision-making.

Don’t Do It Alone

No matter where your financial situation falls it’s ok and healthy to lean on someone to help you leave and receive a legacy of wealth.

You can work with a certified, professional financial planner, and you can also educate yourself. After all, you should always have an understanding of where your money is!


free investing masterclass

Options Trading on Robinhood