It's not that you have poor behaviour, it's just that you've made un-perfect financial choices. And guess what? Join the club. What about when you get an inheritance? Apply to debt? Invest? Spend? What should you do? Let's talk about it
LINKS:
Black is the New Red: THE place to have Canadian money conversations! www.facebook.com/groups/blackisthenewred
Lindsay's Budget Templates: https://www.prettymoneyclub.com/budgetsignup
Lindsay's 5 day budget makeover: https://www.prettymoneyclub.com/budgetmakeover
Dollars and Sense BOOK: https://danariely.com/books/dollars-and-sense/
SHOUTOUT:
If you unexpectedly inherited $50,000… what would YOU do with it? Tell us!
HOMEWORK: Pretend that you are going to inherit $50,000 this week. Talk with your family about how you would choose to utilize this cash!
HOW TO GET IN TOUCH:
Join in the conversation with 8000+ other Canadians (and finance industry pros) in Black is the New Red: www.facebook.com/groups/blackisthenewred
DM Lindsay @ www.facebook.com/lindsayplumbmoneycoach
DM Meghan @ https://www.facebook.com/porterougeco
00:00:12 Lindsay runs a facebook group for Canadians to ask questions about money which currently has over 9000 members. (www.facebook.com/groups/blackisthenewred) There was a question the other day from a group member: "I just received $50,000 in inheritance and I have $50,000 in debt. What do I do with the money? Do I pay off the debt or do I do something else?" The answer is "Well, it depends."
00:03:59 Lindsay has a general rule of thumb that you do not use an asset to pay off a liability. There are much better ways to put your money to work.
00:06:11 HOW you got into that debt in the first place will make a big difference in how Lindsay would answer the question. If you acquired the debt because of poor spending choices, you're going to find yourself right back in the same situation in the future if you take the money to pay it off.
00:12:34 Meghan shares a personal story of what her family chose to do with an inheritance they received 15 years ago, and what she may have done differently knowing what she knows now
