What would YOU do with inheritance money

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#16
I wouldn't invest in jewelry, like the others said, jewelry isn't an investment. I look at used jewelry online a lot and the cheaper VCA pieces seem to hold their value the best, but they still sell for less than retail and when you factor in commission/fees you are still losing a lot of money. Also, what if the jewelry you invest in loses its trendiness? For example, although they are classic, love bracelets are unusually popular right now but who knows what the next 'it' thing will be in 5 years? People won't pay as much for it if it's not in demand anymore.
I think you should either just save the money or invest it in something safe if you feel comfortable/knowledgeable enough to do so.

I had a relative that passed away and left me some money. Unfortunately I was pretty young when it happened and I gave a good amount of it away in gifts and loans for other relatives who said they were struggling (turns out they had more than I did), literally crying to me. I would really be careful about friends and relatives coming up to you in desperate need for money, even though you say it's not a lot of money you'd be surprised how happily people will be to take even the smallest amount from you, and how unwilling they are to pay any of it back. If you're in the mindset that you won't be able to use it anytime soon, it's a lot easier to loan money away and never see it again.

And I don't think you should automatically be thinking you won't be able to use the money for a house or other investment in the near future, you never know when you will get a great opportunity to put it to good use. I don't know where you live, but some places $10000 is enough for a down payment on a small house, or at least a very good start towards one.
 
#17
drtjeckleberg said:
I wouldn't invest in jewelry, like the others said, jewelry isn't an investment. I look at used jewelry online a lot and the cheaper VCA pieces seem to hold their value the best, but they still sell for less than retail and when you factor in commission/fees you are still losing a lot of money. Also, what if the jewelry you invest in loses its trendiness? For example, although they are classic, love bracelets are unusually popular right now but who knows what the next 'it' thing will be in 5 years? People won't pay as much for it if it's not in demand anymore.
I think you should either just save the money or invest it in something safe if you feel comfortable/knowledgeable enough to do so.

I had a relative that passed away and left me some money. Unfortunately I was pretty young when it happened and I gave a good amount of it away in gifts and loans for other relatives who said they were struggling (turns out they had more than I did), literally crying to me. I would really be careful about friends and relatives coming up to you in desperate need for money, even though you say it's not a lot of money you'd be surprised how happily people will be to take even the smallest amount from you, and how unwilling they are to pay any of it back. If you're in the mindset that you won't be able to use it anytime soon, it's a lot easier to loan money away and never see it again.

And I don't think you should automatically be thinking you won't be able to use the money for a house or other investment in the near future, you never know when you will get a great opportunity to put it to good use. I don't know where you live, but some places $10000 is enough for a down payment on a small house, or at least a very good start towards one.
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Very good advice. As someone who also got taken advantage off money wise from relatives who had/have more than me, I fully support this.
 
#18
Get a piece of jewelry in memory of your grandmother. Invest the rest wisely, not in fine jewelry. Jewelry is a luxury item that might go up in value if you are very lucky but relying on that when you have a child is not practical.
 
#19
ArielNature said:
Sorry for you loss, my condolences.

I would invest depending on the situation. If you have a home, a car, and a steady income, then go ahead and purchase some jewelry that you love.
I was in a similar situation, but my grandma gave me jewelry instead of money. I am beyond happy for the pieces are unique and beautiful and remind me of her. Some people told me to sell them and invest buy I don't think I can do it, for now. As a matter of fact, I got one item that has been passed from grandma to granddaughter for several generations. There is a special sentiment everytime I use that particular piece, it's a family heirloom (and my grandma said it's haunted hehehe).
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I think these are very wise words - why not try to look ahead 5-10 years into the future and project where you are likely to be in terms of salary and lifestyle. If you anticipate you will be earning enough to comfortably pay for a nice home, car, your children's education, regular holidays etc and still have savings/investments/pension and money left over for fine jewellery then you should not worry too much now about how you spend your inheritance. If however, you envisage that you may be financially stretched then it would be wiser to be sensible now and not look back with regrets. Everyone's situation is different and we can only advise based on our own individual circumstances.
 
#20
otieoh said:
Get a piece of jewelry in memory of your grandmother. Invest the rest wisely, not in fine jewelry. Jewelry is a luxury item that might go up in value if you are very lucky but relying on that when you have a child is not practical.
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This is exactly what I did when my grandmother passed away! The main inheritance was invested, I just bought a Cartier trilogy why I wear everyday on my right hand.

It makes me smile everytime I look at it, as it reminds of a very special person. :smile1:
 
#21
Thank you everyone for these absolutely fantastic replies! I knew this was the right place to ask. I've read everything and will respond better when I've got a bit of time. But the advice has been great and in short, im going to follow it and find the best way to invest 90-95% of it, probably put it in an ISA initially so it can gather interest whilst we look into it. Luckily we have access to a chartered account through my partner's work so we'll chat to him and get his advice.

It's been lovely to read about other people's inheritances, memories and reminders of their loved ones too :)
 
#23
JenW said:
Why not buy a small but lovely sterling piece and invest the rest?
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This is an excellent idea. You can buy something really nice in sterling for $200-$300. You could even get something engraved. The nice thing about sterling is that it's not so expensive you'll be prone to tuck it away and only wear it for special occasions, which means almost never. If you lose it (and I'm always losing jewelry) you're not out a bucket of money. So you'll be more apt to wear it every day or whenever the spirit strikes. And if you break it (and I'm always breaking jewelry) sterling pieces are so much cheaper to have repaired than fragile expensive gold pieces.
 
#24
apey_grapey said:
Jewelry is NOT an investment; it is sentiment. Even "in demand" pieces like VCA don't fetch more than retail in the secondary market -- specially if you've worn it. The only time jewelry appreciate in monetary value is if it's an "important" piece (owned/worn by someone famous, singular craftsmanship, or magnificent jewel).

What I suggest is to put 90% in the bank -- preferably somewhere you don't have quick (online or cash point) access to -- and take 10% to scratch that splurging itch.
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I totally agree with this!
 
#25
Christiflora said:
You posted this question in a jewelry forum, so I guess you expect an answer that has to do with purchasing jewelry or handbags (this is a handbag forum after all) with at least some of your inheritance money. I am speaking as if I were the young recipient of the money and also as a grandmother.

My answer is to invest all of the inheritance in stock mutual funds (diversified mix) and let the investment grow. Some ten years or later, use a part or all of the money towards big purchases such as education, house, unexpected major medical expenses, and hopefully retirement (so you can choose to retire early). I am guessing that right now you are at the early stage of building up your education, career, home life (including having children). With all income finances and expenses not settled, it is not a good idea to waste money on "wants". Lastly, jewelry is never the best investment. Rather, it is just guilty pleasure or self reward with excess money.

I wish my grandchildren would not waste the money I leave them on mindless splurging. If they manage inheritance money wisely, I would be very proud of them for being mature and wise.
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+1

If you like, maybe purchase something small in memory of your grand parent
 
#28
Thanks everyone. Grandma's had her funeral now so is at rest. I was unable to attend due to a current mental health course I'm attending (which my grandma would have deemed far more important than her funeral), however I made a card to go with her flowers that included John 14:27 inside. I then later found out Grandma had chose the exact same verse to be read out during her service (she'd planned the whole thing), which we thought was such an amazing coincidence, so I'm feeling very happy and very much at peace with it all.


I've decided to go ahead and put the money in a high interest savings account for the time being, unless our accountant has a good tip for another investment oppourtunity. Volkswagon shares are probably quite cheap at the moment lol!

I'm going to save ~10% for a purchase in memory of my grandma, but instead of buying a brand like VCA (even pre owned), I'm going to design something myself and have it custom made.

So far the ideas floating around are 18k rose gold, a fitted bagle, a solid gold rose, a few mother of pearl petals, a few yellow gold petals (using gold from jewellery she bequeathed to me), green gold leaves (for that beautiful, organic Black Hills Gold look which I really enjoy). Perhaps some white gold vines or tendrils using left over 18k from my old engagement ring, and possibly some smaller roses either side of the main one with my children's birthstones in the center (I'll source those myself).

It's a big project, but I've found jewellers in the UK who are working with these shapes and mediums, and I'll get a LOT more gold and craftmanship for my money. It will be a real heirloom piece and intensely personal. I want something I will adore looking at. Inside I want engraved the first line from the bible verse we both chose: "Peace I leave with you; my peace I give to you" and then I think that will round it all off very nicely :smile1:
 
#29
I hope you are feeling better. Mental health is nothing to mess around with so I am glad you are taking care of yourself. Big hugs from across the pond.
 
#30
nexiv said:
Thanks everyone. Grandma's had her funeral now so is at rest. I was unable to attend due to a current mental health course I'm attending (which my grandma would have deemed far more important than her funeral), however I made a card to go with her flowers that included John 14:27 inside. I then later found out Grandma had chose the exact same verse to be read out during her service (she'd planned the whole thing), which we thought was such an amazing coincidence, so I'm feeling very happy and very much at peace with it all.





I've decided to go ahead and put the money in a high interest savings account for the time being, unless our accountant has a good tip for another investment oppourtunity. Volkswagon shares are probably quite cheap at the moment lol!



I'm going to save ~10% for a purchase in memory of my grandma, but instead of buying a brand like VCA (even pre owned), I'm going to design something myself and have it custom made.



So far the ideas floating around are 18k rose gold, a fitted bagle, a solid gold rose, a few mother of pearl petals, a few yellow gold petals (using gold from jewellery she bequeathed to me), green gold leaves (for that beautiful, organic Black Hills Gold look which I really enjoy). Perhaps some white gold vines or tendrils using left over 18k from my old engagement ring, and possibly some smaller roses either side of the main one with my children's birthstones in the center (I'll source those myself).



It's a big project, but I've found jewellers in the UK who are working with these shapes and mediums, and I'll get a LOT more gold and craftmanship for my money. It will be a real heirloom piece and intensely personal. I want something I will adore looking at. Inside I want engraved the first line from the bible verse we both chose: "Peace I leave with you; my peace I give to you" and then I think that will round it all off very nicely :smile1:
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So sorry to hear of your loss nexiv. Condolences to you and your family.

I really love your idea to custom make an heirloom piece in remembrance of her. I especially like that you will be engraving the first line from the bible verse. All the best with this personal project. :)
 
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