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  #1  
Old Aug 5, '08, 9:00 pm
Running4God Running4God is offline
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Default Coming into money

I am trying to figure out what to do with a large inheritance.
I have never had very much money and have worked hard for what i have. With a recent inheritance I can now afford many a luxury.
However I am wanting to know, as a young person converting to catholicism, what I should do with the money while keeping my faith in mind.

I have enough money to purchase things that I really want/need such a a house, new car and paying off dept.

I am not sure where I stand morally with spending the money on myself and giving money to the Church and to Charities?

I know that in my mind, I want to give a large amount of the money away to Church,Charities and people/families in need. But how much am I allowed to keep for myself. Should I only buy minimal things that I "need" and not things that I "want" and can I put large amounts of money away to save for the future ie. children and marriage etc.

Im feeling quite confused and would really value everyones opinions on this.

Thank-you all and God Bless
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  #2  
Old Aug 6, '08, 9:24 am
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Paul2274 Paul2274 is offline
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Default Re: Coming into money

Quote:
Originally Posted by Running4God View Post
But how much am I allowed to keep for myself.

Well, it's not a matter of what you are "allowed" noone can say that to you. You can buy things and give some to good causes.
What you have to keep in mind and should pray about... How you came into this money... What good can I do with this money?...

Money becomes sinful when you let the money be your life. When it replaces God... give it all away. Keep God as your focus and don't be overly concerned with "What can I buy next?" Things don't make you happy. Things can't love you back!

Work with some foundations that have catholic values or find a monastery or a convent in need (there are many, many that need help and even a small gift goes a long long way cause they know how to use the money without wasting it)

Whatever you choose is ultimately your choice and at the end of the day ,when you lay your head down on your pillow, you have to be happy with how you live your life... good or bad.

So, be happy treat yourself... but do something amazing!

Good Luck and Peace be with you.

Paul
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  #3  
Old Aug 6, '08, 8:01 pm
KJS KJS is offline
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Default Re: Coming into money

I agree with Paul2274 - money can be a gift or it can be a curse. It all depends on your relationship with it. I think it's honorable that you are already working out how to give part of it away - shows that you have a mature attitude about it.

Definitely pray about it and let the Holy Spirit guide your decisions. Good luck!
  #4  
Old Aug 7, '08, 4:55 am
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LilyM LilyM is offline
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Default Re: Coming into money

Firstly - congratulations.

Secondly - paying off any debts that you owe is your primary duty, now that you can do so. Providing for your own future so as to avoid (if possible) being a financial burden on others in later years is also an important duty - so some savings towards your later years, and a roof over your head, are absolute musts.

Giving to charity is also a must of course - we should give to God the firstfruits of all that He gives us. The biblical stipulation of the tithe (10% of your inheritance to charity) would seem a good rule of thumb in a case where you have much more than sufficient to provide for immediate needs.

And it would be laudable to give more, though not necessary - after all, you never know what the future might hold for you financially and have the duty to make a reasonable provision for yourself.

Pray to the Holy Spirit for discernment, make no sudden large purchases or investments, seek the advice of a good financial planner (or preferably a few) to show you how best to protect and grow, as a good steward should, the money you've been graciously gifted, and also take the time to educate yourself a little about money matters - I'm sure there are good books out there about financial management and financial planning.
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  #5  
Old Aug 7, '08, 4:56 am
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Trishie Trishie is offline
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Default Re: Coming into money

If you "have enough money to purchase things that I really want/need such a a house, new car and paying off debt."

Wonderful, why not! That's commonsense.
And that's what I think you need, the balance of commonsense and some generosity to others. Do the tithe, the 10% percent donation to Church/charity if you want to be biblical.

But as you have received this benefit, this gift for which you can thank God, you'd be impractical not to make reasonable provision for your future family, as well as to care for others.

God bless! And lucky you!

God give blessing to the soul of your benefactor!
Trishie
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  #6  
Old Aug 7, '08, 5:01 am
Running4God Running4God is offline
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Default Re: Coming into money

Thank-you all so much for your responses!

You have helped a great deal, and I will certainly be speaking with my Priest about this as well.

Thanks again, and God Bless you all!
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  #7  
Old Aug 8, '08, 11:56 pm
Rommegrot Rommegrot is offline
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Default Re: Coming into money

Depending on how large the inheritance is, you may want to look into doing a charitable remainder trust. This would allow you to make a donation but still receive income or benefits from it. Do some research and talk to a financial planner/lawyer.
  #8  
Old Aug 22, '08, 5:07 pm
kentuckyliz kentuckyliz is offline
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Default Re: Coming into money

Of the inheritance money I received at 26, the part I regret is spending it on a car. The part I don't regret is the money I stashed away safely into investments and IRA. That grew. The car is dead and gone and in the junkyard.

Beyond whatever giving you decide to do (and consider that the estate may have already tithed), do your best to use the money in assets that appreciate--your education, a home (or home fund if you're not ready yet), IRA's, investments. Change your family tree.

I am coming into some money again now and I think I have better discernment about using it in a way that honors my father, who saved and invested carefully and lived humbly. I can't be extravagant. This abundance could really help tame my Inner Bag Lady fears.

I worked and sweated a long hard time to get debt free and that happened last March. Pay off your debts if you have changed your ways and are committed to living debt free. Don't get back into that slavery. Without the pressure and burden of debt, a lot of your stress and fear will melt away, even if you don't think you have any. Once it's gone you'll know you had it.

Are you living on a budget? Do you have some savings for a rainy day? Is your basic self-discipline under control?

Congratulations on your blessings!
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  #9  
Old Aug 28, '08, 9:25 pm
roanoker roanoker is offline
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Default Re: Coming into money

God has been generous to you, now its up to you to be generous to God. Give him his traditional share-10%. He's letting you keep 90........
  #10  
Old Aug 30, '08, 10:02 pm
eucharisteo eucharisteo is offline
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Default Re: Coming into money

Catholics are not required to "Tithe". Give according to which you have prospered. Keep in mind you own family's needs...wife, children. Even if you don't have children yet, one day you may. Money goes fast. So you ought to seek out a financial planner. Personally, I was written out of a will by my Protestant mom. The pain of not getting included had nothing to do with the money but the serious show of a lack of love not only for me but my children, her grandchildren. She in instead gave it all to the single brother...the one she ruined for life. He's still quitting jobs left and right. Do Not make money the center of your life. But that does not mean you have to give it all away. Take care of your needs. Give to your parish, seminaries, chariities, poor, good causes. Set up the money to where you receive it like a paycheck and then give as it comes to you...is a good example. That way you can set aside weekly and not just make it a one time thing.
  #11  
Old Sep 21, '08, 7:08 am
Al Masetti Al Masetti is offline
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Default Re: Coming into money

Do nothing financial for a year.

Make up lists of things you might want to do.

Collect data.

Do a lot of research.

Rest. Pray.

But don't make any commitments for a year.

Temporarily park the money in CD's that are insured. You may have to spread the money among several unrelated banks to get the FDIC and FSLIC insurance. You can accept a relatively low interest rate because all you want to do is to park it.

There are some bargains out there in the stock market. Right now. BUT, there are so many tip sheets and so many people out there who are more than happy to separate you from your money. And they are very good at taking money from people ... although they're not very good at actually investing money.

It's very difficult to know who to believe.

There are huge numbers of scams focused at every income level and at people at every level of wealth.

[Hint: if someone wants to send you info, insist that they send it by first class mail (NOT by Fed Ex) ... because any scams that come by first class mail are covered by mail fraud statutes. And the scammers don't want to run afoul of Federal fraud statutes.]

For folks who are still in the work force or for modest estates, check out www.aim-users.com and buy Lichello's book. It's very inexpensive. [Basically half gets parked into money markets and half goes into mutual funds of various types. As the market goes up, you periodically take some profits and put them into the money markets. When the market goes down, you transfer from money markets to the equities. It is a very simple system to start with. Read the reviews of the book on Amazon.]

The AIM system ... Automatic Investment Method ... will allow you to manage your own money and to do so with minimal emotional involvement.

http://www.amazon.com/How-Make-Stock...2006186&sr=1-1

Some folks liked the review of February 19, 2001 :

http://www.amazon.com/review/product...8&pageNumber=2


If you have a huge amount of money ... there is a "company" that specializes in large estates ... Bessemer Trust ... it was set up to handle the financial affairs of super wealthy folks ... children of the original steel industry families ... Bessemer. It's been around for a very long time.

Money and the management of it is a very subjective and very emotional subject.

There used to be a financial advice fellow named Sam Shulsky and one day he wrote to the effect that he gets letters from people with an income of $500,000 and the are desperate for more income. Other people would write and say they had an income of $2500 and wanted to know where to invest their surplus.

Last edited by Al Masetti; Sep 21, '08 at 7:24 am.
  #12  
Old Sep 29, '08, 11:05 am
jc-servant jc-servant is offline
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Default Re: Coming into money

While you should not go on a spending spree, I also don't agree with "do nothing for one year." Pay off your debts, especially credit cards or high interest loans right away. If you have to pay a high interest rate on a credit card, there are no prudent investments right now that will pay you at a higher rate than you are pouring into high interest rate credit card debt.

Make sure that you don't have more than $100,000 in any one bank account so that FDIC insurance is protecting you from bank failure. Check out sites like www.bankrate.com to see where you can get a decent interest rate on savings or CDs for the moment. Don't forget to maintain your liquidity with an emergency fund of up to one year's expenses just in case.

As Al suggested, do lots of research. There are many people who claim to be "financial planners" who are nothing but salespeople for their company's financial products and/or insurance. Look for a real financial planner who is paid by the hour, not on commission. There are firms that specialize in helping people who come into a lot of money suddenly like pro athletes or lottery winners. They know how to set up your finances so that you will have a nice income well into your future.

Don't spread it around that you have come into anything! Many "friends" and relatives can suddenly become ugly about a windfall or they may start begging for hand outs. Remember that you cannot save the whole world even if you have Bill Gates' net worth.

If you have not completed your education, then get your undergraduate degree or advanced degree NOW! The perfect time for school is usually while people have no dependents, no debt and a steady income. You have that right now if further education was in your life plan.
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  #13  
Old Sep 29, '08, 11:29 am
whatevergirl whatevergirl is offline
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Default Re: Coming into money

Quote:
Originally Posted by Running4God View Post
I am trying to figure out what to do with a large inheritance.
I have never had very much money and have worked hard for what i have. With a recent inheritance I can now afford many a luxury.
However I am wanting to know, as a young person converting to catholicism, what I should do with the money while keeping my faith in mind.

I have enough money to purchase things that I really want/need such a a house, new car and paying off dept.

I am not sure where I stand morally with spending the money on myself and giving money to the Church and to Charities?

I know that in my mind, I want to give a large amount of the money away to Church,Charities and people/families in need. But how much am I allowed to keep for myself. Should I only buy minimal things that I "need" and not things that I "want" and can I put large amounts of money away to save for the future ie. children and marriage etc.

Im feeling quite confused and would really value everyones opinions on this.

Thank-you all and God Bless
Congratulations! This is an exciting, and perhaps overwhelming time for you, I'm sure. I agree wholeheartedly with Lily's reply to you. I think her advice is spot on.

Second, you could send some my way...I mean that would be a very charitable thing to do. No? Oh, OK. Teasing.

I received an inheritance...not large, but not small, when I turned 21. My sister gave me the rest of my dad's estate--which was a blessing and a curse all at the same time. I ended up blowing the money, even though I put it into cd's. I'd HIGHLY SUGGEST you seek a strong reputable financial planner...possibly someone in the family could refer you to. I wish I had done that. My sister was tired of dealing with it all--and instead of hanging onto it for me, she wanted me to do with it as I chose. And I did. Stupid stuff. I did pay off my car, though...but other than that, I was very stupid with it.

Excellent that you plan on speaking with your priest...too! Good idea.

You seem to be wanting to do the wise thing, and I will pray that God enlightens you on how to spend it...wisely.

God bless, and good luck to you!
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  #14  
Old Sep 29, '08, 11:35 am
whatevergirl whatevergirl is offline
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Default Re: Coming into money

Running;

Have you ever thought of owning your own small business? That would be so cool, you know? Maybe think about something you have always wanted to do...and build it into a business of your own. I read the other day that historically, people become the most successful in small businesses during a recession. I would imagine this depends on what you're selling, but I thought that was interesting.

I just thought I'd offer that up to you, because that would be what I'd like to do if say, I came into a large $$ windfall.

Good luck, again!
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  #15  
Old Sep 29, '08, 1:53 pm
thedavidwilson thedavidwilson is offline
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Default Re: Coming into money

1) pay off debts (loans, credit cards, car, house, etc)
2) put 6months-1year living expenses into emergency fund savings account
3)put enough asside to max out your retirement each year
4)put money away for college
5)tithe each year
6) buy yourself and your priest something

Or you can donate it to a Latin Mass Oratory so they can build a new Church.
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