How Texans Lose Their Inheritance in Just 5 Years

(KNUE-FM) Texas is a wonderful place to call home, it’s gorgeous and people are generally very kind. But there are less expensive places that you could live in the country if you wanted to save money. Although, I wouldn’t recommend it.

It seems like recently, especially with inflation, people are doing everything possible to save some money or at least hold on to the money they have for as long as possible. And the last thing you want to do would be to waste any savings or inheritance you might have.

How Inflation Impacts Texans’ Money Decisions

So, let’s look at how people have wasted that money in the past, so you don’t repeat their mistakes.

Whether you have a nice savings account that you have worked hard to grow or inherited, you need to be very cautious. There was an article recently by Business Insider talking about how the average person burns through their inheritance in about five years, if it’s not invested properly.

READ MORE: Helpful Tips to Start Saving Money

READ MORE: Items on Sale in the Month of May

Common Money Mistakes That Drain Savings

When most people inherit money, normally the first thing that pops into their head is not to save it or invest it. People want to spend it, which is why you need to be smart about your financial future.

Get our free mobile app

Smart Ways to Protect Your Financial Future

If you want to retire one day, you can make that happen. But it doesn’t happen by accident; you must be smart about your decisions and how you spend your money. It’s amazing how quickly interest can stack up on specific investment accounts.

Learn from other people making bad money decisions. Here are some tips to make sure you don’t waste your savings or inheritance.