Inheriting Wealth? How to Tackle the Money Mindset & Emotional Rollercoaster

Modern Financial Wellness

Welcome back to Modern Financial Wellness. I’m Jim Grace, CFP®, your host, and today I had the pleasure of speaking with Melissa Hoyer, a certified financial planner and certified coach from The Wealth Conservancy in Boulder, Colorado. We're talking about the complex and often personal dynamics surrounding inherited wealth. Melissa brings an interesting combination of financial planning expertise and a deep understanding of the emotional aspects of inheriting wealth, making her insights invaluable for anyone navigating this challenging situation. In this episode, we explored the experiences of people who suddenly come into wealth, often as a result of an inheritance. This can be an overwhelming experience, compounded by the loss of a loved one. Melissa shared her unique approach to coaching, combining it with her financial planning skills to help clients understand and integrate their new financial realities into a meaningful life. Melissa explained the stages of inheritance, starting with 'innocence' where inheritors are often unaware of what they own, followed by 'denial' where some might try to ignore the reality of their new circumstances. She emphasized the importance of shifting these mindsets and crafting a path towards 'integrated authority,' a stage where inheritors fully grasp their financial situation and personal values. Here are five key takeaways from our conversation:

1. Coaching and Financial Planning Go Hand-in-Hand: Melissa uses coaching to help her clients explore their beliefs, mindsets, and values around money before making major financial decisions. This helps clients navigate their financial journeys more confidently and authentically.
2. Take Time to Understand Your Situation: Inheriting wealth is an emotional and complex process. Melissa highlighted the importance of not making any major, permanent decisions too soon. Allow yourself a decision-free period to process the change.
3. The Importance of Working with a Fiduciary: Melissa stresses the importance of choosing advisers who are fiduciaries—professionals legally obligated to act in their client’s best interest—to help navigate the complexities of inherited wealth.
4. Shift Your Perspective: Transforming your mindset from 'I don’t deserve this' to a more empowering view can drastically change how you handle inheritance. Embracing self-love and understanding your own worth are critical steps in this process.
5. Engage in Self-Discovery Before Inheritance: If possible, begin exploring your values and preferences before actually receiving an inheritance. This preparation can make a significant difference when you do have to handle it.

As always, be sure to check out the Wealth Conservancy and Melissa’s work. Don’t forget to visit our website at modernfinancialwellness.com for more resources and to connect with us. Thanks for tuning in, and we’ll catch you next time! [embed]https://youtu.be/1BEGxIKLcwM[/embed] Make sure to check out some of the great recommendations that Melissa provided and follow her content below: READ + LISTEN + LEARN:

• Raising Financially Fit Kids by Joline Godfrey

FIND MELISSA @:

• LinkedIn
• The Wealth Conservancy, Inc.
• Way Into Wealth: Melissa's coaching program for easing into affluence.