Hello /r/personalfinance. I'm very soon to receive an inheritance, it's under 6 figures but still a very large sum of money to receive upfront for a normal young guy like me (early-mid 20s). I haven't ever had money anything close to this before. I live at home with my parents and probably still will for a little while, though likely will rent before buying a property. I work full time and earn decent money, though the inheritance is well over what I make in a year.
My parents have asked that I give most or pretty much all of what I am receiving to them. Well in fact they are pretty adamant that it is their money and they don't believe I need the money.
I have a relatively good relationship with my parents but they said they would like the money to clear some of their mortgage debt (well into 6 figures). I believe their inheritance is double the amount I am receiving, maybe more. But still not enough to clear their debt. They have said that once it comes my time to buy a property, they will help me with that in return. I think they would help me, but frankly I have no idea how much or if they would even give back the amount I give to them. Who could say what happens in the future...
My parents are generally pretty frugal and I definitely don't think they are lying about where they would put the money at least.
Would I be stupid to give most of this money away? I may receive another inheritance one day and whatever from my parents but hopefully that is a long time away. But as far as normal employment goes I will possibly never see money up front like this again, or at least for a very long time. This amount would obviously make me significantly more financially comfortable.
As another piece of information, I did happen to borrow 2-3k from my parents last year for a holiday which I have since paid back.
If they didn't ask for any money, I would clear my debt ($5k that is interest free until the end of the year), spend a tiny portion (1-2k) and invest/save the rest. I already have money invested in shares (my job and degree is in finance so I have ok knowledge with finance/money) that have done fairly well. I already have a holiday booked this year so I wouldn't use it for anything expensive like that.
Regardless of how much I give them, I'm still planning to keep a portion to at least clear my debt and invest some money. Obviously I can split the money however I like, so I could give them even the majority while still retaining a good amount of money. But I'm not sure...
Submitted April 07, 2019 at 05:53AM by PerFinance123 http://bit.ly/2uZkdMx
