I'm 30 years old and just found out I have a $3.5 million trust that I never knew I was going to get - how much can I spend each year?

Discovering a generous trust at 30 can be overwhelming, especially when it comes to maximizing growth and spending wisely. It's vital for the beneficiary to set clear priorities and establish a sensible yearly spending benchmark. Engaging with a financial advisor can help navigate this new financial landscape, as $3.5 million can vanish quickly without prudent management. The risk of lifestyle creep makes it essential to remain grounded and cautious while adapting to newfound wealth.

When you become aware of a substantial inheritance, such as a $3.5 million trust, it's crucial to approach it thoughtfully, balancing spending and growth.

Avoid lifestyle creep, a common pitfall when financial circumstances change significantly, as newly wealthy individuals often increase their expenses dramatically.

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