Naming someone the beneficiary of your 401(k) or life insurance policy is a big deal. That person could inherit however much money you’ve worked hard to accumulate.
What happens far too often though is someone in their 20’s and 30’s might name their boyfriend or girlfriend, or even their best friend, and then simply forget to change it when they broke up or decided they no longer wanted to friends (yes, friendship can be fickle.) This is bad news if something happens to you. Despite your boyfriend or girlfriend begin your worst enemy, if you were to pass away and they were named the beneficiary then…you guessed it…they get your loot with no questions asked.
There are a few things you’ve got to know before you name someone as your beneficiary, and I’ve got them all ready to share with you in this podcast.
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Listen to the Podcast
Find out who your beneficiaries are on each account
Let anyone know who is a beneficiary
Make sure you create a will if you have any requests for how you would like that person to spend the $$
If you inherit money, don’t blow it all on a lousy shopping spree. Make sure you invest it and live off the interest to keep the principle. That is money 101.
Shannah Compton Game is a podcast host and CERTIFIED FINANCIAL PLANNER of the top-rated Millennial Money podcast. Millennial Money has over 6-million downloads in 164 countries. Shannah’s years of experience as a skilled Certified Financial Planner have set her on a mission to revolutionize how people think, act, and feel about their finances…and have some fun doing so.