Your Top March Money Questions — Asked and Answered – NerdWallet

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Each week, we answer money questions from around the web on the NerdWallet app. Here are three of the trending questions from March.

So, what do you need to do to get ready? Probably not much — at least not yet.

First of all, not everyone will receive a large inheritance. Given the unequal distribution of wealth in America, a select few will receive a bigger piece of this particular pie.

Even those who receive assets after a family member’s death may not see a substantial windfall. Financial advisors often advise against spending money before receiving an inheritance, because you never know if you’ll actually get what you’re expecting.

Most financial professionals warn against rash decisions after receiving an inheritance, especially because you may be grieving. Spend time brainstorming different possible uses for the money — including what the loved one who gave it to you would have wanted.

It’s also worth factoring in potential taxes and other financial implications. Consider keeping the money in a high-yield online savings account so it continues to grow while you decide how to use it.

It’s hard to get actual numbers on how frequently familial fraud occurs because people are often hesitant to report their parents to authorities. Axton Betz-Hamilton, who wrote a memoir about her experience with familial fraud, says survivors can recover — it just might take time.

If familial fraud happens to you and you want to fight back, what should you do?

Throughout this process, it’s important to take care of your mental health, too. A counselor, social worker or therapist may be able to help you deal with what happened.

Hobbies like golf or travel can be expensive. So how do you know if they’re worth the money?

The answer to that question starts with an examination of your overall financial goals and budget.

Take a close look at your financial priorities. These may include building up an emergency fund, paying off high-interest debt and saving for long-term goals like retirement. Ensure you’re focusing on what matters most to you.

It’s also worth brainstorming some ways to cut costs, apply discounts or even earn money from your hobby. If you’re a crafter who dreams of purchasing a pricey sewing machine and high-end materials, then you might want to get familiar with your favorite craft store’s sales cycle first.

If you love sailing, perhaps you can offer sailing lessons or paid outings on your boat. You could use the money you make from the lessons as a way to offset your costs.