Like most people, you probably have two main lists: Wants vs. Needs. You have your bills, weekly trips to the grocery store, car maintenance appointments, and so forth. However, you also have your eye set on a new boat, or a more luxurious car with all the bells and whistles even though your current vehicle is in perfect condition. Even now, don’t you think we have a tendency to put those wants before needs? But what if you had a lot more money?

Where to Start With Your Newly Acquired Inheritance

Let’s say you’ve recently received an inheritance, and you’re not exactly sure how to invest that money wisely. With the lists of things you want and need to pay for, you might find yourself in a tricky spot on what to put your money towards first. You don’t want to blow through the money that’s been left especially for you, right?

CNN Money released an article this month giving tips about (especially those who have or will be receiving an inheritance) how to prioritize the things that honestly should be paid first.

1. Pay off student debt faster
2. Use the money for a down payment on a house
3. Open a business
4. Save more for retirement
5. Invest for long-term goals