930b wwgd: $200k inheritance, 3 young kids & a lifestyle decision to make

**Glen James** (0:06)
Today, we are doing a What Would Glen Do If You Are New to the Show. This is where listeners of the show, they jump on, they ask me what I would do in their situation, and then we methodically go through their current situation. I might then clarify some things, and then I will give my judgment on what I would do if I was in their situation. You need to remember, this is what Glen would do. So, individual results may vary. Follow the instructions, check the box yourself, because you might disagree with me, and that's okay. We are in an environment where you can politely comment on the YouTube or Spotify, no, I disagree, I think I would do this, or they should do that. However, this episode is brought to you by Sphere Home Loans. We are pro mortgage brokers here on the show. Sphere Home Loans help our listeners all over Australia. So if you are after a mortgage, or if you are looking to get into your first property, your second property, your next property, your downsides, your upsides, your sidesides, reach out to Sphere Home Loans. They've got a dedicated team who help listeners all over Australia.
Until then, today on the show, we have got an anonymous participant.
This participant, we have named him and his wife, Chad and Brit. Chad, welcome to What Would Glen Do? How are you?

**Chad** (1:28)
G'day, thank you. Now, going well.

**Glen James** (1:31)
Nice. Now, what would you like to ask me?

**Chad** (1:34)
So, we're in a bit of a position, there's some unfortunate circumstances. We had the death of two family members, separate deaths, one on my side and one on my wife's side. And there is a roundabout 200K of inheritance collectively coming to us. And I'm just trying to sort of balance the lifestyle versus hustle type thing.
I kind of want to have my cake and eat it too, so that's why I thought, ask someone what else, what they would do.

**Glen James** (2:06)
Yeah, love it. Well, my name is Glen James. We're going to get into it right now. This is What Would Glen Do. Let's get going right now.
Before we get into it, this show is general advice only. I've got a license to provide that advice. Full details can be found in the show description. My name is Glen James, former financial advisor. I host this show and a show called Retire Right. I've got some books, the award-winning Quick-Start Guide to Investing, and the Quick-Start Guide to Your First Property, available where good books are sold or in the description. If you're new here, welcome. If you're in old hand, welcome to M3. Let's get into it right now.
Okay, Chad, let's go through the 200k that's walking in the door inheritance. When is that expected to land?

**Chad** (3:06)
Probably in the next month.

**Glen James** (3:07)
Okay. So about a month from now.
Okay. And were they like, sorry for your loss. It seems to be it's all of a sudden either side of the family. What was the nature of the relationship? Were they grandparents or parents?

**Chad** (3:22)
So it was my wife's father, and that was unexpected in way too early. And then my grandma, who was about time. So that's not so sad.

**Glen James** (3:32)
No.

**Chad** (3:34)
She's at peace.

**Glen James** (3:35)
Yes. Now of the 200k, what amount is from grandma?

**Chad** (3:42)
About 50

**Glen James** (3:44)
Okay, cool. So there's 150 from Britt's side.
Do we know if there's any strings that were attached to that money or intentions?

**Chad** (3:53)
No, no strings. No. And Britt's the executor of the wheel. So she's the one who's been going through the whole process on that side.

**Glen James** (4:01)
Awesome. Okay. Let's go through your situation. How old are you?

**Chad** (4:05)
I am 36, about 1037

**Glen James** (4:08)
Nice. And what do you do for work and life?

**Chad** (4:11)
A nurse.

**Glen James** (4:12)
Awesome. Any particular field?

**Chad** (4:15)
Yeah. I'm in the mental health space.

**Glen James** (4:17)
Great. Great. And what's your current salary package?

**Chad** (4:22)
It's a relatively senior role. So I'm about the salary itself is about 145 Yeah.
Plus super. So yeah, 160 something package.

**Glen James** (4:33)
Yeah. Great. And what's Britt do?

**Chad** (4:35)
She's also a nurse.

**Glen James** (4:36)
Right. How old's Britt?

**Chad** (4:38)
She is 35

**Glen James** (4:40)
How long have you been together?

**Chad** (4:43)
10 years.

**Glen James** (4:44)
Yeah. Cool. And what's Britt doing for work and all life?

**Chad** (4:50)
She's doing two days a week in a nursing role.