My Relative Left Me $10,000 or Less: Here’s Why I’m Grateful
Written by
Laura Gariepy
Edited by
Jenna Klaverweiden
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When a loved one passes, you’re left with sweet memories, sound wisdom and, sometimes, money. According to the most recent Federal Reserve data, the average inheritance is around $46,000 — not an inconsequential sum.
However, not everyone can afford to leave a financial legacy that large. We spoke to someone who received $10,000 or less from a family member’s estate and explained why they were still grateful. Here’s what they did with the funds.
Meet Cynthia Traxler
- Amount received: $10,000
- Benefactor: Her aunt
- Inheritance use: Home improvement
Traxler, founder of Review-Reuse-Repair.com, was surprised that her favorite aunt included her in her will.
“Since she had three living children, numerous grand- and great-grandchildren, it never occurred to me that she would do that!” she said.
Despite the gift not being a life-changing sum, Traxler explained that it still meant a lot.
“It reinforced the thought that she loved me as much as I love her. She had always told me that she thought of me as her daughter, especially after she had lost her own daughter to brain cancer, and I had lost my father (her brother) to leukemia. The amount of money was totally inconsistent compared to the love I felt from the gesture,” she said.
Traxler chose to use the money in a way that would constantly remind her of her loved one.
“I decided to use it to fund a home improvement project that I had wanted to do. I estimated that the project, a big upgrade to my master bathroom, was going to cost about that amount. I have started on the project, and now, every time I walk into that room, I think about my lovely aunt,” she said.
Key Takeaways
It’s not always the amount that matters with an inheritance, and there’s a lot more that can be gleaned from these stories.
The Sentiment Is Everything
When a loved one leaves you something in their will, it really is the thought that counts. They took the time to formally document their wish to help you in whatever way they could.
You Can Do a Lot With a Little
A small inheritance can make a big impact on your life. Collin Plume, CEO of Noble Gold Investments, suggested that heirs invest their financial gifts. If you’re far from retirement, you may want to buy high-growth assets like stocks or cryptocurrency. However, if you’re close to or in retirement, you might want to buy bonds, which carry less risk. In either case, your inheritance could grow significantly over time.
“[Another] option is to use it to start something. Some of the biggest authors, influencers and speakers started with a second-hand computer, some video light and a $100 microphone. If you are an expert on something, teach others and use what you have to produce a decent instructional video or book,” Plume said.
Your efforts could lead to a healthy and lasting income stream.
Estate Planning Is an Urgent Matter
When someone close to you dies, it’s a reminder that life is fleeting and you never know when your time will be up. Therefore, it’s smart to get your affairs in order now.
“People should get their estate planning done when they are in a good state of mind to do it carefully. Think about whether there is someone that you’d like to send a beautiful message to, as my aunt did for me,” Traxler said.
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