I inherited $15,000 and had fun with it. Then I inherited six figures a few years later and was more strategic — here's what I learned.

• Gina Knox inherited about $130,000 from a college fund and her grandmother.
• She used some of the money to go on a trip and some to start her financial-coaching business.
• She recommends not rushing to decide what to do if you come into money.

This as-told-to essay is based on a conversation with Gina Knox, a 30-year-oldfinancial coachwho has twice inherited money. The following has been edited for length and clarity.

When I was 22, I inherited money for the first time. I had just graduated, and there was around $15,000 left in a college fund that my grandparents had set up for me.

I'd never had that much money before. I remember being so unsure of what to do with the cash. After reading financial blog posts and spending hours on Google, I decided to spend $5,000 on a monthlong solo trip around South America, because it was a trip I'd always wanted to take.

To make sure I didn't tap into the rest of the money, I put the remaining $10,000 in a taxable brokerage account that invested in index funds. I knew putting the money there would allow it to grow while I took the time to figure out what I wanted to do with it.

Six years later, the original $10,000 investment grew back to $15,000. I used that money to start my financial-coaching business.

In 2021, when I was 28, my grandmother passed away. My three siblings and I knew ahead of time that we'd be inheriting money, but we didn't know much. When I found out it was $113,000, I was surprised, but I was also in the middle of the grieving process.

This time I wanted to do things differently.

I tapped into insight and experience

I don't regret what I did with my first inheritance, but I wanted to approach this wave of inherited money with less confusion and uncertainty.

My first time around, I didn't have a deep understanding of personal finance, and I didn't really know what I wanted to do with the money. This time, I knew I wanted to keep my financial portfolio, obligations, and life goals in mind when deciding how to use the six figures.

I also approached this time differently because I was now a financial coach. I knew that whatever I decided to do with this inheritance would become a case study for my clients in the future. I've also helped clients over the years who have inherited money or had a trust fund they were finally getting access to.

Through my own experience and the experiences of my clients, I felt more prepared.

I decided to be boring

When I saw the amount I was inheriting, I was shocked and surprised. I remembered advice from my grandfather, who said when you don't know what to do, do nothing.

I already had the cash savings I needed and a generously funded retirement account from my previous employer. My partner and I didn't have any immediate financial needs or upcoming goals we could use the cash for. We want to buy a house one day down the road, but for now we're happy renting.

I've seen people blow this kind of money on things that may be exciting but ultimately don't bring them lasting joy. I decided to take the most boring route possible with my inheritance so that when I do know what I'd like to spend it on, it's there for me.

I put my entire inheritance into an S&P 500 index fund. I'll let the money sit there for the foreseeable future until I have a need for it. When I do, I'll talk to my partner, make that decision, and withdraw the money in a way that minimizes my taxes as much as possible.

When I withdraw the money, I'll pay long-term capital-gains tax on any gains the sum has made in the stock market. It's quite straightforward — the brokerage firm will send me a 1099-B at the end of the year, and I'll pass that along to my accountant. Taxes just mean I made money. I'll pay them and move on.

If you receive an inheritance, don't feel rushed

If you inherit money, you may also be deep inside a grief cycle and mourning the loss of a person you loved. Because you might not be in the best mindset to make financial decisions, my advice is not to feel pressured or rush to do anything with the money right away. A great rule of thumb is to give yourself at least six months before you make any decisions.

Once you feel like you're in a more stable headspace, spend the time educating yourself on how to manage a large sum of money that you maybe have never had before, or hire a financial advisor or coach.

If you do want to give in to an urge to spend some of the money on a dream purchase or trip, put a cap on how much, and stick to that budget.

The best thing you can do is keep your inheritance in a separate account than your day-to-day banking so it's not commingled with the money you use for bills. If it is, it might be easy to spend it fast and without much thought.

An inheritance doesn't need to lead to family drama

Because my three siblings and I split the inheritance from our grandmother equally, we didn't have arguments or jealousy that someone got more than the others.

But there can still be judgment around how other family members are spending their chunk of the money. If that happens, realize it's their money and they get to make their own choices. Try not to let it impact you.

I kept a level of mutual respect for my siblings throughout the inheritance process, and it was helpful in avoiding any unnecessary family feuds during an already difficult time.

When people find out I inherited money, they always want to know what big or flashy purchases I've bought so far. They might be disappointed to hear that I didn't buy real estate, a luxury car, or even a closet of new clothes.

I might've taken the boring route, but I'm proud of how I'm setting my future self up to have a large chunk of money to do something she's really excited about.