I’m 45 and a single mom who will get a $100,000 inheritance. I want to take time off, plan for my son’s college and buy a luxury car — but can’t do it all. Can a pro help?

Question: I am a 45 year-old single mom with emergency savings and retirement savings and just my car and home in outstanding debts. I expect to receive an inheritance of $100,000 in the near future. My son only has three more years of school and then I’m praying he gets into any college or university for free. I would appreciate your guidance on what to do with the inheritance. I really want to travel, take time off, fix my home, plan for college, save and buy a luxury car, but I can’t do all of that with the funds I will inherit. What should I do with the money? Is this something I should hire a financial adviser to help me figure out?

Answer: You’re right to think that $100,000 probably won’t get you all the things you want. And yes, in your case, it could be wise to get a professional, like a financial planner, to help you — especially considering you have a lot of competing financial priorities. (You can use this free tool to get matched with a fiduciary financial adviser who might meet your needs.) 

Have an issue with your financial adviser or looking for a new one? Email [email protected].

Financially, an inheritance may seem like winning the lottery, but it also implies that you’ve become your own chief financial officer and you’re on the hook to manage an amount of money that you previously hadn’t addressed. And you also, it seems, need to create a financial roadmap with priorities.

Let’s dive into your specific situation as you present seven very different goals: retire, travel, take time off, fix your home, plan for college, save and buy a luxury car. “Any one of those goals could quickly eat up $100,000. Instead of thinking about what $100,000 can buy, consider what you want to change related to your situation,” says certified financial planner Robert Persichitte at Delagify Financial. Basically, before setting out to spend your new money, think about where it’ll have the most impact and how it can best alleviate any financial burdens you have.

An adviser can help you prioritize your goals and make a financial plan to get you where you want to go financially. “If you consult an adviser, have them show you just how far the $100,000 can go towards your various goals. It will be easier for you to prioritize once you know the numbers. If you don’t hire an adviser, hear it from one now: luxury cards, unpaid sabbaticals and big vacations tend not to be good financial decisions when you’re staying down retirement shortfalls and college costs,” says certified financial planner Matt Bacon at Carmichael Hill & Associates.

Furthermore, a financial planner can’t magically multiply your money. “They can tell you which goals are attainable and what you need to save to achieve the others. If you must tell your son he can’t afford to go to college, don’t do it in a Mercedes,” says Persichitte.

You can also take the DIY route, which will save you money, but you may also need to do some financial education to figure this all out. Indeed, the questions you have about whether or not you’re on track to retire or what you should do about debt are arithmetic questions that calculators can answer. “Scarcity is trying to reconcile unlimited wants and needs with limited resources. It’s the beating heart of the study of economics. I can say from experience that $100,000 will not cover all these goals so you should prioritize and then actualize,” says Persichitte.

In general, certified financial planner John Piershale at John Piershale Wealth Management suggests making sure you have a fully funded emergency savings in a high-yield savings account before taking any next steps. “Put away the equivalent of 3 to 6 months’ worth of your average monthly expenses and don’t touch it unless an emergency comes up and then replenish it,” says Piershale. Make sure you “get a handle on what your expenditures will be” as well as “make a budget and increase the contributions to retirement savings as much as possible to the point of maxing it out,” he adds.

What to look for in a financial adviser

When searching for a financial adviser, ensure you’re seeking the help of a certified financial planner who will assist you in managing your finances efficiently, rather than a regular adviser who might try to sell you costly products. Working with a fee-only adviser, versus a fee-based, adviser means the adviser is only being paid by the client, which minimizes the potential for conflicts of interest since a fee-based adviser can collect commission or payment from a third party.

You may want a certified financial planner (CFP), as they are required to undergo extensive training, pass exams and take ongoing education classes to maintain their good standing. They are also held to a fiduciary standard, which requires them to put their clients best interests ahead of their own. 

Advisers work under various payment structures, including assets under management (AUM), hourly and project-based and depending on location and experience, rates can vary as well. Advisers who charged based on AUM tend to collect an average of 1% AUM, while hourly advisers cost between $150 and $450 per hour and project-based advisers charge anywhere from $1,500 to $10,000.

Regardless of the fee structure you opt for, it’s important to make sure the adviser you’re working with is a fiduciary who’s putting your best interests ahead of their own. In your case, working with a fiduciary professional who charges an hourly or per-project rate is probably your best bet as it seems like your most pressing issue is this one-time inheritance that you’re looking for guidance on. For long-term relationships and ongoing advice or investment management, using the AUM model makes more sense as it offers fewer time constraints and allows for a more comprehensive approach. (You can use this free tool to get matched with a fiduciary financial adviser who might meet your needs.) 

Have an issue with your financial adviser or looking for a new one? Email [email protected].

Questions edited for brevity and clarity.