leave it to nephew

[GrayHare]

After decades of dryer sheet reuse, do you anticipate leaving too much on the table? Are all those assets making your tax return complicated? Well, this person can help "simplify" your portfolio, and do it quickly!

"The day he passed away, I learned he was bequeathing me over 2.5 million dollars."

http://www.kapitalust.com/you-had-2-5-million-dollars-and-you-did-what/

 

[Walt34]

This is why I didn't leave anything to my nephew. He'd do something similar but with a lot less money.

 

[ProspectiveBum]

To add insult to injury, he took the few sheckles he had left, and shorted APPL, because he was positive it was going to drop after reporting earnings the other day. Oops.

It's such a train wreck that it almost seems impossible that it's real, though I know such people exist. Good Lord.

 

[Luck_Club]

As the soon to be recipient of a very generous and frugal Uncle, I can tell you I wish my Uncle would have spent more than he had, but I'm sure he spent on what he wanted and valued. The family frugality was a running joke, and I have even passed it on to my 16 year old son! Today I told him to shake the orange juice before pouring because it had settled. To which he replied, if I drink off the top we can add water and get more orange juice.

My Uncle and his brothers would send birthday cards with sticky notes, so they could reuse the cards. One time my Uncle had reused the sticky note. That card and sticky note made it through to 5 of us before stopping!

I will look back throughout the years upon my interactions with him as being a blessing. The bequest is irrelevant, though it may expedite my exit and cushion the coffers for sure.

One thing is for certain, I'm not going to blow it on the ponies!

 

[Sunset]

I have a relative who was given a large sum 40 years ago by his grandmother. Worth in today's dollars approximately $233,000
He blew it on booze, stupidity, and more booze, booze, booze .... it ruined his life.

 

[donheff]

Is this a joke? If so, it is good.

Edit: One of the comments says he posted a similar story in 2015. And the comments are several days old on a story that posted 1/27

 

[folivier]

No doubt that that guy is an addict. Classic symptoms, one more trade, one more drink, one more hit, and it'll all be better.

 

[Racer X]

I have a relative who was given a large sum 40 years ago by his grandmother. Worth in today's dollars approximately $233,000
He blew it on booze, stupidity, and more booze, booze, booze .... it ruined his life.

Reminds me of the old George Best quote, "I spent all of my money on booze, birds, and fast cars. The rest I just squandered."

 

[street]

That is really sad to me but not all people think about money like we do. I think about this once and a while for my wife and I have very little family and have one son that isn't married. We have know we would even feel comfortable leaving property and portfolio too except your son. He is very responsible and successful in life.

 

[MichaelB]

Squandering inherited money is something we should all cheer. That money isn't burned, it's spent, and the economy (all the rest of us) benefits from that opportunity. Besides, a little Schadenfreude with coffee in the morning never hurts.

 

[ponyboy]

Its his money...he can do whatever he wants with it.

 

[Bestwifeever]

Although I think the article is fake, some heirs probably do waste an inheritance, but I think there are probably fewer people squandering large inheritances than using them well. The lottery winner who burns up big jackpots is different (people choose to "play" the lottery, and some of them are gambling addicts). Those lottery stories are easier to track in that many big winners' names are made public by law, but most people losing their inheritances don't go public with it. If I ever get a $2.5 million inheritance I promise to report how I use every penny (the "misc." category might be pretty big).

 

[MRG]

When I was a kid we watched the family up the road go through about 250k(early 70s). It was his mom's money and it went to the local car dealerships. I recall him going in one day and coming back with a pair of identical buicks. He burnt through it in about 3 years. Meanwhile his 7 kids had no college.

 

[FANOFJESUS]

That's why I am leaving everything to my church.

 

[Luck_Club]

Although I think the article is fake, some heirs probably do waste an inheritance, but I think there are probably fewer people squandering large inheritances than using them well. .

My cousin did blow a large 7 figure inheritance. The numbers thrown around by the family were in the $2-3 million range. Time from inheritance to losing it all about 5 years. OH in addition she got a business earning 6 figures, and a husband who just had a 7 figure year on the street.

Speaking with a wealth management friend, he says it is very common to see the heirs of 7 figure accounts blow it quickly, at a rate of about 3-5 years per million. He indicated any money behavior before the windfall will be amplified in proportion to the windfall.


.[/QUOTE]If I ever get a $2.5 million inheritance I promise to report how I use every penny (the "misc." category might be pretty big).[/QUOTE]
Nothing wrong with opening the purse strings a little every now and then.

 

[FANOFJESUS]

I had a cousin that blew a 400k inheritance in a few years. I knew another family (no relation) that blew about the same amount of an inheritance gambling. I think it happens all the time but many people are to upset to talk about it.

 

[ugeauxgirl]

I see this a lot- it also happens with lawsuit money. People who don't know how to accumulate money also don't know how to hold on to it.

 

[Big_Hitter]

hate to say this since it may be heresy on this forum but the kid needed a FA

 

[Souschef]

I have a cousin that blew through 3 inheritances. I am amazed at how stupid they were to do that.

 

[Luck_Club]

hate to say this since it may be heresy on this forum but the kid needed a FA

She had several during the period. Having them and doing as they say are two completely different things.

 

[aaronc879]

That's why I am leaving everything to my church.

 

[FANOFJESUS]

Tell me more aaron.

 

[Mdlerth]

Squandering inherited money is something we should all cheer. That money isn't burned, it's spent, and the economy (all the rest of us) benefits from that opportunity. Besides, a little Schadenfreude with coffee in the morning never hurts.

Maybe, maybe not. Just because you spend money doesn't guarantee any benefit. An awful lot of money gets squandered by individuals, businesses and governments, such that it might as well have been burned. Even worse, sometimes people spend money on preposterous pursuits so counterproductive they leaves the world worse off.

Although, you are spot on about the schadenfreude. Fat-free, sugar-free, salt-free, it's an excellent breakfast, although probably a poor supper.