Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
leave it to nephew
Old 02-02-2017, 05:39 PM   #1
Thinks s/he gets paid by the post
 
Join Date: Nov 2011
Posts: 3,441
leave it to nephew

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-...-you-did-what/
__________________

GrayHare is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 02-02-2017, 05:53 PM   #2
Moderator
Walt34's Avatar
 
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 20,365
This is why I didn't leave anything to my nephew. He'd do something similar but with a lot less money.
__________________

__________________
I heard the call to do nothing. So I answered it.
Walt34 is offline   Reply With Quote
Old 02-02-2017, 06:01 PM   #3
Full time employment: Posting here.
ProspectiveBum's Avatar
 
Join Date: Sep 2006
Location: SoCal
Posts: 727
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.
__________________
I can't complain, but sometimes I still do.
- Joe Walsh
ProspectiveBum is offline   Reply With Quote
Old 02-02-2017, 06:53 PM   #4
Full time employment: Posting here.
Luck_Club's Avatar
 
Join Date: Dec 2016
Posts: 716
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!
Luck_Club is offline   Reply With Quote
Old 02-03-2017, 12:16 AM   #5
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Sunset's Avatar
 
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 8,008
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.
Sunset is offline   Reply With Quote
Old 02-03-2017, 07:22 AM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
donheff's Avatar
 
Join Date: Feb 2006
Location: Washington, DC
Posts: 9,611
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
Attached Images
File Type: jpg aapl.JPG (14.9 KB, 214 views)
__________________
Every man is, or hopes to be, an Idler. -- Samuel Johnson
donheff is online now   Reply With Quote
Old 02-03-2017, 07:45 AM   #7
Full time employment: Posting here.
folivier's Avatar
 
Join Date: Oct 2009
Posts: 846
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.
__________________
You do not have a soul. You are a soul. You have a body.
folivier is online now   Reply With Quote
Old 02-03-2017, 08:12 AM   #8
Recycles dryer sheets
 
Join Date: Apr 2015
Posts: 79
Quote:
Originally Posted by Sunset View Post
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."
Racer X is offline   Reply With Quote
Old 02-03-2017, 08:15 AM   #9
Thinks s/he gets paid by the post
street's Avatar
 
Join Date: Nov 2016
Posts: 2,964
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.
street is offline   Reply With Quote
Old 02-03-2017, 08:28 AM   #10
Administrator
MichaelB's Avatar
 
Join Date: Jan 2008
Location: lumpen slums of cyberspace
Posts: 30,724
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.
MichaelB is online now   Reply With Quote
Old 02-03-2017, 08:43 AM   #11
Full time employment: Posting here.
 
Join Date: Nov 2015
Posts: 534
Its his money...he can do whatever he wants with it.
ponyboy is offline   Reply With Quote
Old 02-03-2017, 08:52 AM   #12
Moderator Emeritus
Bestwifeever's Avatar
 
Join Date: Sep 2007
Posts: 17,670
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).
__________________
“Would you like an adventure now, or would you like to have your tea first?” J.M. Barrie, Peter Pan
Bestwifeever is offline   Reply With Quote
Old 02-03-2017, 09:22 AM   #13
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
MRG's Avatar
 
Join Date: Apr 2013
Posts: 8,560
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.
MRG is offline   Reply With Quote
Old 02-03-2017, 10:29 AM   #14
Thinks s/he gets paid by the post
 
Join Date: Jul 2007
Posts: 1,132
That's why I am leaving everything to my church.
FANOFJESUS is offline   Reply With Quote
Old 02-03-2017, 11:14 AM   #15
Full time employment: Posting here.
Luck_Club's Avatar
 
Join Date: Dec 2016
Posts: 716
Quote:
Originally Posted by Bestwifeever View Post
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.
Luck_Club is offline   Reply With Quote
Old 02-03-2017, 11:42 AM   #16
Thinks s/he gets paid by the post
 
Join Date: Jul 2007
Posts: 1,132
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.
FANOFJESUS is offline   Reply With Quote
Old 02-03-2017, 12:14 PM   #17
Full time employment: Posting here.
ugeauxgirl's Avatar
 
Join Date: Jan 2016
Location: Rural Alabama
Posts: 811
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.
__________________
Projected retirement--2020 at age 48
ugeauxgirl is offline   Reply With Quote
Old 02-03-2017, 12:27 PM   #18
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Big_Hitter's Avatar
 
Join Date: May 2013
Location: In the fairway
Posts: 5,374
hate to say this since it may be heresy on this forum but the kid needed a FA
__________________
Swing hard, look up
Big_Hitter is offline   Reply With Quote
Old 02-03-2017, 12:51 PM   #19
Thinks s/he gets paid by the post
Souschef's Avatar
 
Join Date: Dec 2015
Location: Santa Paula
Posts: 2,685
I have a cousin that blew through 3 inheritances. I am amazed at how stupid they were to do that.
__________________
Retired Jan 2009 Have not looked back.
AA 50/45/5 considering SS and pensions a SP annuity
WR 2% with 2SS & 2 Pensions
Souschef is offline   Reply With Quote
Old 02-03-2017, 01:05 PM   #20
Full time employment: Posting here.
Luck_Club's Avatar
 
Join Date: Dec 2016
Posts: 716
Quote:
Originally Posted by Big_Hitter View Post
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.
__________________

Luck_Club is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
How long can you leave home and leave it empty? fh2000 Life after FIRE 123 12-29-2013 07:51 PM
What Book to Give Nephew as Wedding Present? MikeD FIRE and Money 2 11-14-2013 02:35 PM
Fed up with my nephew.....! vicente solano Other topics 58 10-13-2011 07:48 AM
Helping Nephew with DJ business Space Mountain Other topics 13 02-02-2009 10:33 AM
Protecting Nephew from Russian Dating Scam TromboneAl Other topics 18 11-17-2007 10:22 AM

» Quick Links

 
All times are GMT -6. The time now is 06:57 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2020, vBulletin Solutions, Inc.
×