I inherited $250,000 from my grandmother
when she died - here's how I blew through
it all and ended up living in a rental
Daily Mail (UK),
by
Emma Richter
Original Article
Posted By: zephyrgirl,
8/23/2024 8:16:07 AM
A woman who inherited $250,000 from her late grandmother has revealed how she quit her job, blew through the money and now lives in a rental home. Sarah Faith Jacobson, a 40-year-old corporate consultant in Texas, said after she received the large amount of money she had no idea what to do with it, and 'regrets' how she spent it. Her grandparents were successful Bay Area real-estate investors in the 1970s,
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Reply 1 - Posted by:
JrSample 8/23/2024 8:29:49 AM (No. 1783350)
Summarized; Because she is an idiot.
42 people like this.
Reply 2 - Posted by:
Venturer 8/23/2024 8:36:04 AM (No. 1783356)
Does the Corporation she consulted for know how lucky they are that she is gone.
$250,000 is no problem to blow through, did she really thinks she could live off so puny an inheritance?
32 people like this.
Reply 3 - Posted by:
franq 8/23/2024 8:36:45 AM (No. 1783358)
Too soon old.
Too late schmart.
23 people like this.
Reply 4 - Posted by:
chumley 8/23/2024 8:36:50 AM (No. 1783359)
Poor people know only how to be poor. One of the tests I see failed over and over is that, when a poor person gets a few bucks, they dont save it. They dont pay down bills with it. They order pizza or go out to a restaurant; arguably the biggest wastes of money with the least payoff.
It doesn't matter if you give them a 10 or a million, it always ends up the same way.
33 people like this.
Reply 5 - Posted by:
chance_232 8/23/2024 8:39:29 AM (No. 1783361)
My late sister inherited close to a million in property, stocks and insurance. Within 5 years, she was a full blown alcoholic living in a single wide that was condemned after her passing. What she had left would fit in a trunk.
17 people like this.
Reply 6 - Posted by:
SRhea 8/23/2024 8:44:25 AM (No. 1783363)
So she is a "lactation" consultant? Doesn't that come naturally? Is there really a college course in lactation studies?
I am bewildered that this is a subject that hasn't been handed down through the centuries, millennia? A natural function?
Well, I am old and don't know what society has become. Very confusing. Although, even those that win big in the lottery are penniless within a short time. A classic example of not having a life plan.
16 people like this.
Reply 7 - Posted by:
seamusm 8/23/2024 8:51:23 AM (No. 1783372)
Most of us would be just as stupid if suddenly 'in the money'. Lottery winners and retired pro athletes are notoriously broke within just a few years after 'having it all'. The NFL has their new draftees meet with financial counselors but I am not sure it prevents squandering their new-found wealth. In this case grandma was stupid to have gifted her all the money at once and we'd be well advised to leave money to OUR heirs in trust for the pay out to be doled out in less than $250,000 at once.
12 people like this.
Reply 8 - Posted by:
Digger 8/23/2024 9:01:44 AM (No. 1783381)
When my Dad died, he left me $250k. I resolved that I would not spend any of it on myself until I had educated my grandchildren, his great grandchildren. I placed it in a special account and bought NetFlix stock. I funded fully or partially the college education of 8 grandchildren and one daughter through various degrees from BS to doctorate, all meaningful and practical degrees. The two youngest grand children are now enrolled in a BS and MS program and I am helping my daughter start her own business. The account is now worth $3 million. I think Dad would be pleased.
57 people like this.
Reply 9 - Posted by:
Snow Possum 8/23/2024 9:06:32 AM (No. 1783387)
Quitting a job in one's 40's because you came into a quarter of a million dollars? A smart person in their 40's looks at the rest of their life, and the 250K, and says "How many more jobs do I need to take in order to retire with at least 2.5 million".
And, a smart person looks at that amount and thinks "That's 250K today, but in 25 years... likely less than 100K worth of purchasing power, if THAT much."
15 people like this.
Reply 10 - Posted by:
southernboy 8/23/2024 9:06:36 AM (No. 1783388)
My friend once told me "In your old age.... if you want a Cadillac and can afford a Cadillac...buy one rather than denying yourself to leave money to your heirs. Because once they get the inheritance they will likely run out and buy themselves a Cadillac that they will not appreciate in the least because it was "easy money!"
18 people like this.
Reply 11 - Posted by:
Kate318 8/23/2024 9:19:24 AM (No. 1783396)
“When she was young, Jacobson was never really taught how to manage money, except for how to balance a checkbook. She went to college and graduated in 2007 debt-free after her family paid for her bachelor's degree in women's studies.”
Mama, don’t let your babies grow up to be liberals.
33 people like this.
Reply 12 - Posted by:
hershey 8/23/2024 9:24:15 AM (No. 1783404)
A fool and their money are soon parted....
20 people like this.
Reply 13 - Posted by:
LadyVet 8/23/2024 9:30:24 AM (No. 1783408)
This person looks like someone who would be in a women's studies program.
15 people like this.
Reply 14 - Posted by:
crashnburn 8/23/2024 9:31:26 AM (No. 1783411)
There are all sorts of books and radio programs that are good at educating people on how to manage their money. That's how I started educating myself about money management. At the most, you should only withdraw about 4% of it's value, yearly. That would mean an extra $10K per year. Ideally, she should find an ethical financial advisor, invest it, and reinvest the dividends until she retires, ideally at 70, to get the biggest SS check possible.
She could reasonably expect an average annual return of 10%. The law of 72 says it would double every 7 years. That means the $250K would turn into about $2 million at 70, and two million would generate $80K annually. Not counting her 401K and SS benefits.
Who was it said "A fool and his(her) money are soon parted"?
12 people like this.
Reply 15 - Posted by:
Bassman1911 8/23/2024 9:50:10 AM (No. 1783424)
And she has no shame in telling the whole world just how galacticly stupid she is proving that college doesn’t make you smart.
25 people like this.
Reply 16 - Posted by:
bpl40 8/23/2024 9:51:45 AM (No. 1783427)
Doesn't a degree in women's study and "lactation consultant" explain it all?
20 people like this.
Reply 17 - Posted by:
Rather Read 8/23/2024 10:07:36 AM (No. 1783440)
My former husband got quite a bit of money from inheritance and insurance settlements. I knew from experience that when he had money, his first impulse was to spend all of it and he did. When he died, he had nothing. Just a box of personal possessions that went to his sister and that was it. Nothing for his children.
11 people like this.
QUICK !! She needs a Go Fund Me page to replace all of the money she threw away.....along with an apology from the evil "patriarchy"/
7 people like this.
Reply 19 - Posted by:
swarfer 8/23/2024 10:31:59 AM (No. 1783461)
Read the article and you’ll be shocked how irresponsible this is with money, worse than a teenager! The disrespect to her grandparents hard work and values is beyond belief. Even worse are the excuses.
10 people like this.
Reply 20 - Posted by:
BeatleJeff 8/23/2024 10:33:47 AM (No. 1783465)
This is actually a perfect illustration of what would happen if we gave all da homies reparations. They would blow through their windfall in no time flat and find themselves right back at square one demanding more.
16 people like this.
Reply 21 - Posted by:
Highlander 8/23/2024 11:19:25 AM (No. 1783488)
For blowing off a good job to splurge out Grannie's money, what a ditz! I wouldn't hire her to walk my dogs!
8 people like this.
Reply 22 - Posted by:
padiva 8/23/2024 11:27:25 AM (No. 1783495)
In 2011, I received about $18,000 from my estranged husband's estate. I kept working. I splurged on a new laptop (which I am still using). I have paid cash for 2 pre-owned cars. I have enough to pay cash for another car.
I live abundantly.
8 people like this.
Reply 23 - Posted by:
crashnburn 8/23/2024 11:28:06 AM (No. 1783497)
I spent all of my parents' inheritance, and a lot more, providing my wife 24/7 long term care for my wife after she contracted CJD (think dementia on steroids). She lasted 14 months after her diagnosis. I didn't, don't, and never did regret spending a single cent on her. I figured things would work out.
Somehow, they did. God blessed me with great investment returns; considerably greater than what I spent on her. I'd rather still have her than the money, but I am now financially independent. (Still haven't decided if I want to go back to work, or not.)
So sometimes you go through money like a blithering idiot, and sometimes you don't have a choice.
12 people like this.
This is exactly what will happen if reparations ever become a reality.
The fact that she ended up in Austin tells you all you need to know about her.
11 people like this.
Reply 25 - Posted by:
MickTurn 8/23/2024 12:09:26 PM (No. 1783531)
Yep and Grandma has reserved a Sweet overlooking the "Swimming Pool"...IN HADES for her granddaughter!
2 people like this.
Reply 26 - Posted by:
LC Chihuahua 8/23/2024 12:28:51 PM (No. 1783544)
250K. Is that before or after taxes? It's not nearly as much as she thought it was. Thinking of retiring? First total up your savings and value of property you own. Subtract your debt and bills. She didn't retire. She decided to party! What is that saying about a fool and their money? That's what happened. She went through her inheritance and had nothing to show for it. Reminds me of the parable of the Prodigal Son. The prodigal Son ended up living in a pig pen, IIRC. What happens to her when she cannot afford the rent?
5 people like this.
Reply 27 - Posted by:
Vaquero45 8/23/2024 12:49:43 PM (No. 1783564)
Lemme guess.... she’s a Democrat...
3 people like this.
Reply 28 - Posted by:
anniebc 8/23/2024 1:52:56 PM (No. 1783594)
Who quits their job after inheriting $250k?
4 people like this.
Reply 29 - Posted by:
mifla 8/24/2024 6:24:02 AM (No. 1783981)
She blew it. Should have kept her job, invested the $250K in a retirement fund. When she hit retirement age, she likely would have been in good shape to enjoy the money and not have to worry about a stupid government driving the cost of living through the roof.
1 person likes this.
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She majored in "Women's Studies" in college. One of many bad decisions she made on the cusp of adulthood.