Posted on 08/23/2024 9:48:10 AM PDT by libstripper
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, and after her grandmother died in 2020, Jacobson inherited $175,000 from her life insurance policy and another $75,000 from her will.
(Excerpt) Read more at dailymail.co.uk ...
Anyone who inherits a decent amount like that needs to use the income from it to pay off all of his or her long-term debts, invest it, and not spend anything for several years. Then, once one is settled with it, spend a little here and there but always make sure it continues to grow. That way it will protect the person for the rest of his or her life.
I think I see the problem..............
Some people just can’t handle a lot of money. Make that MOST people.
I’ve had bosses that if they got a windfall of some kind for their business would immediately whisk off to Las Vegas for a few days. I didn’t work for them for very long.
Reinvest it. Start a business and it can be the gift that keeps on giving.
She has a bachelor’s degree in women’s studies and became a lactation educator. Says it all right there.
She sounds very alone. No husband, boyfriend, family members, pals. Just a $200K road trip alone? Some people thrive on going it alone. This woman demonstrated the worst stereotypes about women that the Women’s Studies courses undermine. I find that ironic, in the same way that mentally ill people are drawn tp the field of psychology.
“I’ve had bosses that if they got a windfall of some kind for their business would immediately whisk off to Las Vegas for a few days. I didn’t work for them for very long.”
Yep, I have seen folks start a business and do well for a year, but in that year they bought a second and third home and all the expensive toys they could to “Show off”. Then hit a bad 6 months and lose everything including the business.
The common sense rule for lottery winners is exactly as you stated.
1. Pay off all debts including any mortgages.
2. Do nothing for at least one year.
also, of course...
3. Do not discuss it with relatives and friends. They have no need to know and can become big trouble.
IOW, she wasn't good at math.
Even if she had just divided the after-taxes haul by the number of years she expected to live, and budgeted her spending that way -- and not quit her job, what an anus -- she'd have been better off.
Disclaimer: all four of my grandparents were nice ordinary hard-working poor people.
G O O D! Get Out Of Debt!
That’s the way to do it. Well done!
She probably votes with her self emptied pocketbook. Fools and their money are soon parted. Still true.
I think I’ll become a breathing educator...after I get my degree in “dust bunnies classification”
Ghetto Lottery.
Even if someone strikes it rich through a lottery, lawsuit or inheritance - ghetto minded people blow it away.
I’m surprised that her husband allowed her to behave that way.
I would spend half on women and booze and then just blow the rest.
Sarah Faith Jacobson, a 40-year-old corporate consultant in Texas......
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I sure wouldn’t want her as a consultant. Corporate or otherwise.
How about lottery winners or pro athletes? Lots of those idiots die in debt on skid row.
Poor thing. She could always get a car and vote for Kamala.
Bet she has cats
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