A 50-year-old woman lost her husband four years ago, and she found herself facing significant financial challenges when she decided to buy a beachfront house in Malibu. Her financial incompetence led to her taking drastic measures with her daughter’s college fund, causing heartache and pain. Here is what she had to say:
Inheritance From Husband
The woman’s late husband, a doctor with 20 years of experience, had entrusted her with his wealth and left her with over seven figures to manage. This financial responsibility came with its own set of difficulties.
The Move to Malibu
A year after her husband’s passing, she made the bold decision to sell her twelve-year home, enticed by an irresistible offer. With the proceeds from the sale, combined with her inheritance, she decided to fulfill a long-held dream of living by the beach in Malibu.
Unexpected Costs of Homeownership
Though the allure of Malibu was strong, she soon discovered how difficult her decision would be. “I had never personally handled anything regarding buying a home before so I did not anticipate all the extra costs beyond the sticker price.”
Her Daughter’s Excitement
The woman’s newfound realization threw her financial plan into disarray. However, her daughter’s excitement for their new life by the sea spurred her forward, choosing to go with the flow.
Defying the Lawyer’s Advice
The late husband’s lawyer vehemently opposed the woman’s decision to move to Malibu, but this didn’t stop her from continuing onwards. “He was furious at my decision so I decided to stop taking his calls”, the woman recounted.
Hiring a Money Manager
In an attempt to grow her wealth passively to cover her new financial situation, she entrusted a money manager who promised substantial returns. “They said that we’d be passively earning ninety percent of what surgeons earned per year”, the woman wrote.
The Financial Nose-Dive
Unfortunately, the money manager’s investments took a nosedive, leaving the woman with dwindling resources. Frustrated and concerned for her financial stability, she took investment matters into her own hands, resulting in further losses.
With her financial situation rapidly deteriorating and her available funds down to a mere $35,000, she faced the daunting prospect of being unable to cover even a single month’s mortgage and upkeep expenses.
A Drastic Decision
In a last-ditch effort to salvage her financial situation and prevent a potential foreclosure, the woman made the heart-wrenching decision to liquidate her daughter’s college fund. It was a choice born out of desperation, aimed at keeping their home and avoiding financial ruin.
A Daughter’s Anguish
When the woman broke the news to her 16-year-old daughter about the depletion of her college fund, her daughter was devastated and furious. She felt that her father’s hard work had been in vain, and she voiced her refusal to support her mother’s retirement.
Assessing the Dilemma
The woman still had her dream house in Malibu, but it was spoilt by tensions between family and finances. She wondered whether she had crossed a line by liquidating her daughter’s college fund. The woman headed online for advice, and what she received was blunt: “You are clearly horrible with money”, one person wrote.
Unified by Hate
The readers were united by hate for the woman’s terrible decisions. “You decided not to listen to the lawyer, you moved to an extremely expensive place, and you decided to trust someone’s shady advice”, raged one commenter. “Now you’re taking away your daughter’s chances to go to college loan-free. That money is not yours. You should be ashamed of yourself.
One furious person offered some frank, albeit valuable, advice: ”You are fabulously incompetent with money. Raiding her college fund will only delay the inevitable. Sell the beachfront house and move somewhere that you can afford. Also, call the lawyer back, and tell them that you were wrong and made bad choices.”
There wasn’t a shred of empathy found in the online post comment section, aside from empathy directed to those affected by the woman’s actions. “Hopefully the daughter gets a hold of dad’s lawyer and works to sue you”, one person wrote.
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