Money makes the world go round, which is why so much of everyone’s lives revolves around their finances. People who struggle with money know better than anybody else how much of a difference even a bit more cash can make.
Most folks hope for an unexpected windfall, but it hardly ever happens. Luckily for this Redditor, his kindness and love for his grandmother ended up working in his favor. This is the story of his sudden life-altering inheritance.
More info: Reddit
Elated grandson is on cloud nine after grandmother’s passing as she left him a huge inheritance, he decides not to tell his wife about the entire amount
Image credits: prostooleh (not the actual photo)
The poster explained that his 102-year-old grandma was not on good terms with the rest of the family, and since he used to check up on her, she left him with all her assets
Image credits: Pixabay (not the actual photo)
Earlier, he and his wife were living paycheck to paycheck, but with the inheritance, they could get a savings account and save up for a home for themselves and their kids
Image credits: Paul Theodor Oja (not the actual photo)
Netizens were confused when the guy shared that he would tell his wife about the money but not the full amount
Image credits: u/ThrowRA-RainyTires14
He also said that he would get a financial advisor so that he wouldn’t “be stupid with the money”
The poster explained that he and his wife had been struggling with money, which is why he’d been considering getting a 2nd job just to pay their rent. So, the inheritance truly came at the right time. It must have been difficult living paycheck to paycheck, especially with 2 children to care for and no savings account.
The man was overjoyed because the grandmother’s money would help them to get out of poverty. However, a few commenters were concerned that the couple would not know how to save properly. This is backed up by studies that have shown that around 90% of the time, generational wealth is used up by the third generation. That’s why many urged the poster and his wife to get a financial advisor.
To understand how to save and spend such inheritance wisely, Bored Panda reached out to Paul Merriman. He is the CEO of Fairstone Ireland and he started ‘askpaul’ to provide jargon-free expert financial advice. Paul is seen as one of Ireland’s top financial advisers, with over 20 years of experience in the field and an internationally recognized CFP® certification in finance.
Paul explained that “when people receive sudden huge amounts of money, it is important to handle it prudently so as to ensure long-term financial stability. Getting excited by instant wealth can make someone make hasty choices without considering the consequences. Consult financial advisors, accountants, and legal representatives. They can guide you toward forming a strategy that goes along with your long-term goals and ensures tax compliance.”
“Create an elaborate budget incorporating your new economic standing. Pay off existing debts so as not to weigh heavily on your financial status and improve credit score. Do not change your lifestyle so much that you can not support it over a long time. It is easy to spend more because you have more, but do not fall into such traps. Maintainable lifestyles will ensure that you maintain good health financially after this initial windfall,” he added.
Image credits: Budgeron Bach (not the actual photo)
The poster was overjoyed about the sudden influx of money and could not wait to tell his wife about it. But folks were confused when he said that he didn’t want to tell her the full sum. He clarified his actions in the comments and said: “She can get really anxious sometimes. I just don’t want to freak her out. I want her to be happy knowing that we can relax, not worry about how much we have and how to spend every penny in the next decade when we have to.”
We asked Paul whether people should hide information about their finances from friends and family. He explained that “sharing your finances with friends and families could be viewed as both right or wrong.” Being honest about such money matters can “build trust, thus enhancing communication in relationships with each other as well as minimizing conflicts. [The] transparency allows for collective goal setting and financial planning within families in particular.”
He also explained the cons, stating that “some people want to keep their earnings discrete on account of fear of being judged by others or given unwanted advice. Money makes things complicated, sometimes making individuals become jealous, feel entitled or even leads to strained relationships among family members. Individuals may attract fraudsters if they reveal that they own significant wealth.”
It might be prudent to keep such information secret from greedy family members, but finance experts say that couples should definitely be honest with one another about money. Paul also stated that “when partners are honest with each other, this enables them [to] create confidence required while executing various obligations together. By bringing their efforts together, couples can ensure that their riches last forever while at the same time ensuring that [the] bonds between them get stronger.”
Suddenly gaining so much money can be a blessing, but it can also be a curse if one doesn’t know how to save it wisely. That’s why the couple should seek advice from an expert and ensure a better and more comfortable future for themselves and their children.
What is the first thing you’d do if you experienced a sudden windfall like this?
Folks were confused as to why he’d want to keep the information from his wife and debated whether he really trusted her as much as he said
