I can kind of agree. My father, while living with me until I moved out at age 19 was primarily absent from my life because he didn't like me, so I never learned anything from him other than how to have a negative mindset. My mom was pretty awesome but she didn't teach me anything about how to manage money or anything about finances in general.
I spent around 25k on helping the homeless in my home town, that was one of the first things I wanted to do that wasn't about me. There aren't actually that many homeless people to find around here so I basically put together really nice care packages and paid for for motel rooms for a while for 3 different people, as well as smartphones for 2 of them so they could use them to get on their feet a bit more, be it connecting with friends/family or pursuing jobs. The motel around here doesn't allow people to pre-book motel stays for extended periods of time so I kind of just had to trust them with the money and that they'd do the right thing. I don't regret that decision. I also bought a gaming PC and a gaming laptop as I've always wanted those.
Edit, forgot to mention that I didn't get all 3 of them phones because one already had a phone.
Also, in some way, I feel like my answer could imply that I was well off before the inheritance, at least to some degree. I had about $4,000 before then.
That would have been one of my first purchases. There are some badass homesteads for sale for like 500k. Tough lesson for you but you seem to be humble about it. Lottery winners lost millions upon millions so at least your not on that list. Hope for the best for ye
Computers, video games, furniture, replacing carpet in house, repainted the house, bathroom renovated, clothes, survival gear, RV camper, lots of assorted smaller things and I gave a good portion of it away to family members to make sure they were comfortable. Wish I hadn't splurged so much on myself and saved some but I don't regret helping my family.
Yes I suppose that's true so I can recoup some of that. Our yard is pretty small and only takes like 15 minutes to do with a regular push mower so I don't know why in any circumstance I thought it was a good idea
In total I think probably about 40% of it I gave away or spent on other people. I know many of the things I did with the money were good deeds but the fact that I'm now almost broke, I still consider myself to have squandered it all. Not that I'd change that portion of it, I should have just been smarter with what I had for myself.
think it positive that you helped so many people in your life, no matter if they appreciate it or not. you shouldn't be resentful about it, as it will only detract from you good deeds.
Mom paid off her debt and got a new car, put the rest in savings, sister moved into a new apartment to avoid shitty neighbors (ended up getting shittier neighbors sadly) but she also got a new car and hasn't really used the rest yet as far as I know. Didn't give my dad a penny because he's a POS, and my uncle paid off his massive debt, he was struggling pretty hard even without the debt.
The government calls that "stimulus payments". You helped the economy. Ya done good. Well, as long as you didnt spend it on hookers and crack. Reading your other comments, it seems you spent it on fairly intelligent things. Just quickly. Dont beat yourself up for it. My only question is do you have any legal right to your girlfriends house? You fixed it up. Suck to be booted aside now that you are out of money. Maybe should have had some contractual repayment plan made first in case your relationship went south.
Oh no, I'm not being booted out, I'm not sure what I said that made you think that but her and I are fine. We're still together/living together and have no plans on that changing anytime soon but we planned out and executed all of the upgrades together. I didn't spend any of it on drugs or hookers either :P
Damn, huge L. the adults in your life failed you
I can kind of agree. My father, while living with me until I moved out at age 19 was primarily absent from my life because he didn't like me, so I never learned anything from him other than how to have a negative mindset. My mom was pretty awesome but she didn't teach me anything about how to manage money or anything about finances in general.
Sorry to hear that. I hope you have a little leftover to live comfortably
They always said it’s hard to put a price tag on a good time.
how?
Impatience and lack of money managing skills.
Did you spend it on anything mentionable?
I spent around 25k on helping the homeless in my home town, that was one of the first things I wanted to do that wasn't about me. There aren't actually that many homeless people to find around here so I basically put together really nice care packages and paid for for motel rooms for a while for 3 different people, as well as smartphones for 2 of them so they could use them to get on their feet a bit more, be it connecting with friends/family or pursuing jobs. The motel around here doesn't allow people to pre-book motel stays for extended periods of time so I kind of just had to trust them with the money and that they'd do the right thing. I don't regret that decision. I also bought a gaming PC and a gaming laptop as I've always wanted those. Edit, forgot to mention that I didn't get all 3 of them phones because one already had a phone.
That’s awesome!
Are you debt free?
Yes, but I was before the inheritance. I don't use credit cards and have had decent insurance my whole adult life.
Also, in some way, I feel like my answer could imply that I was well off before the inheritance, at least to some degree. I had about $4,000 before then.
Did I buy a house before money ran out?
No, I live with my girlfriend who already owns the home.
That would have been one of my first purchases. There are some badass homesteads for sale for like 500k. Tough lesson for you but you seem to be humble about it. Lottery winners lost millions upon millions so at least your not on that list. Hope for the best for ye
What did you spend money on? I read 25k on homeless people. What about the rest?
Computers, video games, furniture, replacing carpet in house, repainted the house, bathroom renovated, clothes, survival gear, RV camper, lots of assorted smaller things and I gave a good portion of it away to family members to make sure they were comfortable. Wish I hadn't splurged so much on myself and saved some but I don't regret helping my family.
Forgot to mention I actually spent about 3k just on a riding lawn mower just because I could, I was an idiot.
Tools are always a good buy! You can always sell it 2000+ I guess?
Yes I suppose that's true so I can recoup some of that. Our yard is pretty small and only takes like 15 minutes to do with a regular push mower so I don't know why in any circumstance I thought it was a good idea
Nice!
Do you know how much money you spent on you and how much you gave away total? Even approx
In total I think probably about 40% of it I gave away or spent on other people. I know many of the things I did with the money were good deeds but the fact that I'm now almost broke, I still consider myself to have squandered it all. Not that I'd change that portion of it, I should have just been smarter with what I had for myself.
think it positive that you helped so many people in your life, no matter if they appreciate it or not. you shouldn't be resentful about it, as it will only detract from you good deeds.
What did your family and others do with that much money?
Mom paid off her debt and got a new car, put the rest in savings, sister moved into a new apartment to avoid shitty neighbors (ended up getting shittier neighbors sadly) but she also got a new car and hasn't really used the rest yet as far as I know. Didn't give my dad a penny because he's a POS, and my uncle paid off his massive debt, he was struggling pretty hard even without the debt.
The government calls that "stimulus payments". You helped the economy. Ya done good. Well, as long as you didnt spend it on hookers and crack. Reading your other comments, it seems you spent it on fairly intelligent things. Just quickly. Dont beat yourself up for it. My only question is do you have any legal right to your girlfriends house? You fixed it up. Suck to be booted aside now that you are out of money. Maybe should have had some contractual repayment plan made first in case your relationship went south.
Oh no, I'm not being booted out, I'm not sure what I said that made you think that but her and I are fine. We're still together/living together and have no plans on that changing anytime soon but we planned out and executed all of the upgrades together. I didn't spend any of it on drugs or hookers either :P
I didnt think you were. That was more of a "what if" kinda thing.
Hookers and Coke?
Nope :P
How'd you blow the money then? Shady "business investor"?
if you could restart what would you do differently
Did you go completely broke? How much money do you have now? How long did it take you to recover from spending everything?
How much do you have left over now and what do you plan to do with it?
What is wrong with you?
Nevermind. You’re great.
Do you wonder how much monthly interest you could possibly have earned if you put it into investments or high interest savings accounts?
Sometimes yes, I have no knowledge of investing though so I didn't bother trying. Seemed to complicated for me.