She Liquidated Her Daughter’s College Fund To Clean Up Her Financial Mess After She Went Against Her Late Husband’s Wishes And Purchased An Expensive Home In Malibu
About four years ago, this 50-year-old woman sadly lost her husband and the father of her daughter– who is now 16-years-old.
And in the wake of his death, her husband left everything to her. He also instructed her to trust his lawyer with the management of the funds.
“My husband had worked for 20 years as a doctor and did some minor investing. So, I inherited over seven figures,” she explained.
Just one year after her husband died, though, she decided to put their home– which they had lived in for 12 years– on the market. And apparently, she received an offer from an interested buyer that was simply too good to refuse.
That’s why, with the inheritance and the profit from her house sale, she thought it was the perfect time to move herself and her daughter to Malibu.
She claimed that they had always dreamed of owning a home near the beach. But, in the past, her husband was completely against the idea.
“My husband was exceptionally tight-fisted and called homes there money pits,” she recalled.
After it was just her and her daughter, however, she decided to turn their beach house dream into a reality.
So, they wound up finding a gorgeous home right by the sea. But, she had never personally handled any home-buying processes by herself before. That’s why she had no clue about all of the additional associated costs not included in the list price.
Anton – stock.adobe.com – illustrative purposes only, not the actual person
Still, she claimed that her daughter was really excited about the home they picked out. That’s why she decided to just go for it and make the purchase.
Now, her husband’s lawyer was livid when he found out about her buying the Malibu house. Rather than hearing him out, though, she actually just opted to stop answering his calls!
Afterward, she decided to sign with a money manager who reportedly told her that she would passively earn about 90% of what surgeons earn each year.
Quite frankly, though, the money manager did not work out. Instead, she detailed how they actually tanked a ton of her investments.
So, she decided to withdraw the funds and make her own investments. But honestly, this only made the situation worse.
“And long story short, because of all that, I only have around $35,000 available to me now– not to mention our debts,” she revealed.
So, with just that money available to her, she will only be able to pay for one month of her mortgage and the home’s upkeep. Afterward, she is essentially out of luck until she gets some more clients for her business.
There was one more place where she and her husband saved a lot of money, though: her daughter’s college fund.
Apparently, her husband was the one who actually started the fund. And using that money, she realized she would be able to keep her credit cards from getting closed. At the same time, she wouldn’t have to worry about paying her mortgage for months.
So, in the end, she wound up liquidating her daughter’s entire college fund to pay the bills. She never consulted her daughter first, though.
And after her daughter found out, she was beyond furious. Her daughter simply could not believe that the culmination of her dad’s hard work was gone.
“She also said she won’t be supporting me for retirement,” she vented.
And now, she’s been left wondering whether liquidating her daughter’s college fund to “fix her mistakes” and keep their house was the wrong thing to do.
Can you believe she went against her lawyer after her late husband specifically instructed her to trust him? Was it fair for her to use her daughter’s college fund to clean up her own mistakes? Does her daughter have a right to be furious?
You can read the original post on Reddit here.
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