A worried mother recently took to Reddit to ask for opinions about her money moves, which included using her teenage daughter’s college fund to pay the mortgage. This is the full story.
It’s Been Hard Without Him
The original poster (OP) is a 50-year-old mother of a 16-year-old daughter. Her husband died four years ago, and she has been struggling with decisions ever since.
He Left Her a Fortune
He was a doctor for 20 years and made some good investments. When he died, he left her a seven-figure fortune that should have lasted a long time.
His Final Wish
His dying wish was that she just trust his lawyer when it came to handling the money.
She Moved On
A year after her husband died, OP put the house they had lived in for 12 years up for sale. She received a huge offer and sold the place.
Plenty of Cash
With the money from selling the house added to the dividends from the money her husband left, she was awash in cash. So she decided to spend it.
They Were Money Pits
She and her daughter had always dreamed of living in Malibu, but her husband said no way. He thought the houses out there on the coastline were money pits.
It Was Her Decision
But he was gone, and OP could do what she wanted.
So she found the perfect home by the sea. It came with a huge sticker price and plenty of hidden costs that started to pop up as she moved toward closing.
He Was Against It
But her daughter was super excited, and so was OP. She pressed forward with buying the house, even though her husband’s lawyer advised against it.
New Money Guy
Not long after they moved into the new place, OP cut the lawyer out completely.
She hired a money manager who assured her he could keep the dough rolling in.
In fact, he promised she’d make 90 percent of a surgeon’s salary without lifting a finger.
The financial planner’s crystal ball turned out to need some work. His investments tanked hard.
OP started to panic and made another decision that crunched her finances even harder.
She Made It Even Worse
She took the little bit of money that was left from what her husband left behind and started making investments on her own.
That turned out to be an even worse idea than hiring the money man in the first place.
The Fortune Was Gone
By the time she took to Reddit, OP had about $35K in available funds thanks to all her “shrewd” money moves.
They Were About to Be Homeless
That would cover her living expenses for about a month. Her husband had been right about Malibu houses being money pits.
Her Credit Was Shot
OP had also run up huge credit card bills in the years since her husband died. She wasn’t able to pay on those, either, and they were about to get shut down.
A New Business
In the meantime, OP had started a business and thought it would eventually provide some decent money.
But it would take her a few months to build up the client base she needed.
The “Perfect” Plan
She wanted to stay in her dream home, so she came up with a plan to pay the house bills until the business took off.
She would be able to keep her credit cards active, too.
Maybe Community College for Her?
She liquidated the college fund that her husband had built for their daughter.
She Was Devastated
To OP’s complete surprise, her daughter was furious when she told her the money was gone. Holding onto the house for a few more months was small consolation at best.
Redditors were (predictably) overwhelmingly opposed to just about every action OP took, from the time her husband died right up until she raided her daughter’s college fund.
They point out that if she’d just honored her husband’s last wish and let the lawyer take care of the money, she’d probably have been fine.
Even those who throw a little sympathy her way have some harsh words for her decisions.
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The post She Used Her Daughter’s College Fund to Pay Her Money Pit Mortgage first appeared on Career Step Up.
Featured Image Credit: Shutterstock / fizkes. The people shown in the images are for illustrative purposes only, not the actual people featured in the story.