No. of Recommendations: 3
I never reply and rarely read these posts, but I had to comment on this.

I'm not what anyone would call an financial expert, but it seems that everyone commenting here is missing the point.

Most of the responses suggest that Gary's friend is irresponsible or greedy for wanting to get financial aid for her two daughters when she has all that money in an account.

No one seems to realize, this wasn't a winning lottery ticket. Her husband died and his income is gone. The life insurance is meant to replace that income for a time. There was a lack of details in Gary's post, but if her husband made $75,000 a year, which is no great sum, this money is only the equivalent of 10 years salary. If he was making $125,000, it's only enough for 6 years. However, she might well be in her 30s which would mean she has a lot of years beyond those 6-10 years to figure out how to live. There are a lot of questions people should be asking. Did she work before her husband passed away? If so, how much is she making. Does she have any marketable job skills? How much of a pay cut is it going to equal out to? No one seems to be asking these questions. Everyone wants to jump on her for wanting to take financial aid money out of the mouths of those who really need it, but she and her daughters may very well be the ones who need it. $750,000 ain't what it used to be.

Anyway, my opinion is, keep your opinions and moral judgements out of it and answer his question, which was:

"Is there a way she can invest this money without it being shown as an asset in the eyes of student loans and scholarships?"

P.S. I would also be wary of the book Sudden Money, because not all the reviews on the Amazon page were raving endorsements.
Print the post  


When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.