No. of Recommendations: 74
Hi Gary,

I've tried to come up with a positive post for your friend's dilemma, but I just can't do it. If it were my friend, I would consider grabbing her by the lapels to get her attention and asking her "WTH are you thinking"? She has three quarters of a million dollars(!) and she wants some way to hide it from the colleges so her kids can get scholarships?! She has absolutely no sympathy from me, nor from the tens of millions of other parents out there who are scraping by without an almost 7 figure bank account.

OTOH, I know what it's like to get a large sum of money and the denial, fear and yes, grief that comes with it. Her first step is clearly going to be coming to grips with the fact that she has serious money and with that comes obligations to society that she may not have had before. One of them is paying her fair share of college costs; and it's going to be 100% unless her kids are sports stars or geniuses.

She's also going to have to spring for a computer of her own and an internet connection. And, she should really consider coughing up another $30 or whatever it is for a online subscription to the Fool site. There is lots of information that she can get here for basic finances (which it sounds like she also needs) as well as investment tactics. She should also read a number of the better books on investing that are out there, as well. Another option is to hire the services of a Certified Financial Advisor (or whatever the exact term is, it's been posted recently) and not have anything to do with her money.

If she's in denial, and I'll grant that that could be the real problem here, then she's going to have to find a way to deal with it; even if it's seeking counseling services for awhile, till she's able to cope. Somewhere along the line, she's going to have to really understand, on a gut level, that this is a life-changing event and she's never going to be the same person she was before. I really hope she doesn't succumb to the temptation of giving gobs of money to "needy" relatives and buying Porsches and Ferraris. So many jackpot winners do this and wind up without even the jobs they had when they started.

Good luck to her in coming to grips with this.

Print the post  


What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
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.