inherited some money - Talk About Marriage
Financial Problems in Marriage When financial times are tough, it adds to the stress we deal with on a daily basis. This section is for talking about how financial problems affect our relationships and ways to cope.

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post #1 of 46 (permalink) Old 10-29-2015, 12:11 AM Thread Starter
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inherited some money

I recently came into some money. The wife immediately became anxious about how I was going to spend it....We had planned to pay off the house, but I don't think she trusted me to do the right thing. I sat up late one night, and figured it all out.

She was getting a little snarky about my windfall, so I sat down and spelled out what I was going to do...

With my plan I was going to pay off
our home
our rental property
my car
my sons car (he is paying us back)
upgrade her car

She said we could not possibly pay all that off, but I did...

We are now totally debt free....

I did one thing I have never done, I kept some cash in an account in my name only...She is totally not happy.....

I have a few thousand dollars, and I plan to use it for vacations, get aways, perhaps a cruise. She is too cheep to spend money on fun, so I have taken things into my own hands...

I think I did OK, and was more than fair with how I spent MY money...

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post #2 of 46 (permalink) Old 10-29-2015, 12:59 AM
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Re: inherited some money

Sounds very fare to me!! Seems like she needs to chill a bit. Having all that debt paid of definitely benefits her too.

You did very well
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post #3 of 46 (permalink) Old 10-29-2015, 09:15 AM
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Re: inherited some money

I'm a ****. I would have agreed with her and said "Yep. Can't pay it all off. Back in a week. Going to Vegas for gambling, hookers and coke." Then bounced for a week.
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post #4 of 46 (permalink) Old 10-29-2015, 09:23 AM
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Re: inherited some money

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Originally Posted by Woodchuck View Post
I recently came into some money. The wife immediately became anxious about how I was going to spend it....We had planned to pay off the house, but I don't think she trusted me to do the right thing. I sat up late one night, and figured it all out.

She was getting a little snarky about my windfall, so I sat down and spelled out what I was going to do...

With my plan I was going to pay off
our home
our rental property
my car
my sons car (he is paying us back)
upgrade her car

She said we could not possibly pay all that off, but I did...

We are now totally debt free....

I did one thing I have never done, I kept some cash in an account in my name only...She is totally not happy.....

I have a few thousand dollars, and I plan to use it for vacations, get aways, perhaps a cruise. She is too cheep to spend money on fun, so I have taken things into my own hands...

I think I did OK, and was more than fair with how I spent MY money...
Yes.....I think this is a lot better than telling her that you are keeping all the money in a separate account and that way if you divorce she will not be able to get a single dime of it.
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post #5 of 46 (permalink) Old 10-29-2015, 03:13 PM
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Re: inherited some money

Isn't it funny that spouses automatically assume that an inheritance is joint property? You could have put it all into an account in your name only and declared it was for retirement. Good job on being debt-free! Ask your wife what she is going to do with any inheritance she gets. You already paid off all the debt.
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post #6 of 46 (permalink) Old 10-29-2015, 04:16 PM
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Re: inherited some money

I think you have done very well. Your wife's future is now more secured and she should be happy about this. I like knowing my husband has a bit of money on the side. That way if he goes spending on something crazy, it not with our money.
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post #7 of 46 (permalink) Old 10-30-2015, 01:33 PM
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Re: inherited some money

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Originally Posted by ButtPunch View Post
Yes.....I think this is a lot better than telling her that you are keeping all the money in a separate account and that way if you divorce she will not be able to get a single dime of it.
There is a reason the law is written that inheritance is not shared 50/50 when a marriage is concerned. It protects those that have a spouse that is hanging around to split the inheritance.

Paying the house off would be ok(IMO) if this home were to be your forever home. If not, I would have kept making the payments and taken the interest write off on my taxes. Your home is basically your only deductible on Federal returns(sans kids).

You're painfully alive in a drugged and dying culture.
― Richard Yates, Revolutionary Road
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post #8 of 46 (permalink) Old 10-30-2015, 05:41 PM
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Re: inherited some money

"Paying the house off would be ok(IMO) if this home were to be your forever home. If not, I would have kept making the payments and taken the interest write off on my taxes. Your home is basically your only deductible on Federal returns(sans kids)."

Unless the deduction will keep you out of a higher tax bracket, one needs to weigh the interest rate on the loan versus the interest rate one could earn. If the interest rate on the loan is higher then pay it off. It makes no sense to pay $1 in interest only to recoup 30some-odd cents back on the tax deduction.
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post #9 of 46 (permalink) Old 11-01-2015, 02:47 PM Thread Starter
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Re: inherited some money

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Originally Posted by Blondilocks View Post
Isn't it funny that spouses automatically assume that an inheritance is joint property? You could have put it all into an account in your name only and declared it was for retirement. Good job on being debt-free! Ask your wife what she is going to do with any inheritance she gets. You already paid off all the debt.
She actually assumed that, and she said I was selfish for keeping some money for vacations, but I took care of my dad for over 3 years before he passed away, and think we, and for damned sure I deserve a nice vacation, in fact, several...
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post #10 of 46 (permalink) Old 11-01-2015, 02:55 PM Thread Starter
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Re: inherited some money

I never spent money during our marriage. I didn't get the mustang I wanted in 1966 till I retired in 2011...our best vacations were camping trips to the kids, no trips to the islands....I bought her a new Lincoln last year. It should be the last car we ever need. I have a fishing boat...Now I want to get out a few times a year...Rent a houseboat for a week...Take a couple of trips to look at the leaves change, rent a house on a lake for a month...I hope I can talk her into visiting me....

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post #11 of 46 (permalink) Old 11-04-2015, 06:35 AM
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Re: inherited some money

Ah money. It's loved by all but understood by only a few. I can just about guarantee that if you wife got the inheritance she would tell you to pound sand if you tried telling her what to do with the new money.

I feel sorry for those with depression, mental illness, hangnails, bad hair, bad childhood memories, etc. I feel sorry for the visually impaired but that doesn't mean I want a blind person flying my airplane and my compassion won't make the flight any safer.

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post #12 of 46 (permalink) Old 11-04-2015, 07:25 AM
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Re: inherited some money

I hope you manage a vacation.
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post #13 of 46 (permalink) Old 11-04-2015, 07:38 AM
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Re: inherited some money

Very sensible way to spend your windfall! As for you putting aside a few thousand for holidays etc - again, good for you!
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post #14 of 46 (permalink) Old 11-04-2015, 08:13 AM
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Re: inherited some money

As a Financial Advisor, you my want to rethink your plan...I'm not sure if you have already done all of this, but there are better ways to handle this.
First, let me say, SPEND some for a wonderful vacation! You've earned it! And I'm sure your dad would want you too!
Second, let's think about your sons car...As an Advisor, what would you say if I recommended you to put money into an investment, that's guaranteed to be worth less next year, and even less the following year! That's what a car is!

I don't know if you're self employed, but I suspect that you don't have many tax deductions (other than expenses related to the rental property)
What interest rate are you paying on your mortgage,? (That you're taking off your taxes )

I don't really want the answers to theses questions! But you may want to get some advice.

P.S. For most people, this is a one time shot! They aren't inheriting anything else!
P.P.S. Not to mention "co-mingleing" inherent ed money, the community property!
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post #15 of 46 (permalink) Old 11-04-2015, 02:01 PM
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Re: inherited some money

Quote:
I don't know if you're self employed, but I suspect that you don't have many tax deductions (other than expenses related to the rental property)
What interest rate are you paying on your mortgage,? (That you're taking off your taxes )
Often poor financial advice. Let's send $10k to the bank in interest to save $3k on taxes. That reasoning has never made sense to me. It is a net loss of $7k. Please explain how that makes sense, as I hear financial advisors claim you always want tax deductions.

Sorry to hi-jack the thread.

Congrats on your inheritance. I would have done very similar.

The shot you don't see coming is the one that takes you down!
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