Your daily adult tube feed all in one place!
I inherited $250,000 from my grandmother when she died - here's how I blew through it all and ended up living in a rental
A woman who inherited $250,000 from her late grandmother has revealed how she quit her job, blew through the money and now lives in a rental home.
Sarah Faith Jacobson, a 40-year-old corporate consultant in Texas, said after she received the large amount of money she had no idea what to do with it, and 'regrets' how she spent it.
Her grandparents were successful Bay Area real-estate investors in the 1970s, and after her grandmother died in 2020, Jacobson inherited $175,000 from her life insurance policy and another $75,000 from her will.
She soon hired a financial advisor to help create a plan for her money, but after paying her $5,000 in advance for her help, Jacobson 'ghosted her' and decided to follow her 'champagne-taste-on-beer-budget' instead.
'I took a road trip to places I wanted to move to and spent most of my inheritance on that trip,' Jacobson told Business Insider.
Sarah Faith Jacobson, a 40-year-old corporate consultant in Texas, spent the $250,000 inheritance she got after her grandmother passed away in 2020
'I had left my job and didn't have an income source - I lived off the inheritance money.'
She received the $175,000 as a lump sum and the $75,000 in multiple payments over a couple months.
Jacobson admitted that after her grandmother's trustee transferred the life insurance policy money into her account, she soon figured out she 'had a lot of fear around money.'
When she was young, Jacobson was never really taught how to manage money, except for how to balance a checkbook.
She went to college and graduated in 2007 debt-free after her family paid for her bachelor's degree in women's studies.
Jacobson then became a lactation educator and consultant in Colorado, and although it didn't pay well, her family helped her with rent.
Once the large sum of money hit her account, Jacobson felt a sense of relief, anxiety and doubt.
Jacobson admitted that after her grandmother's trustee transferred the life insurance policy money into her account, she soon figured out she 'had a lot of fear around money'
'Seeing it was relieving, as I didn't have much money then, but it quickly turned into feelings about not being good enough or worthy and deserving of having money,' she recalled.
But, she still went on to explore the county and packed up her Subaru Crosstrek and took off to Denver, Colorado Springs, Santa Fe, and New Mexico, before settling down in Austin.
Jacobson revealed that a good amount of her money went toward food, gas, hotel rooms and Airbnb's during her travels.
She also splurged on 'fancy dinners,' a $2,000 diamond ring and $5,000 in health equipment that she still owns. It is unclear what kind of equipment that is.
After running low on money, Jacobson decided to get in contact with the financial advisor she initially ditched.
She soon hired a financial advisor to help create a plan for her money, but after paying her $5,000 in advance for her help, Jacobson 'ghosted her'
'I had spent most of my money by then, but we met, and she was understanding and compassionate. She agreed to work together since I had already paid the $5,000 upfront,' Jacobson said.
The two of them then created a plan for Jacobson to get back on track financially and professionally.
After a 'come-to-Jesus-moment' in 2022 and some 'healing work,' Jacobson got a job in senior care and also picked up a few side gigs.
Now, she lives in a rented apartment in San Antonio and has started from scratch. She plans to save her money to one day invest in real-estate.
'I'm passionate about my leadership work in the corporate world,' she said.
'I'm in a better place, and if I were to receive a large chunk of money again, I would have the capacity to hold it and use it wisely.'