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Learning I'll Inherit And My Son Will Be A Millionaire

Yesterday, at a family meeting, my frugal parents dropped a bombshell.  They went to their financial planner and we were informed that after they pass away, their estate will be worth $10M dollars.  My brother and I will be millionaires overnight.  My parents decided that they didn't want us to wait for that day but wanted to share a small portion of our inheritance early and are giving us $200K.  My mortgage and debts will be paid off.  I feel like I've won the lottery.

I have always asked the question, what would you do if you won the lottery.  Fantasically things like - pay off my debts, go on a world cruise, buy a new car,  buy a house, treat my friends to a vacation, were always my answers.  I never thought about the emotional aspects.  This morning I woke up feeling ripped off.  One of my major goals was just taken away from me.  My mortgage is paid off.  Now what am I susposed to do?  I now know my answer to what would happen if I won the lottery.  Pay off debts.  Set new goals.  Get a financial planner.

Another realization hit me also - I can't tell my friends.  I told one friend, a friend 10 years younger than me who did not have a mortgage but she knows how much this inheritance means to me giving my son a great start in life but I can't tell the friends who have mortgages.  They will congratulate me then think I am bragging about my success or be jealous because of my luck or think anytime I treat them, I am trying to brag or want something in return.  They will forget I treated them in the past when I had nothing.

I am very glad for one thing - I inherited a small portion early.  Now, when I do inherit the miliions, I'll be ready and as I'll be building my savings in the meantime, when I do tell my friends I'm out of debt, they will have seen my wealth grow over the years and me working hard full time towards new goals so will just think, I did it on my own.  In the meantime, I think I'll remain the frugal hieress.

singlemom1254 singlemom1254 36-40 5 Responses Oct 24, 2010

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wow
let's party

congrats start a college fund for your son, pay off debt, still live the same lifestyle and be careful as you will get some new friends and family if word gets out

May 16, 2013 - Are you as happy now as you thought you would be when you wrote this?

That is so true. The interpersonal aspect can be a touchy one, especially if you feel like you have to keep secrets from your friends and coworkers. Having suddenly come upon wealth, I am sure that you now have deeper insight to human nature.



Even though you have been friends with certain people throughout the years, it makes you wonder if they'd suddenly treat you differently if they learned of your secret. You accept that about them, but you sometimes have to keep your guard up. I know the feeling.



Though I am not where I am through inheritance, I am still sensitive to how friends may perceive me if they were to learn certain facts about me. I hear how they talk of other people who have money, and wonder how they can think so differently of another human being simply because they have worked hard to attain a certain level of financial stability.



I'm glad that you will be keeping a very level head. If you were to talk to your parents about it, I am sure that they will tell you (if it wasn't an inheritance on their part) that it took a lifetime to build what they have. It's easy for heirs to lose sight of that--easy come, easy go. In contrast, it sounds to me that you are off to a very sensible start. I wish the best for you, your brother, and your son. :-)

Good for you... I was raised on a cattle ranch and no matter how much wealth or respect you had, you worked as hard as the poorest person on the ranch. I went on to become an engineer for a diverse fortune 500 company and After struggling for 26 years in an unhealthy marrage, my Ex divorced me. Nine years later I met and married into a wealthy family of the Borb-Warner Co. Thanks to God, I live in a very comfortable life now. After retirement I joined an (I.A.T.S.E.) brotherhood to stay busy and have the oppertunity to work hard. I work with people that struggle from paycheck-to-paycheck but I never discuss my financial position for fear of alianating myself from my colligues. I am respected for my skill and hard work, not my bank account.