Received a very large inheritance?
First off, please give me the respect that I would give you. I recently lost my Father and am very sad. It's been extremely tough for my family and I. R.I.P Dad <3
My father was a businessman, he owned a very successful company based out of Scottsdale, Arizona. We went to the "Last Will" reading this morning. He was much richer than I ever imagined. My mother told us kids that they kept it a secret because they didn't want us to have an abnormal life. My father would take us on vacations in a private jet, but he never told us he actually owned it. We always thought it was borrowed from one of his friends. The jet is a Learjet 70 and is to be sold and the monies is to be split between my Mother, sister and I. The will also states the my family is to keep the company and to not be sold unless the fiduciary deems it is the best course of action? I'm receiving a very large amount of money (over 10 million not including assets and jet money).
My question is this, how should I live my life in the way it would respect my Father? He was a very interesting man and it amazes me how he kept his wealth underwrap from us kids for our own protection.
I still want to keep my job at the company, and want to be productive to society. It's so confusing as I'm 20 years old and have never had this much money in my entire life. I'm scared to death that my friends and people will find out and threaten me. I want to live as normally as possible. I'm very happy driving my Ford mustang. :/
Added (1). Just looked at my copy of the will. The jet is a "2010 Bombardier Learjet 60XR", and it has serial numbers and such with it. How would I even go about selling it?
Honor your father by following his wishes: don't let the money spoil you. Finish your education and live off the money you earn. Pay for your education and buy yourself a decent house. Invest the inheritance and do good with the proceeds. Squandering the money would disappoint your father and do no good for anyone.
They say that anytime a person comes in to a lot of money unexpectedly, they should not make any major life changes, or spend any significant part of the money for at least a year until their emotions settle down and they can think rationally again. At your age, I would stretch that to at least age 25. Hire a good money manager, invest the money and walk away from it for a good long time.
As for selling the jet, you should be able to find a broker to manage that for you. Perhaps your mother has contacts that your father had.
Taking regular vacations in a private jet and not being bothered about it, is not a sign of being out reality at all, it is a sign that you were not "gooey eyed & googoo gaga" about private jets and I think that quality in you is an excellent quality to have, maybe you inherited that from your Father.
Youd got it and you were also able to comfortably live with it without being OTT.
Keep the fact you have money top secret. It will protect you. Be suspecious of anyone who seems to be in a hurry for you to spend it.
At your age, there should be no rush to do anything. College would be a good idea.
You seem very out of touch with reality. Taking regular vacations in a private jet should have clued you in on your family's wealth. Take your money and get a good college education.
Go to harvard and get a masters in business
he would be dissapointed to never see you have a 4 year college degree
very saddening
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