A recent caller to The Ramsey Show made a surprising statement: she and her husband inherited $7 million. The caller is still adjusting to the reality and explained how this windfall has added stress rather than relieved it, especially for her husband.
“I thought it would give him peace,” she said, noting that her husband had always worried about money and their future. Instead, the inheritance only increased his fear of losing it.
Don’t miss:
The couple had worked hard to save $1 million for the inheritance, paying off all their debts, including their home. The caller had hoped that inheriting millions would make her husband feel more secure. “He’s afraid we’re going to go through this,” she explained. Despite their frugal lifestyle, her husband now seemed paralyzed by fear of financial ruin.
See also: Charlie Munger once said that if you want to be rich, you have to “find a way to get $100,000” — this is what he meant.
She explained that she drives an old minivan and he drives an old car. She tries to be frugal and certainly doesn’t overspend. Delony quickly realized that it wasn’t about the money itself. “He’s stuck in a scarcity mentality,” he said, emphasizing that the man’s fears likely stem from past experiences or deeply ingrained beliefs. “This has nothing to do with the money,” Delony added. He suggested that the inheritance may have exacerbated the man’s existing fears, especially since he didn’t “build” this wealth himself.
Trending: Warren Buffett once said, “If you don’t find a way to make money while you sleep, you’ll be working until you die.” These high-yield real estate bonds yielding 7.5% – 9% make it easier than ever to earn passive income.
The caller said this tension has begun to affect their marriage. While she would like to add a few extras to their new home with the extra money, such as quartz countertops instead of laminate, her husband sees every expense as a personal threat. “I have a budget of $50,000 to $60,000 for extras,” she said, but her husband sees these expenses as if she is “personally hurting him.”
George Kamel lightened the mood with a bit of perspective. “You’re not crazy to spend $60,000,” he said. “You’re crazy to only spend $60,000.” Given their new financial situation, he pointed out that the couple could easily afford to splurge. But, as Delony emphasized, the deeper issue is emotional. “This isn’t about math,” he explained. The couple can crunch numbers all day long, but if they don’t address the underlying fears, the anxiety will persist.
Trending: Founder of Personal Capital and former CEO of PayPal Redesigns traditional banking with this new high-yield account: start saving better today.
Both hosts agreed that the couple should meet with a financial advisor and a therapist. Delony encouraged the caller to approach her husband with compassion: “What he needs to know is, ‘I see you and I love you and I want to build something new with you.'” Only then can they move forward — both financially and in their relationship.
While navigating a sudden windfall can be both relieving and stressful, couples need to align their goals and expectations. Open communication about financial plans, spending, and saving is key to reducing stress and ensuring that money works for both partners.
People often struggle with the fear of losing what they have gained, especially when wealth arrives unexpectedly. It can help to create a clear, agreed plan for the funds to avoid further pressure. Consulting a financial advisor can be helpful, as they can provide expert guidance on how to manage the inheritance while addressing both short-term and long-term goals.
Read more:
UNLOCKED: 5 NEW ACTS EVERY WEEK. Click now to receive the best trading ideas dailyplus unlimited access to advanced tools and strategies to gain an edge in the markets.
Want to receive Benzinga’s latest stock analysis?
This article ‘He’s Afraid We’re Going to Blow It’ – Ramsey Show Caller Says $7 Million Inheritance Causes Tension Over $50,000 Kitchen Budget originally appeared on Benzinga.com
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
