A woman who inherited $250,000 from her late grandmother has revealed how she quit her job, squandered the money and is now living in a rented house.
Sarah Faith Jacobson, a 40-year-old corporate consultant from Texas, said that after receiving the large sum of money she had no idea what to do with it and that she “regrets” how she spent it.
Her grandparents were successful real estate investors in the Bay Area 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 her create a plan for her money, but after paying him $5,000 up front for his help, Jacobson “ignored her” and decided to stick to her “champagne and beer budget.”
“I took a road trip to places I wanted to move to and spent most of my inheritance on that trip,” Jacobson said. Business information.
Sarah Faith Jacobson, a 40-year-old corporate consultant from Texas, spent the $250,000 inheritance she received after her grandmother passed away in 2020
‘I had quit my job and had no source of income: I lived off my inheritance money.
He received the $175,000 in one payment and the $75,000 in multiple payments over a couple of months.
Jacobson admitted that after her grandmother’s trustee transferred the life insurance policy money into her account, she soon realized she was “very scared around money.”
As a young man, Jacobson was never really taught how to manage money, except 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 she wasn’t paid well, her family helped her with rent.
Once the large sum of money arrived in 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 realized she was “very scared around money.”
“Seeing it was a relief as I didn’t have much money back then, but it quickly turned into feelings of not being good enough or worthy enough and deserving of having money,” she recalled.
But she continued to explore the county, packing up her Subaru Crosstrek and heading to Denver, Colorado Springs, Santa Fe and New Mexico, before settling in Austin.
Jacobson revealed that a good portion of her money went toward food, gas, hotel rooms and Airbnb during her travels.
She also indulged in “fancy dinners,” bought a $2,000 diamond ring and purchased $5,000 worth of medical equipment that she still owns. It is not clear what kind of equipment this is.
After running out of money, Jacobson decided to contact the financial advisor he had initially ruled out.
She soon hired a financial advisor to help her create a plan for her money, but after paying him $5,000 up front for his help, Jacobson “ignored her.”
“I had already spent most of my money, but we met and she was understanding and compassionate. She agreed to work together because I had already paid the $5,000 up front,” Jacobson said.
The two then created a plan to get Jacobson back on track financially and professionally.
After a “moment of revelation” in 2022 and some “healing work,” Jacobson landed a job in senior care and also did some side hustles.
He now lives in a rented apartment in San Antonio and has started from scratch. He plans to save his money to one day invest in real estate.
“I am passionate about my leadership work in the corporate world,” he said.
“I’m in a better situation and if I were to come into a large amount of money again, I would have the ability to hold on to it and use it wisely.”