- Susan von Seggern used a inheritance of $ 10,000 to buy a convertible and start saving for a house.
- She transformed her initial heritage into significant wealth, investing in the property and a brokerage house.
- Last year, she received another inheritance of $ 100,000, which she used mainly to repair her house.
This test as told is based on a conversation with Susan von SeggernA 56 -year -old publicist and financial director in Los Angeles. It was published for duration and clarity.
My grandmother indirectly helped me to become financially intelligent by leaving me $ 10,000 when she died in 1993.
While on her deathbed, she could no longer satisfy her four grandchildren with sumptuous meals, then she literally brought a fortune in our lives in her last soft-love days.
I was 25 but wise enough not to waste the money on something that would not give me short term.
Instead, I bought a convertible that I had been watching for a long time and I designed a plan to save money for a future town house.
My grandmothers lived the great depression and the Second World War
They shaped my parents in people who only spend their money if it is absolutely necessary. My Money Foundation was based on expenses and investment wisely.
At the beginning of the twenty, I led an old Nissan to feel around Los Angeles. I sucked in a Geo Metro LSI convertible, but I knew that taking anything from the money I earned at the time as a publicist was impossible, and that the only other option was indebted. The risk of opting for one or the other was higher than the happiness I would have known by buying this car.
Once I received $ 10,000 from my grandmother, I sold my Nissan for $ 2,000 and I combined this with my inheritance to buy the convertible. I am so happy to have bought the car that I wanted with superb features, not a car that other people wanted me to buy. I chose a car according to my desire, my budget and my preference.
Each month after buying the car in 1993, I put aside $ 400
I continued to save this specific amount until the end of 1995 as if I paid a car payment. I had a minimalist lifestyle, so I could save even more sometimes by spending or going intelligently. All my drinks, parking and business lunches have been paid due to having an expense account thanks to the work.
Things continued to align financially for me after using the inheritance. No matter what I wanted to buy, I find myself saving this amount because of how I used my money and saved it.
After the car, it was time to buy my own house
After saving a few years, I put aside about $ 25,000 to cover the deposit, which was $ 17,500, for my first condo and other related expenses, such as moving and furniture. I bought the condo for $ 175,000 in 1995.
My husband and I started a public boutique public relations agency together, which we ran until it was extinguished when the Dot-Com bubble broke out and also due to the recession of September 11. The condo value has gradually increased and I got a home loan for $ 75,000. With that, I set my agency debts.
The condo value accelerated at around $ 400,000, and my loan also increased to $ 225,000. I sold the condo in 2007 for $ 715,000, which would not have been possible without my inheritance money.
After paying the agents and the bank, I ended up with around $ 450,000, that I used to repay the debts of my fiancé, which were about $ 50,000.
After transforming my $ 10,000 into $ 400,000, I did not touch it
I put the $ 400,000 in a brokerage account and let it grow. When the pandemic struck, the market crashed and we lost 10% of the total.
We bought a new house in 2021, paid a deposit of $ 160,000 and we ended up with $ 200,000. After buying and moved, we had $ 160,000 left, which we put back in our brokerage account.
We have balanced our mortgage every month with her and the benefits we generate. The stock value of our new house is around $ 300,000.
In 2024, my father died and I inherited an additional $ 100,000
We used $ 100,000 for various purposes. We spent about $ 25,000 for our house, including a new roof, an air conditioning unit and a water heater. We have also invested around $ 20,000 in my husband’s startup and spent about $ 10,000 for medical purposes.
My husband and I are still working. This inheritance is more than sufficient for us to manage our personal and professional needs and professional and present professional desires.
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