CANTON, OH- Sally Fernandez always knew that her aging parents nest egg would become her inheritance when they passed along. What she didn’t realize is just how much money and how hard it would be to squander.
“My mom was a school teacher and my dad had some sort of job with the state, so I knew there was money in there,” she told us via phone interview. However, with the stock market on a general upward trends for several years, her parents savings soared creating new challenges for Sally. “My plans to buy a bigger house and travel around Europe just weren’t enough. I mean, that would still leave enough money to pay for my children’s college tuition. I had to get creative and find new ways to spend the extra cash.”
Sally hired Frank Burstington to help with her financial plan. Here is what Frank had to say: “It’s a common problem that we’re seeing around the country. The Baby Boomers were fairly risk averse, sitting on large piles of money invested in mutual funds. As the stock market has risen, these piles have grown. Their children, on the other hand, have become accustomed to living paycheck to paycheck. So, connecting those dots is where we come in.”
Mr. Burstington has devised a plan in which Sally will invest some money in luxury sports cars, upgrading her wardrobe, and buying floor seats tickets for the NBA Cavaliers basketball season. “I’ve never been to a basketball game, but the tickets sound great” Sally told us. “Frank said this is how rich people spend their money, so it feels like a sound investment. Everything is going to be all right.”