Woman under fire for burning through multi-million dollar inheritance and her daughter’s uni fund

A woman is being slammed after burning through the seven figure inheritance her late husband left her and their teenage daughter.

The woman, 50, from the US, revealed that her husband passed away four years ago after working for 20 years as a doctor and creating an investment portfolio on the side.

Her husband warned her against rash decisions and asked that she trust his lawyer with major financial investments – but she secretly purchased a Malibu beach house the next year, which soon turned into a ‘money pit’ that ate up all of their savings.

Now, the woman only has $35,000 ($52,000 AUD) to her name with ‘massive’ debt, which is why she ended up liquidating her daughter’s university fund for a ‘few months’ of relief from her mortgage payments.

Her daughter was ‘furious’ when she found out and ‘couldn’t believe’ her father’s life’s work was gone. 

The woman shared her story on social media, wondering if she was an a**hole for liquidating her daughter’s higher education fund to keep their ‘dream house’. 

‘My late husband left me everything and told me to trust his lawyer,’ she explained on Reddit.

She decided to sell their home of 12 years soon after his passing, and received an offer that was ‘too good to refuse’.

The woman decided to fulfil her dream of a beachside home in Malibu with the ‘influx’ of cash from the inheritance and recent sale of their family home.

However, she knew her husband would disprove of her decision as he was ‘tight-fisted’ and called beach houses in Malibu ‘money pits’.

The mum’s fantasy began to crumble soon after. 

‘I never personally handled anything regarding buying a home before, so I did not anticipate all the extra costs beyond the sticker price,’ she said.

‘But my daughter was excited so I decided to go for it.’

‘My late husband’s lawyer was furious, so I decided stopped taking his calls.’

The woman made a series of poor financial decisions, such as signing with a substandard money manager who ‘tanked’ her savings.

With only $35,000 to her name, the mum decided to liquidate her daughter’s university fund for a few months of relief until her business picks up.

‘My daughter was furious and said she cannot believe all her dad’s work is gone. She also said she won’t be supporting me for retirement. I was just trying to fix my mistakes and trying to keep our house.’

Thousands blamed the mum for making poor decisions, losing all their money, and ‘ruining’ her daughter’s life [stock image]

Thousands blamed her for making poor decisions and ‘ruining’ her daughter’s life.

‘You decided not to listen to the lawyer, move to an extremely expensive place, and trusted someone’s shady advice,’ a woman wrote.

‘Now you’re taking away your daughter’s chances of being able to go to university loan-free. That money is not yours. You should be ashamed of yourself.’

‘Your husband was right, Malibu is a money pit of empty AirBnBs. One grocery store on the highway with outrageous prices and almost no food except for tourist traps.’

‘The sad part is this all could have been avoided if she’d listened to her husband’s final wishes: trust his lawyer.’ 

‘You liquidated something that was intended to build your daughter’s future for the sake of a few months of breathing room. You didn’t even solve the problem.’