Beware of splurging inheritance on cars
Financial planners don't often get to advise a young person with little life experience on how to manage a large sum of money responsibly
Shaun Jones* is a typical young man of 24. When his father, a divorced factory manager, fell ill and died earlier this year, only child Shaun inherited a large amount of money and property. He inherited his father's large house on the West Rand, a rental property, a share portfolio, a unit-trust portfolio, his dad's pension-fund savings worth R3.5-million and a group life cover payout of R3-million. Shaun's first thoughts turned to buying a BMW M3. But then Chartered Wealth independent financial planner Craig Turton gave him some advice. Turton says financial planners don't often get to advise a young person with little life experience on how to manage so much money responsibly. Most people only make the financial decisions that Shaun will now need to make much later in life. Turton says it was important for him to get to know Shaun and his life plans so that he could advise him on what to do with the assets he had inherited. They talked about the way his father had lived and togeth...
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