Inheriting a lot of money can be one of the most incredible things to happen to a person and their bank account, especially if they are in need of the money to help pay off debt or to buy something big and life-changing, like a house or a car, that they could never afford before.
But for a handful of people, having a lump sum of cash deposited into their bank account turned into a quick fix to help them splurge on easy to purchase items or on reckless mistakes.
According to Market Watch, one study found that one-third of people who received an inheritance had negative savings within two years of the event.
“The vast majority of people blew through it quickly,” said Jay Zagorsky, an economist and research scientist at The Ohio State University in Columbus, Ohio and author of the study, which was based on survey data from the Federal Reserve and a National Longitudinal Survey funded by the Bureau of Labor Statistics.
Wondering how and why this could happen? Here are five people who learned the hard way how easy it can be to spend all of their inheritance money way too fast.