How would you handle the money?

In reply to Mndsm :

Haha!

No, no, no!  I'm the guy on the couch, and want to validate that I should buy a supercharged Yugo! 

SV reX said:

In reply to Mndsm :

Haha!

No, no, no!  I'm the guy on the couch, and want to validate that I should buy a supercharged Yugo! 

I would normally say I'd bought worse...but no...no I don't think i've bought worse. 

In reply to Mndsm :

I have definitely bought worse. Please validate me!

In reply to SV reX :

I've personally never owned a soviet-era eastern european vehicle before, and I know you have, more than once if i'm not mistaken. It's probably ok if you keep doing it. 

In reply to Mndsm :

Hahaha

In reply to SV reX :

Were you the truck driver?

All I can say is mom must have some good stuff.  

I think the kid needs to spend some of his money and be tested and visit a psychologist/shrink.  I have some grandsons I could see ending up like this.      

Looks like mom is gonna "mom-through" and handle the details with insurance, lawyers, etc. herself.

Then she will deposit the money in his account. She says that the money will be HIS, but was absolutely opposed to him spending it wastefully. I pointed out to her that would mean it's not really his money, because she would still be controlling it. She agreed. But that doesn't mean she will let go. 
 

Not sure why she asked my opinion! Haha! 

In reply to SV reX :

Sometimes people just want you to tell them what they already think.

In reply to SV reX :

Wash your hands.

In reply to Beer Baron :

Oh, I absolutely am!!

My work here is complete. 

So basically Mom is going to keep on with the same B.S that got her son in the position he's in in the first place. All these advice tips were great to read but to bad that they won't be used. All I know is I wouldn't be walking away from this I'd be stealing the fastest car I could get my hands on and exit the building for good. Hopefully you aren't invested as I see so many red flags if you are. 

It's up to you so good luck with that one.

Good advice. Thanks guys. 

Have you ever heard of the "27 Club"?   Although this guy isn't famous, he may join it in his own way. The 27 Club is the group of mostly famous musicians who die at the age of 27.  Jimi Hendrix, Janis Joplin, and Jim Morrison and so many others.  

https://en.wikipedia.org/wiki/27_Club

My take on it is that when we are young and dumb, most of us are too poor to do ourselves in.  These guys have the funds to do even more stupid stuff; drugs, fast cars, etc.  I have two examples.  My nephew, during the pandemic he became unemployed and with that got the extra unemployment payments and was making more money than he had ever seen as a landscaper.  He was 21 at that time.  He ended up getting almost $10,000 more than what he was used to earning.  All of it went up his nose.  If he had a little more money for a little longer he would have done himself in.

Friend in high school.  When he turned 18 he got a large lump sum.  It was our senior year and his birthday was early in the year.  He went and bought a cool Jeep with a V8 swap, moved out into a high-end resort apartment.  When the Jeep was broken, he went into the Porsche dealer and bought a 924 one Friday afternoon.  He was dead by midnight about a month before graduation. 

Not knowing this kid, or how much money he's getting there is no way to say what will happen.  If I were able to bet on this, best case scenario is the money will be blown.   Worst case, he does something really dumb.

In reply to Scott_H :

Well, that's an encouraging perspective. Geez. 

SV reX said:

In reply to Scott_H :

Well, that's an encouraging perspective. Geez. 

Sorry.  Science even says the prefrontal cortex in the brain does not fully develop in young men until 25 or so.  Only then are young men mature.

Of the handful of wealthy people I have known who have passed on a lump sum to a young person, every one has set up a trust with a trustee to oversee the disbursements.  When I was under 25, I made some really dumb decisions and some of them were with money.  Albeit not much money. Why is it that there are so many stories of lottery winners who are in worse shape 5 years after winning.  I worked at a dealership when the local football hero who had a full ride to Alabama got his $2.5 million NFL signing bonus.  In the course of 3 days he bought ~10 cars for all of his family and friends and wiped out 25% of his (net) bonus.  Sure, was his money and all.