Raised by a single mother in northern California, Schadeck found herself with enough money to buy new clothes and eat in restaurants for the first time. That’s because her mother unexpectedly inherited $1.4 million from the sale of property owned by a relative.
“He never did any comprehensive financial planning,” Schadeck said about the adviser. Instead, he put most of the money into a 529 college savings plan with a high-cost mutual fund company. “My mom waited tables and worked for minimum wage,” she added. “She didn’t understand where the money was going” or how the adviser invested it.
By the time Schadeck applied to college, her family had $6,000 in the bank. She earned a basketball scholarship at Kennesaw State University that funded her tuition along with a Pell Grant. Later that morning, another student in her Introduction to Finance course mentioned that the Financial Planning Association was sponsoring a job fair that evening.
Never trust unsolicited financial advise. Always a con job. Watch American greed for great examples of American greed.
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