My parents were involved in various businesses.
My father left me 3 of our homes that are fully paid off our Main residence is worth around 1,450,000 our beach home is 1.15 mil and our city townhouse is 900k.
He left me around 1,890,000 in cash. + 100k from flipped home
Along with 250,000 in art, jewelry, etc.
Their 3 cars are paid off a tesla, a Porsche 911 cabriolet and a s63 Mercedes
My expenses are our yearly taxes for our main residence is 38k, beach home 32k, and city home 27k all together 97k yearly.
My siblings school tuitions are: oldest sister is 21k a year and 3 younger are 15k a year all together 66k
Now my family fears my spending habits are too much I spend around $8k a month on clothing and other expenses.
I recently just bought Mercedes G550 around 116k.
And I through my little sister a birthday party that cost $18k and bought her A Mini Cooper cabriolet that costed $39k
I bought the two boys four wheelers and a birthday party that's costed around $9k all together
All of our legal fees after his death. And our yearly income is between 115-140k
My questions are do you think I have enough money to send them all through college? Do you think I should cut back on spending? What can I do to make the money last as long as possible? And what do you think I'm doing wrong?
You have my deepest sympathy for your loss. You are going through a really difficult time, and trying to make the best of a bad situation that is throwing a lot of responsibility on you, that you didn't anticipate. I had something similar happen when I was in my 40s and totally independent, so I know it is much, much more difficult on you. When people get upset, or have a major tragedy happen, one of the things they tend to do is spend money. For a short time, it lets you stop thinking about your grief and problems and only concentrate on the brief joy that comes from buying something new and, in your case, making your siblings happy. You are to be commended for doing things for your siblings and worrying about their future and education, and for trying to provide for them.
I don't think you should post all this info on a public message board, and ask strangers what to do. A lot of them will resent the money you say you have.
With the sort of finances your parents had, they also probably had a financial planner and/or a lawyer who handled affairs for them. At the very least, there should have been a lawyer who handled their will. I suggest you find out who these people are, and contact them. See what they suggest. A good financial planner and/or a CPA should be able to run the numbers for you so you'll know exactly how much money you need to do what you want to do. You can pay a CPA or a planner by the hour (which is my suggestion, and you do have enough money to do this) to review your finances and come up with a plan. You can even go to several planners and compare what they say. And get your siblings involved, since this affects them, too, and some of them are almost adults. There are also planners who you can pay to handle your finances and who do so for a commission, but there's no guarantee that they will make money for you - in fact, they may lose money, and I wouldn't risk that right now.
For the present, I suggest you stop spending money except on things you really need and are necessities. It is great to have new cars, etc., but anything you buy right now will be bought out of grief, and you won't appreciate it in the long term, and will regret the waste of money. See a planner as soon as possible. Good luck.
First off, you are showing poor judgment by asking here. Might as well shout it out in a bus. I can flat 100% guarantee you that your Dad had three people in his life and businesses. You need to get those same three people in your life and do exactly what they tell you to do. You have a big time tough row to hoe and your siblings, love them or not, are going to be a problem - all having to do with money. Those three people are Dad's lawyer, Dad's accountant and the person that prepared Dad's taxes. If you do not get them involved and directing you, then you are going to lose the good years you could have otherwise had. Get it in your head you need to downsize the life style - the cars and the homes.
Save up your money, and do not allow anyone to take it. Store it somewhere secure and I would not believe in a blank because they can steal from you(Legally.) Downsize and sell your property home and get a small house that in total your rent and electric (or what you may have to pay) is less than r no more than 700.00 to 400.00 dollars a month. (Or you can do a yearly plan, but monthly would be worth it.). Sell the cars and keep at least ONE. The one that really works well. And find a place that is not full of people of lower class(or a poor place to live, find somewhere else to live worth keeping the family safe.) Also, if you have a business going from your Father, I would keep it up or sell it to a top bidder.
Not with your spending you don't you seem to have more going out than you have coming in.
Are you in charge of the estate or are you in charge of their trust fund if they have one? If you can control your own spending habits and teach them good ones, yes.
However as for the younger ones where is the other parent?
How much do these businesses they own pull in a year?
My in-laws are wealthy my MIL is a surgeon and my FIL is a prominent attorney in the Houston area. They put 3 kids through Ivy league colleges and medical school with no issues but they also weren't spending faster than they were making or over what was coming in.
Given that you currently have less money coming in than you do going out (total up all your outgoing each year vs your incoming, you're not in good shape), no, you certainly don't have enough to put your siblings through college because you'll be dipping into your savings just to pay bills each year.
Get rid of some of the things that are costing you money. You don't NEED three houses. You don't NEED three cars. You don't NEED an 18k birthday party. You don't NEED 8k in clothes.
Get your outgoing to be less than your incoming QUICKLY and continue to bulk up your savings and you MIGHT be able to get them through college.
EDIT: I also realized you're missing bills. You've only listed the value of places and things, not how much it's actually costing you to keep them. How much is insurance on those cars each month? What does it cost to keep the lights on and water running in all these houses? How much is it costing you guys to eat? So you're outgoing is actually even higher than your incoming than I originally thought. That's bad no matter what you've got in savings.
Even if you have enough. I don't advise you buying such expensive things that don't have any investment value. Clothes and cars are horrible investments and lose their value instantly after transaction. If the items you buy have no benefit then I suggest you pass.
You need a GOOD financial planner --- NOT YAHOO ANSWERS... Your are burning through cash that can't be replaced. STOP IT. You can't continue to live your father's life style. If properly managed that money should last until the kids are 18 easily..... but it will not last forever.
what about your mother? is she alive and needing medical care and housing and insurance?
you seem to need medical insurance for yourself and your mother and your siblings
you seem to need some type of financial guidance for your 'cash' of 1.85 million, which should be invested in a diversified portfolio.
you need a certified financial planner as your annual income of 115K to 140K does not appear enough to pay your taxes and your tuition bills and your living expenses
As there is outflow, try to learn to control it, and devise plans to have inflows to negate the outages of cash! start investing on something
If this were true your parents would be so ashamed to have raised you and never have left the other kids to you to raise.
