Note: Some submissions have been edited for length and/or clarity.
16.
“I have a client (I’m a Certified Financial Planner) who inherited some money from his grandmother, about $150k. He’s in his 20s, so I was certain he’d blow it all. Sure enough, he comes in and says he needs the cash for a business opportunity that he and a guy are starting. He’s a real Chad-type. Lives in South Beach, parties, says bro every other word. So basically, I stereotype this situation as another that’s going to blow their inheritance and be broke within the year.”
“Guy pleads to keep his account open, swears up and down he’s gonna put this money back. I obliged. Months go by, and I see an alert that a money wire has come into his account, $150k. So, I’m pleasantly surprised that he held his word and put it back. Next month, $250k. Another $250k, then another. In our business, we have a regulation that we MUST discuss with the client how the funds are deposited and where they originate. It’s part of the US Patriot Act. So I call the guy.”
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