Barefoot Investor Scott Pape Weighs In After Aussie Reveals Why She Didn’t Want A $3 Million Inheritance

Barefoot Investor called a single mother who didn’t want her $3 million inheritance a “weirdo” — even if she was a sensible one — and encouraged her to accept it.

The Tasmanian mother, who is raising two children and also works as a nurse, said she was due to receive the surprise inheritance from a relative but had doubts about whether accepting it was the right choice for her family because of the “complexities of wealth”.

“That is generous, but with wealth like this comes complexity,” she wrote in a letter published in a magazine. Herald Sun column.

The mother explained that she already earns enough money to support herself and makes significant contributions to her pension fund.

“I just paid off my house in Tasmania and am now paying 10 per cent into my pension with every payment,” she said.

“I don’t remodel or travel far. No dishwasher or broken oven. I’ve set myself up to retire on $42,000 a year when I’m 65.

‘I don’t need more and I prefer a simple life where I live within my budget.

“I want my kids to do well in their own way and eventually own a home. But I don’t want to take away the satisfaction of doing it yourself.”

Barefoot Investor Scott Pape (pictured) called the mother a “weird woman,” but admitted that her “weirdness comes from a place of deep contentment, wisdom, and living your values.”

The woman admitted she considered accepting the money to buy a “large piece of land in southern Tasmania to protect it from developers in the future”.

Scott Pape’s response to the mother began very bluntly: “You’re clearly a weirdo.

‘But your strangeness comes from a deep contentment, wisdom, and living your values.

“You have something most people will never have: ENOUGH!”

Rather than turn down the substantial inheritance, Pape encouraged the nurse to divide the money into three accounts.

“I would put a small amount of money into an online savings account first for emergencies – and to fix your furnace!” he said.

‘Secondly, I would invest a large amount in an ethically invested index stock fund, since that is your attitude.

‘Finally, I would set up a private supplementary fund, a kind of charitable fund.’

Pape advised the woman to set aside money to match the money her children are saving for their future home (stock image)

Pape explained that with the stock fund, the mother could match, dollar for dollar, the money her children were putting aside for a future home. This would encourage them to save more.

In the meantime, the PAF can be used to make tax-deductible donations to a charity of the mother’s or her children’s choice.

“The most important thing is to involve your children in deciding where the money goes,” Pape said.

‘Who knows, hopefully they will reflect some of your qualities!’