What not to do with inheritances

Ever dream of winning the lottery or finding long-lost money? Well, for one Ontario man, that dream came true recently.

It was reported last week that a 68-year-old man was reunited with $100,000 in cash that he had hidden in the 1980s. Turns out, the man put the cash and some banking documents inside a box, which he then stashed in the back of an old television.

The money was recovered when two detectives came to his home, near Peterborough, Ont., to ask if he knew what the T.V. had contained, reports The Canadian Press. The man had given the T.V. to a friend to recycle, and the cash was discovered when the set was dismantled at a depot.

“[The man] was quite surprised and excited that [the money] was returned to him,” said Const. Nicole Rodgers of Barrie police. “I think it’s amazing.”

Police discovered that the man thought his money stash was still squirrelled away at home–a habit he’s had since he was a child. The money is reportedly from an inheritance given to him by his parents, say police, and there’s no evidence that it’s linked to a crime.

So, what can we learn from this man’s story? He not only nearly lost part of his nest egg, but is also failing to keep track of his finances.

Whether people have excess cash or debt to erase, you help them keep a close eye on their assets and cash flows. To remind your book why this matters–and to offer tips on how to handle inheritances properly–share this and the below articles.

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Staff, with files from The Canadian Press

The Canadian Press is a national news agency headquartered in Toronto and founded in 1917.