Husbands inheritance

[lisaloves]

DH has inherited 15k from an Aunt who sadly passed.

We are very happily married with 2 DCs. Comfortable financially but certainly not loaded. Huge mortgage and things we need to do to the house etc.

DH wants to put the entire amount in to Bitcoin. He's reluctantly agreed to just put half in to Bitcoin and the other half in to our joint ISA.

AIBU to think this is selfish?

For reference I am the bread winner by a country mile and we share all of our income. I never question this so it now feels unfair that his money is 'his' money - when for a long time I've earned much more and it's all been shared money.

I don't know much about Bitcoin but from what I've read it's very risky business.

My wife doesn’t earn anything. She spends what she wants to. How can you be married and split up money - I don’t get it. What’s yours is his and vice versa

Bitcoin is super volatile.. it’s ok to have done in crypto as an asset class if you’re ok with losing that amount… it could easily drop to 8k or go back up to 60k
.. you need the stomach for those sorts of moves .
if the btc bet pays off, is that money for the family pot or money for your dh alone?

YABU
as its his inheritance
BUT
Bitcon?!
I think he'd have better of making money if he put a bet on the outsider in a 4 horse steeplechase.

Really it should be a bit of both. I'm assuming when general finances were agreed, it didn't take into consideration inheritance whoever got it. Balance is the way forward as a couple have suggested.

33% on whatever they want. 66% on what you both decide (probably towards mortgage sounds wisest unless other large high interest loans).

Bitcoin is fine as a punt, it's never been lower, it's not guaranteed, but it's a better bet than in the last few years, and if it does go up vastly it can be a life changing amount. If you put your money in savings, it's probably going to drop in relative terms anyway, so you just slowly watch it become increasingly worthless whatever these days. That's about the only certainty here.

Problem for people who got burnt with Bitcoin was they "invested" when it was at all time highs, which never makes sense.

My guess would be he'd be going for higher stakes all the time!

Totally agree! It’s a speculative pyramid scheme! I know several senior people in investment finance who can’t believe how people are being taken for a ride by it. its a new gold rush

My husband put £15k into crypto this time last year. Not quite sure what it’s worth now but I doubt it’s even half that.

Would’ve thought all of it should go in your mortgage by the sound of things. Your husband is being stupid and incredibly selfish.

I think morally this is showing your husbands immaturity especially if you have been contributing to your family life. Maybe you need to start saving some of your hard earnings and treat yourself to an all inclusive holiday on your own! :0)

Nothing wrong with sharing your income. But I have no idea about bit coin, but like anything that had risk, only do it if you can afford to lose it. If I got 15K, it would get spent on stuff needing done round the house, or pay off some of the mortgage. There is always something needing done. Would have thought it should be a joint decision.

I have held Bitcoin and a blockchain for a few years now. Five to be exact, never made a penny I could realise. If he is willing to lose the money, which is the most likely outcome, then he should go and enjoy the ride. My feeling is, if he said he wanted to spend 15k on golf clubs or a vintage sports car, all of which lose money, and these ‘spends’ cost money too in the using, you may well have said ‘do it’… Maybe think of it as the same thing? it will amuse him for years, lol it has amused me…

Hello there! Crypto fluent person here! Not financial advice, just my take on things - and hoping it might help! :)

Two thoughts here...

First brain fart (again, not financial advice!!):
Bitcoin is a fairly safe bet as far as putting your money into crypto longterm goes, and the market is down currently so it's a pretty good time to buy in. But there are no guarantees and there likely wont be a full market recovery for quite some time.
No need to put the whole sum and all his eggs into BTC either, he could invest a little into BTC and diversify his portfolio with well researched alt coins too, if he really wants to live on the edge and make a buck in the next year or 2.
If I were him and it were all my money and I didn't need it urgently, I'd stick a few K in a diverse and well researched portfolio (including BTC) and forget about it - then pop the rest in an ISA, honestly. Decentralised finance is an interesting and thrilling space to be a part of and I'd encourage anyone who can afford to do so to participate, but only fools throw their life savings into the unknown. Tell him to research what just happened with the 'stable' coin LUNA... and he might change his tune and spread his bets a little.

Secondly:
If you are married and you agree to share everything, that means EVERYTHING. 7.5k of that inheritance is yours by my book. I'd ask him how he'd feel if you got a 15k windfall and kept it for yourself. But if you did end up with 7.5k for yourself, I wouldn't advise against you popping a little in crypto 😅

Hope you can work it out and that the money ends up where you both wish it to be, for the good of you both🙏

Husbands inheritance, YABU IT IS YOUR HUSBANDS INHERITANCE AS THE POST IS TITLED. Sorry about shouting, but it’s not yours.

Very odd given the % increase in value over last five years

With any type of high risk investment you should only put in what you can lose, doesn’t sound like you’d be happy to sacrifice 7k!!

THIS, abso!! I wrote my previous post assuming that he is relatively crypto-fluent and knows how to stay relatively safe in the space. Great advice from previous posters...
Get a hard wallet. Know your plan. Watch the crypto space like a hawk. Don't take your eye off the ball/wallet.

So if a DH wins the lottery with a ticket he purchased from his pay packet - he would not be required to share with his wife?

if a woman gave up work to look after children, the husband would not be obliged to give her any because he earned it?

A lottery ticket isn't the same thing as inheritance - it's not bound up with the emotions of losing someone who bequeathed you that sum. And the person who left the inheritance didn't bequeath it to you, they left it for their relation/friend.

Furthermore, it's pure chance as to whether the person died before, during, or after the marriage - just because you happened to be on the scene when it happens doesn't mean you're entitled to it (although it'd be nice for the inheritor to share a portion). Why should I spend my inheritance differently just because my parents died a few years after I got married rather than a few years before?

Yeah, unless you bought in Dec 2017 you've definitely doubled your money, or more. I'd have a word with your broker! 🤓

He could read Smarter Investing by Tim Hale

Sorry but £15k is a lot of money and if your a couple or husband and wife I think you should talk together about it , I’ve heard Bitcoin is a mugs game and I’ve heard people have lossed everything , in this current time I would be using this money wisely

Yes he’s being galactically stupid. It’s so risky! Does he even know what it is?

My husband is the breadwinner in our family. I inherited 3k in 2020. Having not worked for a good few years it felt like a fortune. I didn't invest it or save it or anything as my adorable aunty stipulated it was for 'fun and fun only'. My husband did say I should spend it on myself but I just couldn't be that selfish with it. I spent in on all 3 of us (husband and kids) having lots of days out, meals and treat. It's lasted a good year and every meal or day our we all said a big thank you to Aunty D on the way home (I wish so much I had her here instead). Although £500 did go on paying off a bill first but don't let the aunty know!

Let's be fair on OP's husband. He isn't the bread winner so of course if he has a huge amount of money it's only human nature to want to keep it. Not sure about the bitcoin though but if it works OP will surely be v happy!

Good for him. Bitcoin is "ultra sound money" as it has a finite supply (21 million) unlike the ridiculous Ponzi of fiat currencies like the £ and $ which are created out of thin air for future generations to deal with the inflationary consequences. Yes it's volatile but any investment is risky. It could go down, it could go up in value. But it's his decision anyway. Sounds like he's got a keen eye on the future.