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The 50 weirdest ways people have gone broke

GOBankingRates Logo By Michelle Smith of GOBankingRates | Slide 2 of 51: Some people who inherit money spend irrationally. They go on shopping sprees, take vacations and immediately start upgrading their lifestyles, ignoring smarter options like investing inheritance."I've seen people want to buy everything from yachts to mansions that are completely out of budget after receiving an inheritance," said Elle Kaplan, CEO and founder of LexION Capital, a New York-based financial management firm. "There's going to be a huge rush of emotions when you suddenly have money — but those are your worst enemy."Failing to separate rational thought from short-term choices is a great way to go broke.

Getting an Inheritance

Some people who inherit money spend irrationally. They go on shopping sprees, take vacations and immediately start upgrading their lifestyles, ignoring smarter options like investing inheritance.

"I've seen people want to buy everything from yachts to mansions that are completely out of budget after receiving an inheritance," said Elle Kaplan, CEO and founder of LexION Capital, a New York-based financial management firm. "There's going to be a huge rush of emotions when you suddenly have money — but those are your worst enemy."

Failing to separate rational thought from short-term choices is a great way to go broke.

© Robert Kneschke / Shutterstock.com

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