Some of Hollywood’s younger stars continue to pay their dues to their loved ones.
Sydney Sweeney, the 26-year-old breakout supporting star of HBO’s Euphoria and White Lotus, used her money to help generations of her family. During a recent appearance on “The Kelly Clarkson Show,” the Emmy Award nominee explained how her great-grandmother was forced to sell her home because she could no longer afford to keep it. But Sweeney never forgot about it.
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“Last year, I called up the owners and I said, ‘I want to buy my great-grandma’s house back,’” she told Clarkson.
Now Sweeney owns the home, and her whole family can once again enjoy time together in the house that both her grandmother and mom were born in.
“You’re like a Hallmark movie!” Clarkson exclaimed.
Sweeney was able to preserve cherished family memories through her actions. What can you do to make sure your own family assets remain protected for years to come?
Invest windfalls wisely
Despite Sweeney’s success in the entertainment industry, she doesn’t come from money. Her parents made large sacrifices to help her fulfill her dream of becoming an actress.
“I watched my parents lose a lot. We filed for bankruptcy, and they lost their house back home on the lake [the same home she bought back],” she told Women’s Health in November. “We couldn’t afford life in L.A. We couldn’t afford life anywhere.”
Her parents didn’t have a lot to offer financially, but they did offer what they could: support. Now that Sweeney’s career has taken off, she can pay them back.
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But many people aren’t as careful as Sweeney. A number of people who receive a windfall end up squandering their money shortly afterward if they’re not careful.
So if you and your family come into unexpected wealth, be like Sweeney. Figure out your financial goals and start building up your savings toward them.
If that means buying your family a home, work toward getting a strong credit score so you can acquire a reasonable mortgage rate. Depending on the amount you receive, you may also want to explore buying a home in cash to avoid a mortgage.
It’s also always a good idea to consult a financial adviser who can help you maintain your newfound wealth and make wise investment decisions.