WWYD? $300K inheritance, job searching with BA degree but old crim charge on background check

[Anonymous]

A friend inherited $300K. He has never utilized his BA degree (I think in business) because of an old felony drug charge - it was a hotel party, there were drugs, it got broken up, he got popped. He assumes nobody will hire him, except he did work for a while in various service positions in management (I guess they gave him a chance). But the pay was like $45K.

So, he started a company of his own. It's doing ok - maybe he nets $80K/year. But he just inherited $300K, and he is pondering what to do. Start some franchise? Or buy a rental property? He has a wife and 2 kids under 10.

What would you do?

[Anonymous]

First thing I'd do is get that felony expunged. After that whatever he wants.

[Anonymous]

Anonymous wrote:First thing I'd do is get that felony expunged. After that whatever he wants.

very good point, but in his state, they don't expunge.

[Anonymous]

If you have money, you can expunge. A felony isn't for life.

[Anonymous]

I would never do drugs and think it is incredibly stupid to do so. But it is so crazy that lives and careers are ruined for doing the same things that our three previous US presidents did (but didn't get caught).

[Anonymous]

I work in criminal justice. Statistically, having an AA negates having a criminal record with respect to hiring. Each individual's situation is unique of course, but the fact this is 10 years or so behind him should be very favorable. He shouldn't hold back so much on pursuing what he wants.

[Anonymous]

Anonymous wrote:I would never do drugs and think it is incredibly stupid to do so. But it is so crazy that lives and careers are ruined for doing the same things that our three previous US presidents did (but didn't get caught).

That is SO incredibly helpful.

Ditto the criminal justice person. I know people with DUIs that have a top secret clearance. If the charge is old, the person is honest about it, and everything else about that person checks out (no more run ins with the law, clean credit report, etc), it can be overlooked.

[Anonymous]

Anonymous wrote:If you have money, you can expunge. A felony isn't for life.

Not true in some states, including Virginia.

[Anonymous]

I suppose I am stating the obvious, but he should consult a financial adviser re: how to invest and use his own judgment and experience re: growing his business/looking for a job. There is a lot going on for your friend but not much info provided (understandably). Not sure how much we can help.

And the PP is right. You can't expunge a criminal conviction in some states, including VA.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I would never do drugs and think it is incredibly stupid to do so. But it is so crazy that lives and careers are ruined for doing the same things that our three previous US presidents did (but didn't get caught).

That is SO incredibly helpful.

Ditto the criminal justice person. I know people with DUIs that have a top secret clearance. If the charge is old, the person is honest about it, and everything else about that person checks out (no more run ins with the law, clean credit report, etc), it can be overlooked.

A dui is very different than a felony

[Anonymous]

Anonymous wrote:If you have money, you can expunge. A felony isn't for life.

But it can stay on the internet forever. Deal with it squarely as a mistake.

[Anonymous]

Well the application question is have you ever been charged or have been convicted of a felony. So you must answer yes if it was expunged.

[Anonymous]

If I had $300K to invest, I'd buy rental property. But then again, I have experience in that area and none in owning a franchise (which sounds horrible, from the little I know about it.)

If the friend enjoys his current work/business, it might be wisest to use the $300K to expand that operation. If not, he should consider what he enjoys and has an aptitude for and let that guide him.

[Anonymous]

He was charged with a felony for doing drugs at a party? Yeah right. I realize this is probably irrelevant to your question, but he hasn't told you the whole story.

[Anonymous]

Anonymous wrote:A friend inherited $300K. He has never utilized his BA degree (I think in business) because of an old felony drug charge - it was a hotel party, there were drugs, it got broken up, he got popped. He assumes nobody will hire him, except he did work for a while in various service positions in management (I guess they gave him a chance). But the pay was like $45K.

So, he started a company of his own. It's doing ok - maybe he nets $80K/year. But he just inherited $300K, and he is pondering what to do. Start some franchise? Or buy a rental property? He has a wife and 2 kids under 10.

What would you do?

Buy more than one rentals with that money. Not necessarily around here. There are other markets where 300K would go very far (don't use all of it) and you could live full time off of it.