![]() ![]() I was miserable in banking-I had actually majored in art. People I knew from college days and early career days became much more conservative and much more ostentatious. They started spending lots of money on McMansions and SUVs. Many went to college (it was affordable back then) and were financially successful. Somehow, during the mostly Republucan era of the 80s, many boomers became very materialistic. Then, we entered the workforce (I went into banking in 1978). Most of us were idealistic and fairly liberal before 1980. I'd have to hold their hands to just get through the door. He's got health issues too, so part time only for him. Poor guy showed up to home depot with a resume and they turned him around on his heels. My dad could work, but the new "online application process" kicked his ass. My mom just had gastric bypass and then back surgery, so she is in no shape to work. I attribute some of their dumb financial decisions to "grief spending".Įdit 6: Why don't they get a job? Boomer healthcare issues. My little brother is deceased, he died in a motorcycle accident when he was 24. My thinking was this: if I have to pay for their living expenses, I might as well buy something with value and cash out later.Įdit 5: I am their oldest son. I considered renting for them, but would still have to work extra to pay a lease. Selling their old house was the only way to get rid of the debts. Things are going to get tighter.Įdit 4: Wow, you guys have a lot of good questions. My kid is about to graduate high school, so he will need a car and help with expenses after. In addition to my main job, I take on consulting gigs that help me to keep up. When they don't need it anymore (die, whatever), I'll sell it and make a little money.Įdit 2: I work in a high demand field and we lived below our means. I'd rather feel the pain of paying a second mortgage than move those people into my home. I'm able to keep fully funding my 401k and even save a little because I will be damned if my kid will be in this situation.Įdit 1: Yes, I bought them a small house nearby. I have my own family and kid to take care of, so the surprised addition of Boomer teenagers really hurt my finances. Thankfully their house appreciated and the interest rate is low, so I'm an accidental land lord who will make money when they don't need it anymore. One day I just had to say "Mom, you have brown neighbors, get over it." No further word was said, They are not in a high crime area and their neighbors are friendly, so she will just have to evolve.Īt this point, I'm working two jobs. My Mom doesn't like the new neighborhood, I suspect it is because in the larger metropolitan area we live, the diversity is greater. I bought them a small cottage near where I live and moved them closer so I can keep an eye on them. ![]() This was the first time I set a red line with my parents, either get on board with a new budget or I will not be assisting with more bad decisions. ![]() They wanted me to just start paying the mortgage and I almost swallowed my tongue. They also had the Boomer McMansion that was 4000 sq feet of wasted space on a golf course, but they only occupied the kitchen and a sitting room where the TV was located. They lived in rural Louisiana 1000 miles away from me and I just couldn't take care of them remotely. That was a HUGE fight but their social security income was eaten by the payment, so it was no bueno. They are Boomers and have Boomer health problems, so the first thing I did was tell them to sell their house, pay off the 2nd mortgage and put whatever is left away in savings. My Dad's a proud guy and he had a very difficult time adjusting to the New Reality that someone else was paying half his bills and he had to STFU about a few things. When I asked them why they didn't fund a 401k or save more, he literally turned to me and said "We didn't think we'd live this long." I have no siblings. My Dad finally swallowed his pride and told me they needed help. My boomer parents ran out of money 5 years ago and didn't tell me they were on the verge of homelessness until the VERY LAST MINUTE. ![]()
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