I'm $200,000 In Debt And My Parents Need Money!

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Wow this is a tough situation. It's like you want to help your parents but you also need to take care of yourself and your own kids.

AboutAysha

I’m $8000 in debt and paying it down. I watch these videos so I feel inspired to never rack up debt again. 😳

Update 7/15/23 - I only have my mortgage left and I'm paying it down. I've also saved $50k by taking on a minimalist lifestyle & budget. Don't let the word “minimalist lifestyle” scare you, because I budget all year I just got back from a one month vacation in Alaska and went dog sledding. I'm building memories not debt. 🤩🥳

PeaceDayCortez

2900 a month no house payment is good at their age.

miriambertram

OMG they're in The Villages. That is a lifestyle community. I know exactly where their $2800/month is going....restaurants and alcohol. The Villages is one huge party -- the largest 65+ community in the USA. Living on a true budget in The Villages is going to be *difficult*, especially when a lot of really well-off retirees live there.

mle

He can forget about an inheritance. Multi-generational wealth is a huge advantage for families who have their act together.

SoCalFreelance

This is why I hounded my mother about letting me see her finances and I wouldn't stop until she did. She was upset once I informed her she was going to have to work 3 years longer because there was no money to retire. Being proactive spared me from being in this guys position. My sisters should thank me for don't this for our mother but of course they won't.

chrishooshmand

I’m so glad my dad invested in his retirement. I’m investing in mine and I told my kids to invest in theirs.

arleneaugustahair

$2900 seems like enough for a retired couple without mortgage or rent. Electric bills can be pricey but they may qualify for a low income plan or reductions if they have any medical devices. Some communities also provide meals for elderly people and shut ins.

eurekahope

When he said they weren’t come to live with him ... his choice not theirs ... I just died 🤣. I get it! Old gals gotta get their nails did!! I have an aunt in her 90s on a fixed income and hair and nails are priorities!

MsPants

"mother not willing to give up her monthly manicure", that mindset is the root of the parent's problem. It is likely that that mindset is being applied elsewhere in the parent's life. Home location, cars, etc...etc.
Priorities.

harrycee

“They went to FPU and they flunked” the truth hurts

ADailyDoseOfGrace

The Villages cost about $1000 a month for all monthly fees, utilities, and taxes included. They have $1900 for the other stuff. Somebody has leaking pockets.

idadho

The Villages is a party town for the elderly. I know, I live in Florida and hear about the wild parties 🤭🤗

BagsNBaguettes_

The caller mentioned that his parents wanted to do a debt consolidation loan and he said something about credit cards. I didn't see/hear Dave pick up on that. The Villages is NOT an inexpensive place to live, and I'd bet if they look around, they could find a nice little house in the burbs with no homeowners' fees near public transit lines.

SherryEllesson

Tell them to get out of the villages!! Place is almost 4 times the cost of the retirement community 1 minute down the road. Guarantee they could sell their house and buy one in the next community and have money left.

preston