ST Alpha - "bonus friday chat q: his/her parents are spendthrifts, despite constant warnings that they were being reckless. now they need to borrow some cash " (Reading a Post)

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bonus friday chat q: his/her parents are spendthrifts, despite constant warnings that they were being reckless. now they need to borrow some cash

Posted by poxie (aka chris) Oct 28 '11, 10:49

COLUMBIA

Carolyn Trying again, because I bet my earlier try was too long. Parents are profligate, profligate spenders. Decades of hard work and good incomes but irresponsible spending (really bad) has backed them into a scary corner. 94K in credit card debt. Even when they sell the family home they are underwater - their house has been an ATM for decades. I've been the voice of reason for years only to be told to shut up/MYOB. Had they followed my advice on two key items over the years they would be in great shape (vacation properties they couldn't afford). They are so bad off they want cash help. I'm very very flush (I am the ant while they are the grasshopper). I don't see that I should sacrifice for them. I am fairly confident they haven't learned a thing and will take my cash, pay things off, and run things straight back up again and there goes a chunk of my retirement money. Thoughts? Dad is even now arguing that they should sell the vacation property to raise cash. It's too small for them to live in full time, btw, so it's not a replacement for the family home. But it would bring relief if they sold. They just want cash to "get them through".

Responses:

He's " flush" but would have to use retirement money to make them a loan? that's not " flush". -- nm - Epiphany Oct 28, 11:01
yes they will blow the cash. yes they should sell the vacation home. - loosi on the droid Oct 28, 10:58 1
- I hate to be in this position - but I'd say no. Cause it wont' get them anywhere - they are going to have to file bankruptcy at some point, why throw - Epiphany Oct 28, 11:03
so, sell the damn vacation home you didn't think they should buy in the first place. why is this a question? -- nm - Andie Oct 28, 10:56 3
- [deleted] 1
  - well, if that's the deal do a proper loan agreement. you will forward them x-dollars that will be repaid immediately upon the sale of the house. -- nm - Andie Oct 28, 10:58
- yeah - that part doesn't make sense. -- nm - Diva Oct 28, 10:57
For starters, I'd like to slap the writer for their use of "profligate". -- nm - Ender Oct 28, 10:56
huh. i always thought "spendthrift" was the same as "frugal." god, how embarrassing to have to ask your kids for financial help. - skare Oct 28, 10:55 2
- i used to also, until we learned about "spendthrift trusts" in law school -- nm - poxie Oct 28, 10:59
- [deleted]
Hello Chapter 7 (nm) - Brian Oct 28, 10:55
Okay, am I the only one to discover I had the opposite definition of 'spendthrift' in my head? - The Devil and Daniel Vermin Oct 28, 10:54 2
- yes. yes you are. :p -- nm - skare Oct 28, 10:56
- ditto -- nm - Beaker Oct 28, 10:55
BS: " It's too small for them to live in full time, btw, so it's not a replacement for the family home." are there still kids at home? downsize. -- nm - clockwork jones Oct 28, 10:54
"just to get then through" what? - groiny Oct 28, 10:53
let them learn the hard way. -- nm - Beaker Oct 28, 10:51 1
- If they're 50+ years old and haven't learned by now, I'd be surprised if they ever do. -- nm - Strongbad Oct 28, 10:52
wait... if his other solution is to sell a vacation house that you know they shouldn't have bought... - TFox Oct 28, 10:50 2
- this. -- nm - loosi on the droid Oct 28, 10:56
- Mr. Ant doesn't want to wave bye-bye to a vacation spot he can borrow from the 'rents and not pay for. -- nm - Diva Oct 28, 10:51
the Sr. Hunting? nm -- nm - groiny Oct 28, 10:49

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bonus friday chat q: his/her parents are spendthrifts, despite constant warnings that they were being reckless. now they need to borrow some cash

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