First off, let me say that although I am writing about my mother in a somewhat negative light, I love her. And I am using this as a learning experience and to help with my own self realization.
I found out that my family members purchased the house my mother and her husband are living in. They took money from their retirement and a bonus to pay cash. My mother and her husband are financially unable to buy or finance a house. They are only charging my mother $700/ mo for a 3 bedroom house in a nice area. (Said family members also paid for more than half of a new car for my mother.) But I found out that they aren't making them pay "rent" until JANUARY 2013! Nice, right? Well their 2nd vehicle is having A/C problems, but my mom asked my husband to look at it because they didn't have money to fix it. This is before I found out that they aren't paying any bills right now. How can you be living rent & bill free but you don't have money to pay to get a car fixed. No rent for 2 months???? They should have at least 1000 bucks put away.
My goal is just to learn from this. I've said it before, but I don't want to be 60+ with no house, no reliable car, 2 bankruptcies under my belt, and no retirement. She is a good woman, but financially she is lost.
My mother & finances
June 28th, 2012 at 07:54 pm
June 28th, 2012 at 08:00 pm 1340910018
June 28th, 2012 at 08:33 pm 1340912010
My inlaws, too, fall into that nice but not smart about money category. Good people with poor money sense. The smartest thing I ever did was to tell DH that it wasn't wise to let them rent our old home. And then I told him it wasn't wise for them to do a quit-claim deed on a property they were going to get and put into DH's name. Best to keep all things financial separate!
June 29th, 2012 at 01:40 pm 1340973630