My neighbor lady had to file bankrupcy and she already owned her own house. In bankrupcy they have to leave you with a place to live and a vehicle. She got to keep her house and her car, but she said when she dies the bank could come after the house. She worked until age 70, so she could get the highest social security check. She now lives on $12,000 a year social security and has no other investment accounts. She freezes her own milk in tupperware containers and says it will last forever until she needs it. It's a frugal life, but that is how it goes.
My In-laws retired with -$30,000 credit card debt and $150000.00 of home equity when they sold the house. Moved in with me (sad face) in 2010 and now I have to pay into a family fund to help offset their expenses (another sad face). I tell my wife she is lucky, she doesn't have to live with her In-laws; and why is that? Because her In-laws took care of business during their adult life. SMH! or is it FML?
Well it’s too late for my Dad. He’s out of money and is looking for a job. He will most likely come to live with me. I’m not sure how to help him get his life back together
Our dad began preparing for retirement in his 20’s, and after 40 years of working, he retired with both a military pension as well as an IRA he rolled his work pension into. Even though he and mom were somewhat low income, they retired with their home completely paid for, absolutely no debt, and money coming out of their *ears.* Because they saved, they were both taken care of all the way into death, and were able to leave a nice financial legacy behind for us boys. Thanks, mom and dad ❤️.
It really is simple: spend less than you make and save the rest. It may not always be easy, but it really is simple! Sounds like your parents were disciplined.
My neighbor lady had to file bankrupcy and she already owned her own house. In bankrupcy they have to leave you with a place to live and a vehicle. She got to keep her house and her car, but she said when she dies the bank could come after the house. She worked until age 70, so she could get the highest social security check. She now lives on $12,000 a year social security and has no other investment accounts. She freezes her own milk in tupperware containers and says it will last forever until she needs it. It's a frugal life, but that is how it goes.
Thanks for sharing. That's a tough story and sad to hear. I hope she's doing okay.
My In-laws retired with -$30,000 credit card debt and $150000.00 of home equity when they sold the house.
Moved in with me (sad face) in 2010 and now I have to pay into a family fund to help offset their expenses (another sad face).
I tell my wife she is lucky, she doesn't have to live with her In-laws; and why is that? Because her In-laws took care of business during their adult life.
SMH! or is it FML?
Well it’s too late for my Dad. He’s out of money and is looking for a job. He will most likely come to live with me. I’m not sure how to help him get his life back together
Nicole, I hate to hear that. I'm glad he has you and I hope you can figure it out together.
Our dad began preparing for retirement in his 20’s, and after 40 years of working, he retired with both a military pension as well as an IRA he rolled his work pension into. Even though he and mom were somewhat low income, they retired with their home completely paid for, absolutely no debt, and money coming out of their *ears.* Because they saved, they were both taken care of all the way into death, and were able to leave a nice financial legacy behind for us boys. Thanks, mom and dad ❤️.
It really is simple: spend less than you make and save the rest. It may not always be easy, but it really is simple! Sounds like your parents were disciplined.