Reply to Helping my hopeless parents plan for retirement

Forum Index » Money and Finances

Reply to "Helping my hopeless parents plan for retirement"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous]My parents are in their mid-70s and absolutely hopeless with money. They have periodically had money over the years - though not recently - but it's always out the door as fast as it comes in. My siblings and I are not in a position to help them and my mom just announced that she was hiring a financial planner to help them figure out their end-of-life finances. I asked who the financial planner was, what she knew about her, and my mom just said she'd met her at a luncheon and she seemed very nice and she'd been in business for 30 years so she had to be great. This is a repeat of the same mistakes they've made a million times before - buying tech stocks bc some guy told them to in late 1999, refusing to refinance their house from 7 to 3.00% b.c of the transaction fees.... Just today she told me she wanted to renovate her house so they could live on just one level even though they have no mobility issues and are like 3 years behind on their property taxes. It never ends.

Anyway, I told my mom that she needed to educate herself on BASICS before she signs on with another "expert" - who could turn out to be a genius, who knows - so she can have some basic sense of what she wants/needs. I have learned a lot from this page over the years as well as (gulp) from a Suze Orman book I read in my late 20s. Until then, the concept of saving 20% or opening a retirement account or ANYTHING like that was totally foreign to me since my parents, having zero money sense themselves, never impressed those lessons on us. Do you have any recommendations for websites or books I could give my mom just so she understands the big picture stuff? The cheesier the better. TY![/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics