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Money and Finances
Reply to "Helping my hopeless parents plan for retirement"
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[quote=Anonymous]Look into Dave Ramsey, Financial Peace University. Maybe look at some of his call-in videos on Youtube and see if there are callers with similar sets of circumstances. How much rental income does the rental property provide? What is the approximate annual maintenance on the property? My initial impression is that they would be better off selling both properties and moving into a small condo/house in a lower cost of living area. They could pay cash for their new small home and invest the rest of the proceeds to provide them with some income. The problem is, they can't seem to keep their paws off the money and will likely spend it down quickly *UNLESS* they get their heads on straight, actually take their situation seriously and learn how to stick to a budget. Regardless, at least they would own the roof over their head even if they do wind up living mostly on social security. [/quote]
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