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Eldercare
Reply to "Invest Mom’s Money in Real Estate "
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[quote=Anonymous][quote=Anonymous]My mom lives with us and has dementia. She is stable, for now. I quit my job to take care of her. Financially, my family is ok. My mom has about [b]$275K saved for her care[/b]. Her social security check is about $1,600 a month after insurance payment. Her money is sitting in the bank for now. What would you do with that amount? I know it is not that much, but she worked hard to build that money for her old age. She moved to the US from a poor country. I am her POA, and only child. Would you invest that money in a small condo to rent? Invest in stock market? I am not well versed in these things. Just looking for options. I am well aware of the cost of eldercare, and just want to make sure she has enough money for her in care when the s**t hits the fan. [/quote] I'd do this - save it for her care. Look for hghi yield savings accounts as pps have mentioned. I'm sorry you're dealing with this with your mom.[/quote]
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