My mom, as soon as she gets paid will instantly spend half of the pay check on Lottery tickets


Then she wonders why she never has any money

At least she doesn't go to casinos, like a lot of older people.

Yes, but they are high enough income that its appropriate, but I have found they have a totally different approach to investing/retirement. They seem content with having "a guy" who does it all for a fee and puts them in mostly bonds (early 60's). I back engineered my way into their holdings in 2022 when they told me how much they were losing that year. tried to convince them to switch back to stocks, but they are dead set on whatever their guy says and the whole bonds once you turn 50 idea. Something about your kid talking money and sex something something.

Her mom (my grandma) ended up selling the old house they lived in so she could spend more money at the casino before passing

Brutal

yes both my parents have poor financial hygiene

I have seen my dad lose 30k in one night through sports betting

but its his disposable income and he still lives a normal life so whats it to me

Damn...so never start gambling.

the most annoying cnts in the world are old/mad people who buy scratch cards at the counter and start scratching them before they get their change


then the fckrs win £5 and spend it on more fckn scratch cards before leaving the queue , while you are waiting to by your chit

More like the opposite. They make great money and barely spend it

Nope......Dad is 103 6 feet under and Mom got killed in 1983

Absolutely. It’s extremely frustrating. My dad is a tradie earning $50-60k per year (that’s with A TON of overtime) and is constantly broke and deeply in debt.

He bought his home in the late 90s for $50k (srs) and it’s still not paid off because he refinanced multiple times, took out several 2nd mortgages and has taken out multiple home equity loans. If I’m not mistaken, the house won’t be paid off until something like 2042.

One of my goals in life is to become rich so I can pay it off and free him if that burden as a thank you for raising me.

I have tried to suggest financial resources to help him. I recommend Dave Ramey’s plan as one that might be particularly helpful, but he’s just like yeah whatever I’ll look at it, then never does. Most of his paycheck goes towards bills. My stepmom makes minimum wage and doesn’t help out at all. Whatever’s left over he spends on alcohol. I feel so bad sometimes…

if he's borrowed against it multiple times already, why would you pay it off for him? He'd probably just borrow against it again.

Yes, my mom is afraid to spend money to get higher quality food and goods. Prioritizing saving pennies over health and well being.

a child is not supposed to save and rescue their parents, maybe be there in their old age but not spend their whole life sorting out their fck ups

Glad I'm not the only one. My mom spends money as soon as it comes in. She's materialistic so she'll buy new furniture and expensive household stuff. Then proceeds to give away her 1 year old furniture for free to neighbors. So she'll buy a 1.5k couch and only use it for a year before she buys a new one. It's ridiculous

But at least she spends on it things that improve her quality of life I guess

thats fckn sad but women do this moronic materialistic chit, i guess as long as she is not in debt....at least the neighbours benefit

yes, they don't spend enough, so I ball extra hard to compensate for their frugalness.

Yes. They are both retarded with money. And it's a huge reason they got divorced.

Dad: Would always keep spending even when he'd lose his job multiple times and still do things like go out to eat 3x per day every day with his friends. Then after he blew through all his savings/retirement, he'd get another job and buy a boat, truck, motorcycle, vacation, etc. He blew through his entire retirement in his 50's doing this and lived paycheck to paycheck almost his entire life. When he was 63yo, I found out he financed all of it and was behind on his mortgage as well, with credit card debt, personal loan debt, boat debt, and motorcycle debt. He had like $1k saved up and about $30K total in retirement, on top of a bunch of debt at this point. Then he'd blame all of it on my mom who he divorced 12 years ago lol. Now he's 66yo and unable to retire. As far as I can tell, he's making better financial decisions, but will be working well into his 70's because of his terrible decisions.

Mom: Uncontrollable spending. Would say things like "If I don't spend the money first, your dad will spend it!" and had no clue about finances, creating a horrible financial dynamic. After they got divorced, she got a chunk of his mediocre retirement. She also only made about $30k/year as a teacher. She was so dumb with money that she would literally take money out of her small retirement to give it to charity and didn't even know she had to pay a tax penalty on it. Luckily, her dad (my grandfather) did pretty well and would always bail her out. She also married an eye surgeon last year, which was a huge relief as I don't have to worry about taking care of her as she gets older.

Growing up in a financially retarded household made me want to avoid making the same mistakes and having the same habits, which is why I've been working since I was 15yo and currently work in sales and save/invest everything I can. As a result, I make about 3x more then my mom and dad combined ever did and also have a much higher net worth than they ever did.

Not sure if bonds or sex talk confusion. Bonds return rate don't justify the "safety" compared to stocks, regardless of age. Leaving money on the table being a bond heavy portfolio at age 50 something. You are retiring, not dying, hopefully.

The last part is a joke on the whole "Kids cant teach their parents about money and sex, its two things the person who made you wont respect your opinion on because they changed your chitty pants". I forgot the saying, so I added in something something something.

Yep. Been there, done that, been through about 6 years of always needing to step in to save them from losing their house or being evicted.

Loooooooong story short, involving serious health issues with my dad, him being put on home hospice care, my mom getting fired for missing too much work because of him, them having no money in retirements or savings, blowing everything they had, selling their house and moving to an apartment, then quickly blowing through the $22k they made off the sale of the house and having to live on my dads SS checks of $2200/month.

They never were good with money, partially because they never had any. I grew up with them being paycheck to paycheck, my mom having to lie to bill collectors about "I sent the check out last week, it should be there soon" never having sent the check. My dad would get a raise and they would have a little buffer, but would see it as more money to spend and buy a different vehicle or we would move to a slightly larger/better rental house when there was nothing wrong with the one we were in.

When I was like 22 my mom got hit by a tire delivery truck and they got a $300k settlement (that's what they got after taxes and lawyer fees).....they blew through all of it by the time I was 26 and had damn near nothing to show for it. They bought a house that they couldn't afford and a nice truck that my dad eventually wrecked and they couldn't afford to fix. When my mom got fired, she just figured she'd stay home and take care of my dad instead of finding a work from home job or something part time to at lease keep some money coming in. They're house payment was like $2700/month and their only income was my dad SS and that didn't even cover the mortgage, so typical my mom....she choose to ignore the problem until the day came that they were 3 months behind and she didn't have the money to bring it forward, so they listed it for sale. to add to the problem, she didn't have the money to move or the money for a deposit/1st months rent at a new place. Guess who got to step in and save the next 5 years.

Just grinds my gears that this was the situation they choose in life and because I was not only able to help & step in, I'm not a POS son and wasn't going to let my parents be homeless and my mom was literally just turning a blind eye to their situation and doing absolutely nothing, like literally nothing....knowing they have 30 days to move and not even looking for places to go.....cost me about $30k over 5 years.....and probably a few years off my life from the stress.