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What Do You Do If You See Your Parents Making Bad Choices
Posted on 6/29/12 at 2:47 pm
Posted on 6/29/12 at 2:47 pm
My parents are 49. They bring home right at $100,000/year but I see them being stupid. They always have to get a new car and finance it, never something slightly used and paid with cash. My dad has a company truck. His company is changing some things around so he is no longer able to pull his boat with it to Toledo. I tell him he can take mine any weekend he wants to go even if I'm not going. Instead, he is about to finance a $23,000 fricking Nissan. This all on top of financing a brand new Alumacraft boat. So $60,000 between 2 cars and a boat. When they get their mind on something, they go for it. He has a good retirement already building but I just don't get it. I am the one that's going to be taking care of them in 20 years and I don't want to risk having to foot the bill (I will, just don't want to because of dumb decisions) but I can't say anything to sway them. This is some frustrating stuff 
10
Posted on 6/29/12 at 2:50 pm to CQQ
wreck the truck, burn the boat and show him a lesson that when we put our faith in "things" it always dissapoints
Posted on 6/29/12 at 2:51 pm to Tiger Ryno
I mean I can see financing a vehicle (I don't like it but people do it.) I just have a hard time with all this debt that they don't need. He could have afforded a nice $12,000 boat and $15,000 truck paid in cash but it has to be new.
Posted on 6/29/12 at 2:51 pm to CQQ
I just 
my mom.
60% of the time, it works every time.
my mom. 60% of the time, it works every time.
Posted on 6/29/12 at 2:52 pm to CQQ
My parents were 170k in debt. They got out of it in 5 years working 4 jobs. So happy and proud of them!
They just financed a new car today and I couldn't be more happy for them. They have needed a car that would work for about the last 3 years.
They just financed a new car today and I couldn't be more happy for them. They have needed a car that would work for about the last 3 years.
Posted on 6/29/12 at 2:53 pm to TheHiddenFlask
quote:
60% of the time, it works every time.
I tell him straight up to try to have some sense. Mom doesn't really know better, she just thinks it's exciting to get new shite. Posted on 6/29/12 at 2:54 pm to CQQ
Not to mention he goes to Toledo probably 5 times a year. I'll probably go 2-3 times so I would rather him take my truck 2-3 times a year for a weekend than be stupid. It's just not something he needs.
Posted on 6/29/12 at 3:20 pm to CQQ
It's a pretty awkward situation..Here's the answer: do not tell your dad how to spend his money.
Posted on 6/29/12 at 4:20 pm to TheIndulger
quote:
Here's the answer: do not tell your dad how to spend his money.
This
Posted on 6/29/12 at 5:02 pm to CQQ
My parents were very frugal poor folks. Dad worked as a rough neck for Texaco for 36 years. But he was wise enough to take his retirement in Texaco stock.
Then, in the mid 1980s there was the famous Pennzoil lawsuit and Texaco was fined Billions and their stock started crashing.
Mom begged him to sell low because Texaco would go out of business and the stock would be worthless.
I tried to convince mom that Texaco isn't going anywhere. I lost the discussion. Mom convinced him to sell for pennies on the dollar.
He checked out for 10K. One year later his stock would have been worth 50K when it rebounded.
To his credit, dad did not rub it in her face. He just moved on.
Then, in the mid 1980s there was the famous Pennzoil lawsuit and Texaco was fined Billions and their stock started crashing.
Mom begged him to sell low because Texaco would go out of business and the stock would be worthless.
I tried to convince mom that Texaco isn't going anywhere. I lost the discussion. Mom convinced him to sell for pennies on the dollar.
He checked out for 10K. One year later his stock would have been worth 50K when it rebounded.
To his credit, dad did not rub it in her face. He just moved on.
Posted on 6/29/12 at 5:17 pm to CQQ
I sure hope my kids don't try and tell me how to spend my money. 
Posted on 6/29/12 at 5:26 pm to tigerzballzdeep
Maybe you are right but clearly it's just not good decision making. I can see if they were a $200k a year household. I will go ahead and bite my tongue.
Posted on 6/29/12 at 5:39 pm to TheIndulger
quote:
do not tell your dad how to spend his money.
Posted on 6/29/12 at 6:10 pm to CQQ
quote:
I am the one that's going to be taking care of them in 20 years
Really? Do you really think you'll be taking care of your parents when they're still in their 60's?
Posted on 6/29/12 at 7:51 pm to 1984Tiger
My dad does the same thing. I tell him like it is but that is the type of relationship we have. But he does what he wants.
Posted on 6/29/12 at 8:32 pm to saderade
We are very close and that's why I am worried. I want them to live and have fun but just be smart. I guess my hatred for financing things that are not necessary makes me and him very different and i guess to each his own.
Posted on 6/29/12 at 8:32 pm to CQQ
quote:
I don't want to risk having to foot the bill
You are in no way responsible for your parent's debts. Unless this post is really about you worrying about your inheritance That would really be facked up, especially for parents that are 49. They will live far longer than you believe now and you will be older than they are now before any of this matters. Chill.
Posted on 6/29/12 at 8:43 pm to Tigris
You are right and I promise you it's not the inheritance I am worried about. That has never crossed my mind.
Posted on 6/29/12 at 8:43 pm to Zach
quote:
But he was wise enough to take his retirement in Texaco stock.
Betting your retirement on one company is not wise imo.
Posted on 6/29/12 at 8:48 pm to Zach
quote:
But he was wise enough to take his retirement in Texaco stock.
That isn't wise, it's lucky.
quote:
Mom convinced him to sell for pennies on the dollar.
This is why a diversified portfolio is good. It tends not to fluctuate nearly as much and not cause panic.
quote:
I tried to convince mom that Texaco isn't going anywhere.
You mean like GM?
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