Helping My Father

[AllDone]

If he does want to go to school, it would be best for him to go to the closest state college rather than one of the for-profit universities. The for-profit outfits are very expensive and will not receive much respect from HR and recruiters. They promise big things, but they mostly have abysmal rates of loan repayments because they just don't deliver. Either way, if he's going to school for career advancement, he may be disappointed, however, if it's a goal he wants to achieve on it's own, more power to him.

 

[retiredatfifty]

I'll leave the advice on this topic to others, except to say that at 42 it's certainly not too late for him to get on the FIRE train .... I'm also just thinking what a great son you are.

 

[Act2]

If your Dad's health is generally good, he can get back on track. Many his age have done so.

 

[aaronc879]

Seems to me he's "house poor". Half his net income goes to the mortgage. That's too high. I'd recommend renting out a spare bedroom.

 

[jayc]

You know it's a game of inches at that income level. Maximize all income, reduce all expenses. Every dollar counts.

401k - like others said sign up and get the match. Then start upping the contribution amount till it hurts. Where else can you get 100% of your hard earned income put in your account and save on paying payroll taxes.
(Do not do the Roth 401k)

Roth - open a Roth IRA at vanguard and start to fund it. Pick VWELX or VWINX just to get the feel of how the process works. After a some eduction you can branch out if you want. The point is you will learn enough to decide that yourself.

Taxes - do them yourself. Learn all the ways to minimize taxes at all levels. Equate this to a part time job that makes you maybe 1-2k a year.

Budget - create one so you can reduce expenses, continuous improvement is the goal.

Education - read this forum. At this point in life I would NOT go into debt for education. I would do it if your employer pays the tab.

Misc part time work - go down to the contractor section of lowes and put the word out you are available on short notice for work. HVAC, plumbing, electrical.
In fact I would pick one of these for continuing education. Picking up HVAC skills can lead to your own little side business and will be needed for years to come.