Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
If I only knew!
Old 01-10-2007, 03:11 PM   #1
Recycles dryer sheets
 
Join Date: Dec 2005
Posts: 209
If I only knew!

For years I have worried (financially) about my retired father who lives in a trailer in the middle of nowhere. For 8 years he lived in a travel trailer with no phone, no running water, using a privy and a hand-drawn well. He took showers by pouring bucket of water over his head while standing on the deck, winter and summer. He drove cars he purchased for $200-$500 and lasted 6 months to a year.

I eventually convinced him to purchase a used manufactured home (mobil home). Eventually, I also got him to install power, septic, phone, and a pressurized will so he has running water.

Recently, I decided it was time to have a frank talk with him as it is evident that he is not going to be living alone for much longer. When we got to the financial side, it turns out he has a total pension of $4,000/month, with NO taxes (not even sales or property in the state he lives in) and 100% free medical care (because he is 100% disabled from military service). When I explained to him that this probably put him in the top 10% of per-capita incomes in the US (considering he in an army of one with no dependants), he did not believe me. I figure he is effectively earning about 80,000/year compared to someone paying taxes and insurance. I quit worrying. I know I can get him into a really nice assisted living facility at this level of scratch.

12 wasted years of stress.
__________________

__________________
bbuzzard is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Re: If I only knew!
Old 01-10-2007, 03:34 PM   #2
Recycles dryer sheets
 
Join Date: May 2006
Posts: 442
Re: If I only knew!

The real question is: What did he do with the money?
__________________

__________________
dmpi is offline   Reply With Quote
Re: If I only knew!
Old 01-10-2007, 03:38 PM   #3
Recycles dryer sheets
 
Join Date: Dec 2005
Posts: 209
Re: If I only knew!

Quote:
Originally Posted by dmpi
The real question is: What did he do with the money?
You know, I was really curious about this also, but decided not to ask. I figure it does not really matter.
__________________
bbuzzard is offline   Reply With Quote
Re: If I only knew!
Old 01-10-2007, 04:01 PM   #4
Thinks s/he gets paid by the post
MasterBlaster's Avatar
 
Join Date: Jun 2005
Posts: 4,359
Re: If I only knew!

Well he may have $3800 a month in credit card payments.

So if he's in debt like that then $4000 a month income doesn't get you very far
__________________
MasterBlaster is offline   Reply With Quote
Re: If I only knew!
Old 01-10-2007, 04:14 PM   #5
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Brat's Avatar
 
Join Date: Feb 2004
Location: Portland, Oregon
Posts: 5,914
Re: If I only knew!

My suggestion is really for a parent over 65: If there is a CPA near him who he would trust visit that professional and ask for a quote on how much that person would charge to visit with your Dad to assure that his finances are in good order. Tell the CPA that your goal is to assure that Dad will make a smooth transition as he ages.

Then, give Dad a certificate for a visit to the CPA.
__________________
Duck bjorn.
Brat is offline   Reply With Quote
Re: If I only knew!
Old 01-10-2007, 06:02 PM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
dex's Avatar
 
Join Date: Oct 2003
Posts: 5,105
Re: If I only knew!

Quote:
Originally Posted by dmpi
The real question is: What did he do with the money?
This is important question to ask. He may have alot of $. If that is the case you may need to think about how to handle the money - investing and inheridence.
__________________
Sometimes death is not as tragic as not knowing how to live. This man knew how to live--and how to make others glad they were living. - Jack Benny at Nat King Cole's funeral
dex is offline   Reply With Quote
Re: If I only knew!
Old 01-10-2007, 06:27 PM   #7
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
cute fuzzy bunny's Avatar
 
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,697
Re: If I only knew!

Quote:
Originally Posted by bbuzzard
You know, I was really curious about this also, but decided not to ask. I figure it does not really matter.
Anyone that resembles Anna Nicole Smith coming around on a regular basis?
__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
cute fuzzy bunny is offline   Reply With Quote
Re: If I only knew!
Old 01-10-2007, 08:49 PM   #8
Moderator Emeritus
Nords's Avatar
 
Join Date: Dec 2002
Location: Oahu
Posts: 26,617
Re: If I only knew!

Quote:
Originally Posted by El Guapo
Anyone that resembles Anna Nicole Smith coming around on a regular basis?
Hey, if he's holding up the shower bucket then someone else has to be holding the washcloth...
__________________
*
*

The book written on E-R.org, "The Military Guide to Financial Independence and Retirement", on sale now! For more info see "About Me" in my profile.
I don't spend much time here anymore, so please send me a PM. Thanks.
Nords is offline   Reply With Quote
Re: If I only knew!
Old 01-10-2007, 08:57 PM   #9
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 42,117
Re: If I only knew!

Quote:
Originally Posted by Nords
Hey, if he's holding up the shower bucket then someone else has to be holding the washcloth...
No more wondering what you guys did to entertain yourselves on those long cruises...

__________________
Numbers is hard

When I hit 70, it hit back

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Re: If I only knew!
Old 01-10-2007, 10:04 PM   #10
Full time employment: Posting here.
 
Join Date: Dec 2004
Posts: 714
Re: If I only knew!

Hell ... I want to pay him consulting fees to improve our LBYM.

Glad to hear he's OK, but it is an interesting mystery. Hope he is investing somewhere, and it isn't under the mattress.

To each his own.
__________________
Craig is offline   Reply With Quote
Re: If I only knew!
Old 01-10-2007, 10:11 PM   #11
Recycles dryer sheets
 
Join Date: May 2006
Posts: 442
Re: If I only knew!

Quote:
Originally Posted by Charles

Glad to hear he's OK, but it is an interesting mystery. Hope he is investing somewhere, and it isn't under the mattress.
"Under the matress" is one of the better scenarios.
__________________
dmpi is offline   Reply With Quote
Re: If I only knew!
Old 01-11-2007, 05:45 AM   #12
Full time employment: Posting here.
 
Join Date: Dec 2004
Posts: 714
Re: If I only knew!

I favor the "Anna Nicole Smith" scenario ...
__________________
Craig is offline   Reply With Quote
Re: If I only knew!
Old 01-11-2007, 08:07 AM   #13
Thinks s/he gets paid by the post
tryan's Avatar
 
Join Date: Mar 2005
Posts: 2,449
Re: If I only knew!

hey, if he has a wad stashed someplace (matress/bank) it'ld be hard to watch assisted living or a nursing home gobble-up a lifetime of saving. He skimped so they can have a party
__________________
FIRE'd since 2005
tryan is offline   Reply With Quote
Re: If I only knew!
Old 01-11-2007, 08:44 AM   #14
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
cute fuzzy bunny's Avatar
 
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,697
Re: If I only knew!

Quote:
Originally Posted by Charles
I favor the "Anna Nicole Smith" scenario ...
Me too, and I hope my wife remembers that we have a deal: if I'm a billionaire by the time we hit our 90's, I get to marry Anna Nicole Smiths grand daughter.

Always comes to mind when someone says "I want to plan my finances so I spend every last penny and my last check to the undertaker bounces...but i'm not sure how to do that!".

Follow J Howard Marshalls "marshall plan".
__________________

__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
cute fuzzy bunny is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Estate Planning - wish I knew more whitestick Other topics 15 03-07-2007 02:02 PM
When You KNEW You Had Arrived! Tommy_Dolitte Life after FIRE 7 08-28-2004 08:16 AM

 

 
All times are GMT -6. The time now is 01:36 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.