SteveNU
Recycles dryer sheets
- Joined
- Feb 19, 2010
- Messages
- 416
My 84 year old father in law has his entire life savings of about 150k invested in three different brokerage accounts and it is about 95% invested in mining stocks. His reasoning is that it always goes up after it goes down and gold and silver can never go to zero. I have suggested that he may want to consider diversifying but he thinks he is diversified because he holds about 50 different equities. I'm sure his broker/advisor is very happy!
He recently had a health scare. He is recovering now but he is finally having to face the fact that he will have to spend some of his money to provide for daily care for him and my 92 year old mother in law who needs someone to be with her 24/7.
How do I convince him to move to a more conservative asset allocation? They live a very frugal life and could probably get by on less than $1000 a month with a $2200 month income. They still live on their own but in the past few weeks they have been paying $500 + a week for daily caregivers to come in and help. I know it is very difficult for him to write those checks.
I figure he has a year or so of liquid assets before he has to start pulling from his investments.
He recently had a health scare. He is recovering now but he is finally having to face the fact that he will have to spend some of his money to provide for daily care for him and my 92 year old mother in law who needs someone to be with her 24/7.
How do I convince him to move to a more conservative asset allocation? They live a very frugal life and could probably get by on less than $1000 a month with a $2200 month income. They still live on their own but in the past few weeks they have been paying $500 + a week for daily caregivers to come in and help. I know it is very difficult for him to write those checks.
I figure he has a year or so of liquid assets before he has to start pulling from his investments.