Hey everyone. This doesn't exactly fit the topic of this forum but I was looking for something for Dave Ramsey's style, but the only forums there you had to pay for. I googled Financial Independence Forum and found this, so I went with it.
Dave Ramsey addresses some stuff like this but nothing exactly that I saw. I'm 23 years old, I'm doing pretty well, good job, saving a good amount, no financial dependence on my parents for anything, all that. I'm working towards retiring early. My sister is 21, she's still in school so my parents are mostly supporting her. She has a part time job but only $14/hr for 10-12 hours a week. She's not incredibly wasteful (by normal standards) but she's not frugal either. What most concerns me is what my parents pay for her. Now, this is really their business, not mine, but I can't help but worry that it's unsustainable and will be ongoing. My parents are both retired, and have a networth of just slightly over 1M, most of that is in home equity. They own their home and 2 cars outright, but they only have about 400K-500Kish in financial assets, and they're spending it quick. They recently bought my sister a $27,000 car and a $69,000 condo in town. I don't know what her expenses are exactly but I expect something like $2000 a month, and that's without rent/mortgage or tuition. I'm worried that they are seriously depleting their savings quick. I don't think my sister will be able to maintain what life style she has once she graduates, she goes to a local state school (which is fine, I went to the same school and got a good job before I graduated) but she's majoring in psychology and isn't doing well at that even (not failing, but mostly Bs and Cs - I asked and she said her GPA was 2.8 or so), so I am worried it will be hard for to find professional work. Even if her part time job turned full time, that's still only $2240 a month, and after taxes more like $1600. And I am skeptical she'll even get that, it sounds like that business isn't doing well. To clarify, she's not a bad person or anything, she just doesn't watch money or think about her future at all.
I'm worried that my parents will either deplete their savings too quick trying to finance her and will go broke, or will cut her off and she'll just pile on debt until nothing can be done. I've been trying to talk to her about school (trying to get her to major in something more profitable instead, she just finished sophomore year so it's not too late), or about just making sure she does better so she's in the best position of all psychology graduates. She always says she's gonna get straight As next semester, and next semester is always the same, a couple Bs and a couple Cs. I tried talking to her about her spending yesterday for the first time, but she doesn't even know what she spends. Also, it's hard for me to do much since I don't live in town any more (my job is about 800 miles away from my hometown, I'm planning on going back for Thanksgiving), so it's harder for me to help from here. I tried asking my parents what they thought and they basically said it's not my business (which they're right, but I'm just worried about them).
I'm wondering what advice you guys have. Should I try to do anything? If so what can I do?
Dave Ramsey addresses some stuff like this but nothing exactly that I saw. I'm 23 years old, I'm doing pretty well, good job, saving a good amount, no financial dependence on my parents for anything, all that. I'm working towards retiring early. My sister is 21, she's still in school so my parents are mostly supporting her. She has a part time job but only $14/hr for 10-12 hours a week. She's not incredibly wasteful (by normal standards) but she's not frugal either. What most concerns me is what my parents pay for her. Now, this is really their business, not mine, but I can't help but worry that it's unsustainable and will be ongoing. My parents are both retired, and have a networth of just slightly over 1M, most of that is in home equity. They own their home and 2 cars outright, but they only have about 400K-500Kish in financial assets, and they're spending it quick. They recently bought my sister a $27,000 car and a $69,000 condo in town. I don't know what her expenses are exactly but I expect something like $2000 a month, and that's without rent/mortgage or tuition. I'm worried that they are seriously depleting their savings quick. I don't think my sister will be able to maintain what life style she has once she graduates, she goes to a local state school (which is fine, I went to the same school and got a good job before I graduated) but she's majoring in psychology and isn't doing well at that even (not failing, but mostly Bs and Cs - I asked and she said her GPA was 2.8 or so), so I am worried it will be hard for to find professional work. Even if her part time job turned full time, that's still only $2240 a month, and after taxes more like $1600. And I am skeptical she'll even get that, it sounds like that business isn't doing well. To clarify, she's not a bad person or anything, she just doesn't watch money or think about her future at all.
I'm worried that my parents will either deplete their savings too quick trying to finance her and will go broke, or will cut her off and she'll just pile on debt until nothing can be done. I've been trying to talk to her about school (trying to get her to major in something more profitable instead, she just finished sophomore year so it's not too late), or about just making sure she does better so she's in the best position of all psychology graduates. She always says she's gonna get straight As next semester, and next semester is always the same, a couple Bs and a couple Cs. I tried talking to her about her spending yesterday for the first time, but she doesn't even know what she spends. Also, it's hard for me to do much since I don't live in town any more (my job is about 800 miles away from my hometown, I'm planning on going back for Thanksgiving), so it's harder for me to help from here. I tried asking my parents what they thought and they basically said it's not my business (which they're right, but I'm just worried about them).
I'm wondering what advice you guys have. Should I try to do anything? If so what can I do?