You aren't my dad's accountant, but you'd be better than him if you were 5 years old.
March 28, 2011 10:50 AM Subscribe
My dad is about to inherit at least several hundred thousand dollars from his dad and I am extremely worried it will burn a hole in his pocket. How can I help him prevent this?
posted by thorny to Work & Money (29 answers total) 5 users marked this as a favorite
Literally within hours of my grandpa's funeral, my dad went to a car dealer and drove home a convertible to test drive. This is always how it goes with my dad. The prospect of extra money in his pocket creates a frenzied spending spree and he ends up with nothing. He has no savings, no retirement, no health insurance, no property. He is 60 years old.
Anything I try to tell him goes in one ear and later out the other. I am wondering about a strategy I can use to help him realize that he can leverage this inheritance to get everything he wants if he just uses it correctly.
One minute he will talk about buying a rental property, the next he'll talk about paying cash for a house. The next minute he'll want to put it in the stock market, the next he wants to give it away. It's so frustrating.
I am looking for articles, tips, personal experience, etc, in dealing with parents who have no financial responsibility whatsoever.