How can I help my parents, who are in over their heads financially?
February 23, 2013 11:15 AM Subscribe
I am worried about my parents, both of whom make a decent living, but are overwhelmed by debt. I cannot help them financially (and neither can my siblings, really), but I am looking for suggestions as to what direction to point them to be able to help themselves.
posted by aka_anon to Work & Money (17 answers total) 7 users marked this as a favorite
They are both nearing 50 and have not saved much for retirement, and over the course of 11 years, they put 4 people through college (2 private, 1 out of state public, and 1 in state public). This required refinancing their mortgage a couple of times and taking out a ton of student loans in their names. While it is true that they do not budget and spend too much on frivolous things, the bulk of their money goes towards their debts.
I would like to send them to someone to help them with their money and budget, but financial advisers and planners are generally looking to sell products.
I think that the biggest problem will be that one of my parents is of the opinion that with the amount of money they make, they should be able to afford nice things. In all fairness, this parent has worked extremely hard for decades, but I think he needs a reality check. My parents are wonderful people and I want to help them in any way I can, even if it only through advice.