My dad can't afford his current lifestyle and has borrowed an extensive amount of money from family. He has dementia and I do not know how to best help him. - My dad (age 64) has not managed his money well and has not saved up at all for retirement. I live out of state (attending university and going to med school next year) and am his only child.
He recently had his disability approved and has been receiving social security. Currently, he's getting $1611 in social security. $284 is taken out because he owes money on a small business admin loan. When his disability kicks in, he may make up to $1961 (if they only garner his SS disability by 15%). Luckily, he owns his home fully so he has no mortgage.
His other private bank loan, house insurance, and health insurance cost $617. He spends, on average $15 PER DAY on food and $18 per day on gasoline for his car. He apparently drives around most of the day and only eats out. He left rotting food in his refrigerator, and it smells terrible, so I am unsure if it is even safe to keep groceries in there currently. He also needs money for pet food (he has six cats and a dog), car insurance, electricity, and his water bill.
So far, I have spent $7500 on his bills and expenses. My aunt has spent $20,000 on "helping" him.
He has an old boat, several old army trucks, a very decrepit 1957 Chevy car, and just other random junk. He refuses to sell any of his things. Not sure if this is dementia-related or if he just doesn’t understand his financial situation, is in denial, or is just stubborn.
I am beyond stressed about this situation. Currently, I am becoming his payee for social security so I can get his bills paid before he spends all the money on food and gas. I and my family members cannot afford to give him money anymore, especially since I am starting med school next year and will be taking out loans to pay for that. I am also worried about future care he will need, as I have no idea how long he will be able to live independently, and we have no funds to afford memory care.
Any advice is appreciated.
Berkshire is hoarding so. much. cash.
Buffet indicator is showing some wild times ahead perhaps, combine that with Berkshires record high cash hoard of 30%... chart via barchart.com / Longtermtrends
Looks like we're going through something, but who would have thought with all these tarrifs, inflation and trade wars going on
Where does this end up long term with small stocks suffering white giant caps are taking all the coin?
🔺 Student Loan Delinquencies Hit Record 12.9%...
The spike in red reflects financial strain returning fast. Credit card delinquencies are rising too, hinting that lower-income consumers might be nearing a breaking point. What's going on...
#ASX:ASN Is Anson Resources’ US$330M Financing Deal the Key to Unlocking Utah’s Lithium Potential?
