this is a good article to post.
My MIL got herself into 135k debt with nothing to show for it.My husband was reluctant to get involved with her finances because she was able minded and he thought she’d be mad. By the time he did get involved, too late!
Really. Nothing to show for it but crap from tv shopping channels.
Fortunately, we were able to convince my 72 y/o mother to move to a senior retirement community after Dad died so her bills are minimal since they cover utilities and maintenance. She has her own apartment and independence, but has 24 hour nursing care and assisted living services available when she needs it and an emergency pull cord in every room. We were scared to death she was going to fall down the steps to the basement in the old house, she’s not real steady on her feet. She also has a financial advisor that she trusts who budgets her fixed income and he has done well by her. Now the only thing we worry about is her driving...yikes!
Thanks for posting this practical advice. It is hard to find articles on this subject.
This hits really close to home. I kept telling my hubby he needed to check on his mom’s finances, because his deadbeat brother had full access to them, and for a man with no job, he seemed to always have cash on hand. Hubby kept saying his brother wouldn’t do anything unethical. Four years later, the deadbeat had drained every last penny and had mom $75K in debt. He did this while she was in a nursing home, with a degenerative disease, and completely unable to handle any of her own finances. Guess who got to bail mom out? It wasn’t the deadbeat.