I am going thru this with my in-laws.....they have always lived a meager existence.
About three years ago, my mother-in-law inherited about 200K from her estranged father. I began to quit stressing for a short while, thinking that perhaps if invested properly they would be ok for a while. Offered to introduce them to my money manager, and was going to pay the management fees on the sly.
Problem was, that in-laws thought that 200K made them rich. They bought a well-built, modest house in a nice neighborhood (good decision), then bought brother-in-law his own house (needs an incredible amount of work, which he won't do). He agreed to make payments to his parents ---but is not. Then they bought three of my wife's siblings cars and continue to pay for their insurance........(with no UIM coverage)....
Poof...200K gone. 7 months.
Brother-in-law (32) gets in an accident with UIM, and gets almost nothing. Can't work, In-laws pay for him, his four kids, one grandchild. (Yes I said grandchild....at 32)
24 year old sister-in-law with 7 year old daughter lives with them. Sis-in-law, works only sporadically.
Father-in-law retired early from work (good thing), but for some reason, Mom-in-law is not eligible for medicare yet.....uhhhhhh,,,of course no medical insurance.
Funny thing is, they got more out of the 200k, than the 300K I lost in the market this year................what a 8itch!
Maybe I'll surf this site the next time we are visting and let them read over my shoulder.....after deleting this post of course.
