I think he's just determined to blow his retirement money

Discussion in 'The Fire Hydrant' started by sparks19, May 23, 2012.

  1. sparks19

    sparks19 I'd rather be at Disney

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    My dad that is.

    First my brother went through a messy divorce which was paid for by my dad who took the money out of his retirement savings to the tune of over $10,000... I'm not even close to kidding on the amount.

    Then him and my sister were going to get a coffee house franchise. After giving a down payment on the investment it took something like two years and finally the bank told them that they should proceed with EXTREME caution if they go through with it. Now that's not going to happen and the person is MIA with their down payment so they are pretty much out that money unless they want to hire and pay for a lawyer.

    NOW they want to get some other franchise. Some T Zone whole body vibration workout machine thing. They've been using it at the gym they joined so then they bought one (over $2000). Now they want to buy a franchise for it. Oy vey.. didn't they learn from the first thing?

    I mean... it's their money and they can do whatever they want with it but when my dad is always complaining that he can't afford to retire and my sister complains that she can't afford to be a stay at home mom.... STOP THROWING YOUR MONEY AWAY. ARGH they are so gullible. They would buy a penny for a thousand dollars if someone told them it was a magic penny.

    Good grief. My dad is hemorhaging his retirement money all over the place.
     
  2. CaliTerp07

    CaliTerp07 New Member

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    Just Miss Lucy-fur, my wondermutt!
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    Is there a financial planner he can talk to? I imagine it will fall on deaf ears coming from you, but maybe from a professional it would be more meaningful.
     
  3. sparks19

    sparks19 I'd rather be at Disney

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    I have no idea. I don't say anything about it because I know he wouldn't listen but my grandmother is FURIOUS and she's not quiet about it lol. I know he has the guy at the bank that he talks to that warned him about the last franchise but I don't know what that guy actually does, if he's a financial planner or just the loan guy or what he does.

    He's up in Canada and I'm in PA so I have no idea who he could talk to about his finances other than the bank. :(
     
  4. release the hounds

    release the hounds Active Member

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    those vibration plates are a whole lot of cost for something you can get standing on one foot

    I know he won't listen, but he should stay away they are a complete waste of money.
     
  5. CaliTerp07

    CaliTerp07 New Member

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    I've never heard of a financial planner through a bank. Usually they're through investment groups. I don't know how it works in Canada, but it might be worth looking into. More importantly, it might be worth finding someone who he would listen to :(

    We're going through something similar, yet completely different, with my grandfather (meaning he refuses to hear the truth that he needs to hear). My grandmother is quickly slipping away to Alzheimers, and he refuses to admit he can't care for her. He adamantly refuses to look into nursing homes or continuing care communities, and it's stressing out all the family members. My sister finally had the idea to get the priest at his church to talk to him, because Grandpa really respects the church. He will resolutely refuse to listen to his own children or siblings, but if a priest talked to him we're fairly certain he'd have to listen.
     
  6. sparks19

    sparks19 I'd rather be at Disney

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    Oh I know just what you mean. He doesn't believe it's just a fad. I can't believe what they paid for the one they bought :yikes:

    Oh gosh I'm so sorry to hear about your grandparents. it's so hard when they won't listen to reason and you can just see it going south in a hurry. I really hope someone can talk some sense into your Grandpa.

    I hope I can find someone my dad will listen to but I don't have a clue who it might be unless it's someone else offering him another "get rich quick" scheme. That seems to be the biggest problem. Between him and my sister their lives revolve around money and getting rich with the minimum effort is their dream life. he will believe anything anyone tells him if they promise it will make him a ton of money.

    He reminds me of Jack from Jack and the Beanstalk... selling the cow for some magic beans. He's gullible and stubborn... a BAD combo lol.
     
  7. Kat09Tails

    Kat09Tails *Now with Snark*

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    I've always told my Mom that I hope she bounces her last check. Even if it's not the last one I have no problem supporting both my Mom or my Dad in their later years.

    That said my folks don't tend to spend money on silliness but they have supported my siblings financially from time to time. Right now my sister is 30K in the hole to them for legal fees involving her divorce.
     
  8. sparks19

    sparks19 I'd rather be at Disney

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    OMG... this is what he had to say about the meeting. I asked him how it went and he said Good and they were thinking of going to the bank for the money. I said Wow sounds like it really went well and he said this....

    "Well we joined the club before, so we know the machine works So it isn't a big leap to want to take over the franchise"

    What? YES IT IS a big leap to want to take over the franchise. Just because you think it works doesn't mean it's a good idea. good grief.

    For the record, I have no problem supporting my parents in their golden years and my inlaws too. My mom already has a standing invitation to come live with us when we get the country home lol

    but I don't count this as "taking care" of him in his old age. Especially since if he needs me to take care of him it's going to cost us A LOT of money to get him here to the US lol

    He said they were going to "crunch" some numbers and see if they thought they could handle it. I asked if there was a financial planner or anyone he could consult with that could give some insight. He said he was going to talk with the lady that they talked with for the first franchise they wanted in on... I'm still not sure exactly what that person does but I'm pretty sure they work for the bank.
     
  9. Xandra

    Xandra Active Member

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    Ask them for money for frivolous crap. Put said money in a bank account and give it back to them when they run themselves dry :eek:

    Seriously, I have no real suggestions but I can feel frustrated just reading your posts. Hope something works out for them...
     
  10. release the hounds

    release the hounds Active Member

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    I don't know what to say, i'm not much of a financial guy either. My advice would be, unless he can take a business, any business that is in the toilet and turn it around, he has no business taking over a franchise. They aren't selling this franchise because it makes them a lot of money. They're selling it cause it's costing them money and they want out.

    trust me, if it was lucrative, they wouldn't be selling.

    Other than that, do like someone else said, just keep asking for money if they're going to throw it around and put it away for when they need it.
     

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