Quote:
Originally Posted by manaboutown
My brother just took over managing his in-law's finances as the husband, who handled them, has developed dementia. He was astonished they did not have enough in their bank account to pay their latest income tax bill. Their pensions bring in $180K per year but they spend it all. He sold their motor home and second home, a 'cabin' in the mountains of Colorado for over $1M so he was able to pay their taxes and set aside some savings. He told me they had substantial credit card balances and no savings! He wants to sell their primary home up there but he must first move safes containing large coin, gold and gun collections down to Tucson where they are now living in their third (winter) home. He tells me his sister-in-law still spends wildly and has bought all new furniture for their Tucson house. He is still buying gold using credit cards. Years ago the couple lived across the street from me. He had several cars, a Bronco, a pickup truck with a camper on it and a large motorhome. They live wealthy but have never saved a dime other than in hard assets.
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Sounds like stories of pro athletes with at least 1 less zero. Suspect they also get SS which will get income in the 225K range. Person needs an hourly rate financial adviser.