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Throw Caution To the Wind

Throw Caution To the Wind

May 07, 2024

I have a cousin who has always been financially irresponsible. He and his wife live on Social Security - that’s it. He’s always borrowed money from other people to live above his means and now, when he really needs it, he doesn’t have it. One son gives him money every month for food, even though my cousin still spends needlessly on Amazon.

What to do?

First, I suggested to his children that their parents must have a will and powers of attorney (financial and medical). Then I told them that they need to get into their parent’s bank accounts to see what monies are coming in and going out. Then I suggested giving their parents a debit card with a certain amount of money on it each month for their spending. They’re already $30,000 in debt on their credit cards and currently have a reverse mortgage on their condo.

Unfortunately, their situation is not unusual in America. People live for today and forget about what they might need for tomorrow. I share this situation with you because it’s so easy, and heartbreaking, to end up there.

Being young and throwing caution to the wind is expected. But it can be a trap as you get older.

Until next time……..