“The Bailout”

I once had a client (age 60+ & still working at a job) who withdrew from her retirement fund to pay off her 30+ yr old son’s debts just to keep him from filing bankruptcy. Silently I thought she’d lost her freaking mind & almost bit my tongue off not to say it. How could she & her husband think this was a good idea?

Being so close to retirement & not having the many years ahead of her that her son did to recoup her investments was mind-boggling. I briefly envisioned my parents/myself in that scenario…. as they gazed upon me with disappointment they’d have said “you made your bed & now you have to lay in it” (meaning “bail your own dumb ass out!”). But then again as a 30+ yr old adult, I’d never have asked nor expected my parents to financially rescue me from the results of my own bad decisions.

Anyway, it staved off the inevitable….for a few years. He went deeply into debt again living his lavish lifestyle & when the market turned in 2008 he lost his job, his house was foreclosed on, but he wouldn’t sell his about to be repo’d _______ (insert brand of extremely expensive car) because he “needed to look good for his next job in sales”. On top of that he/his fiancé were planning a wedding, preceding the unexpected baby that would be arriving soon thereafter. 

When he came around again with his hand out, looking for another bailout, this time his parents were financially tapped out. They refused to drain the last of their retirement savings for him, his car or his wedding. So he planned the blessed event to occur in his parents home (lol) & invited all of his & his fiancé’s friends.

It was winter. And their house was small. Sound pleasant? Nope. Do you think he first asked permission from his folks (the actual homeowners)? Nope. You think he paid for any of the food or alcohol? Nope.

So the day finally came for the wedding & I did her nails on the day prior. When she returned a month later I asked how everything went. What she told me just broke my heart. If I was his mother I’d have taken that to the grave before telling a soul, after I was finished crying my eyes out.

He wanted his mom, his sister & his fiancé to look fantastic for the wedding, so he made appointments for them at one of our local day spas. When they were finished getting pampered & were about to leave, THAT’S when they were presented with the bill (several hundred dollars)!

They all had just assumed he’d already paid for everything, since it was HIS idea & HE was the one who made the appointments for them. His mom barely had enough money to pay for 2 people, so his sister had to pay for her own services. Thoughtless of him? Yes.

But fairly predictable based on his past behavior, wouldn’t you say?
What are the chances that this son will either want to OR be financially able to take care of his parents in their twilight years?

So remember parents….when you raise your children to be prince & princesses, you may think it’s oh-so cute at the time, but eventually you wind up with selfish assholes as adults & you only have yourself to thank for it.

Oh, one more thing that’s MOST important……buy good long-term care insurance now while you’re still financially able & before your first heart attack, stroke or diabetes diagnosis precludes you. It’ll be cheaper & better for you in the long run when weighed against the odds of your offspring actually caring for you.

 

Time out? no, its a spanking

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