Is there any hope?

iVillage Member
Registered: 04-23-2003
Is there any hope?
1
Thu, 05-08-2003 - 2:49pm
Hi I'm new here..

First of all here is a little background info about my situation.

My parents had 4 girls. We were the average 'middle-class' family.

My mom passed away when my youngest sister was 12. And my dad had to raise us on one income. Thats when thing seemed to go downhill financially for my dad. He got behind on bills. And his debt started to accumulate.

Now, 6 years later he is still stuggling and although he works soo hard, he can never seem to get ahead. It is really hard for me to watch this. My 2 younger sister still live at home with him. and sometimes, he need to borrow money off them for gas & groceries, when times are real bad. I just kills me to see this.

What's the worst is that his 2 'best friends' are now semi-retired and they travel, golf and do things that people his age should be doing & they have left him behind. And they never call my dad anymore. I hate it. I just want to cry cause it breaks my heart.

My dad is 47 and self employed, and he wants to have someone help him with his business to do the admin stuff and I think I really want to help him, but I dont know where to start. Do you think he still has a chance of getting things back together, or any hope of retiring in 10 years?

Thanks for reading. Any advise would be appreciated.

Blaise_79

Avatar for zaboz
iVillage Member
Registered: 03-26-2003
Thu, 05-08-2003 - 4:16pm
I would say that if your dad is truly struggling he probably won't be able to retire at

57. Retiring early is a luxury and most people aren't able to do it. Even so, there's always hope for turning things around.

So what's the major issue? Is his business not doing well? Is he living above his means? Is the debt the thing that's keeping his head under water?

I don't know how your relationship is but can you sit down with him to go over his income and expenses?

Otherwise I'm not sure how you can help him except to maybe give him an appointment with a financial advisor or someone who can guide him on how

to get a better handle. Maybe you could give him a financial book to read through

or casually leave it at his house.

I guess it all depends on how comfortable you feel discussing it.

But in the end, it's his life and you can only do so much.

But what you can do is take a lesson from it and vow to learn how to manage your own finances so that you'll never be in the same position. Good luck! I hope it works out!