My parents are broke and I don't know if I should spend on them or just save and invest?

[Anonymous]

So for whatever reasons my parents are broke—- i am 25- and i get reasonable good salary at 25—-my family or i dont have any property or inheritance

i just want to feel secure and my goal is to buy property (just something to have incase of emergency and also for the future)

but my family is advising me to spend on them like 15% monthly on them——— my parents have no income my dad will retire soon

im fine to spend a little (7%-10%) on basic stuff for them— but mostly i want to spend on myself vacations/investments just on me

main thing is i want property for myself- my parents haven't left me shit- so i have to make it myself

but they are advising me not to jump into property and shit- and pour all the money into property

they want me to just spend on them take care of them and get married 😑😑😑😑😑

I don't know its weird to discuss broke shit with others cause not a lot of people i know are broke

and i dont want to feel guilty for earning and spending on myself tf?

I don't know what to do

any adults who can give mature sound advise pls do

[Simslover92]

How are they surviving if they don't have income coming through? Does the 7-10% cover everything they need to have a roof over their head and other expenses like electricity, clothes, food, etc?

I would only do this if they absolutely need it and not every month so you can save up and do what you want to do with your money like vacation.

Your parents shouldn't be relying on you. That's very irresponsible on their part.

I can sort of relate. Had to give my mother money for her car that she ended up still losing because she was so behind on car payments.

Then when she got a new one, I had to come up with nearly $1000 to help out.

It's honestly draining and taxing to be the parent and not the child.

[MemeSupreme]

i think it'd be good to help them IF they weren't asking you, so it just sounds snakey

like i get wanting to them out bc i did with my dad's bills as a teenager even tho i didn't live with him, but i kinda regret it. i wouldn't if it's not gonna be temporary (like a few times until they've figured it out). some plan for you to stop

[Jersey2]

They will always be broke. The only way you can help is to make sure they have necessities and a little more for fun so they don’t get depressed. Then tell them that you are trying to break the cycle and need to invest in a home in which they can live I which will help them as they age far more than a few dollars today.

But broke people only generally think about today, which is why they are broke. This is your life, your money and you will be here a lot longer than them now. you need this and they can come along to but they can’t make the decisions.

[Billlewis]

Save your money and invest in the stock market. This is particularly true if your employer offers an automatic savings plan.

[RHK36]

I would wait a couple years until the bubble pops again. At the moment houses are overpriced again and look set to have another financial crisis in the near future. Save as much money as you can. Also invest in mutual funds and index funds.

[Sam1133]

You can buy house n rent out
Give that rent to your parents.


Problem solved...

[slatyb]

Why are they insolvent? How old are they? Are they still working?

[Anonymous]

When your father retires will he be getting some sort of income? How come your mom doesn’t have some sort of retirement?