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Old Yesterday, 07:55 PM
 
Location: Sylmar, a part of Los Angeles
4,089 posts, read 2,615,767 times
Reputation: 8817

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I was a hourly employee all my life and was very frugal and with a good financial advisor will probably die with a bunch of unspent money. Married briefly and no kids.
Interesting topic what many have said was very good.
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Old Yesterday, 08:03 PM
 
433 posts, read 172,512 times
Reputation: 1252
Quote:
Originally Posted by Nov3 View Post
Two years ago I started aiding my Uncle on his estate. Taxes and medical directive.
I absolutely have no desire for his wealth or belongings. So with that said...we reviewed his budget as he wanted to skim the fat so to speak. He is 84. Can probably live the good life on all he has left in his portfolio. Yet he somehow enjoys squeezing a dime out of a penny.
He has been single all his life. Worked two jobs..has military retirement pay...along with pensions.
Even if the worse case came where he wanted to be in a medical care facility ...he'd still have plenty left. Right now I've suggested he get a gentlemans' aide to help with his morning care. He was quoted 180$ out of pocket weekly...his insurance would cover the rest. He about had a seizure. Mind you he spends 240$ for his sports channels to watch. I'm embarrassed to take him out ...no matter where we go he takes things. ..at restaurants it's the silverware and napkins. At the bank he'll take handfuls of the candy and stuff it in his pockets. If we are at a medical appointment he will have his pockets filled with q tips,cottonballs, and even took the tongue depressers! He said he uses them to scoop his ice cream.
He can afford to buy things yet has his church believing he is poor. So they donate clothes and household things to him.
His own brother stopped being so helpful since learning he is well and wealthy enough to hire a person.
It boggles my mind . He knows he has alot more money then life in him...yet he won't take care of himself or hire someone. He wants me or my son to be his personal aide...free of charge.
Just be polite and help out when you can. You don't help out for the money, anyway. In the end, he probably thinks he could leave a little to you. Maybe a big whopping $2,000.00 like my husband's 100 year old aunt did. We were grateful for whatever she gave, but didn't expect only $2K, LOL. Thank you Auntie! Auntie refused all paid assistance until the last month of her life. She needed 24 hour nursing care because while we could all visit at times and help her, we couldn't stay with her all of the time.

Your uncle not only is thrifty, but he possibly is a hoarder.
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Old Yesterday, 08:16 PM
 
433 posts, read 172,512 times
Reputation: 1252
When my dad died at age 66, all of his assets went to my mother. She died at age 92, and didn't leave much in her bank accounts. Good for her. She did, though have about 3 million dollars net in properties. Not bad for a a TV repairman and a SAHM. They lived their lives so frugally, that this made me a little sad. The really tough part was that my 5 siblings fought about the money with lawyers. Four siblings wanted the estate all for themselves. They didn't want to share it. It took two and a half years of lawyers to divide it all equally. I think the lawyer got as much as each sibling did. Mom and dad would have hated that.
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Old Yesterday, 08:27 PM
 
30,430 posts, read 47,712,227 times
Reputation: 16302
Quote:
Originally Posted by Deoge View Post
Please believe me when I say it's your money that you worked hard for and if that is your desire then 100% go for it. But for me it's like you are writing in a foreign language. I just don't comprehend the concept of "spending everything before I die and having the check to the funeral home bounce" as I have seen the sentiment stated here a few times. Again, it's your money and I wish you the best.

As I get older, I an getting more libertarian.
What does disagreeing with the idea of spending all your resources and ending on empty have to do with being “Libertarian”?
I am not a libertarian and I don’t want to spend my resources up
I want to leave as much as we can to our son and daughter and grandson
They certainly haven’t had the type of opportunity we had to benefit and acquire what we have
Different career paths—and different choices that we would have made
But we love our kids...
Right now I am not sacrificing anything
If I have to start there are things I can do that I can live with

I just think this society is poised to go to hell in a handbasket fairly easily under certain circumstances

There is NO WAY for someone writing a puff financial analysis projection to really predict what could be the effect of global climate change in 10 yrs, the effect on agriculture and food chain, the effect of mass migration from Central/South America to North America and the effect of mass migration in South Asia because of climate change, rising sea waters, loss of ground water for mass farming, etc...
Worst case scenario could be worse than most imagine—since most don’t imagine ANY problems affecting them
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Old Yesterday, 08:32 PM
 
30,430 posts, read 47,712,227 times
Reputation: 16302
Quote:
Originally Posted by suziq38 View Post

Your uncle not only is thrifty, but he possibly is a hoarder.
He could be passing into some form of dementia that affects his ability to reason
Or he could have been raised very poor and is afraid (w/o good reason) of falling back into want—
Different (to me) than being a hoarder that compulsively stores anything and refuses to let anything go—
The poster didn’t mention his uncle’s property was stuffed full of unnecessary items past reason
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Old Yesterday, 08:40 PM
 
Location: Rust'n in Tustin
2,399 posts, read 2,495,136 times
Reputation: 4580
My father lived a middle class lifestyle, and died with about 2 million dollars in assets. He was foolish for living so frugally.

Her could have been driving a Rolls Royce, instead of a 10 year old Buick. Foolish
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Old Yesterday, 09:02 PM
 
Location: USA
1,107 posts, read 435,375 times
Reputation: 3060
Quote:
Originally Posted by ysr_racer View Post
My father lived a middle class lifestyle, and died with about 2 million dollars in assets. He was foolish for living so frugally.

Her could have been driving a Rolls Royce, instead of a 10 year old Buick. Foolish
I guess there’s a fine line between living foolishly and living fine. What’s the old line about never seeing a hearse pulling a uhaul? Yep, you can’t take it with you.

We encouraged my dad to live a little better. Due to my mom’s dementia, he was hesitant to even purchase a new TV. Turns out he shouldn’t have worried so much. The stress and worry of taking care of her killed him before she passed. We were fortunate - her nursing home costs were covered by his investments and we didn’t have to sell the family home. At the end of day, that was about all that was left. He would have been proud that her needs were covered. He was damn proud of that. Guy never made more than $40,000 a year and managed to save, invest and leave a little behind.
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Old Yesterday, 09:48 PM
 
Location: Rust'n in Tustin
2,399 posts, read 2,495,136 times
Reputation: 4580
Nobody lays on their deathbed and says, gee I wish I saved more money
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Old Yesterday, 09:52 PM
 
Location: SoCal
13,900 posts, read 6,640,636 times
Reputation: 10514
Hey, you repeat that line 3 times already.
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Old Yesterday, 09:58 PM
 
Location: Sierra Vista, AZ
16,144 posts, read 20,937,188 times
Reputation: 8298
Quote:
Originally Posted by TuborgP View Post
The following is from the link:

If well-off retirees are more frugal than necessary, they end up denying themselves the fruits of a lifetime of hard work. Their heirs eventually benefit, but the vitality of the American economy suffers. “Wealth is getting more and more concentrated among households that are averse to spending it,” says Matt Fellowes, a former Brookings Institution fellow who’s founder and chief executive officer of United Income, a retirement planning startup. “It’s trillions and trillions of wealth that is not benefiting anyone except asset managers.”
Investing in anything that is not government insured can be a big mistake. You can’t even trust banks, they could be opening accounts in your name. Get the rich up off their piles of cash, tax them. Or we could do like the IMF does with debtor nations. Freeze their funds and allow them not more than $1,000 a day.
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