First post on the forum and I am in a bit of shock right now, so bare with me if this seems disjointed at times.
A little background info. My father was a physician and he and my mother have lived in a fairly affluent area for my entire life. I have three siblings, two of which are physicians as well. I am recently (almost 2 years now) out of fellowship and am getting ready to deal with buying in to my current practice.
The reason I am posting this is because I just found out that my father has squandered his (and my mother's) entire retirement savings on oil ventures. I think most, if not all of us, know what is currently happening to the price of oil right now. Long story short, they have approximately $10,000 a month in expenses and only $2,200 coming in through social security. To be perfectly honest, I think he is estimating their monthly expenses on the low end.
I found out that in October 2015 he asked my siblings for money to "tide them over until he can figure it out." My sister gave him $10,000 and my brother gave him $20,000. We found out that he spent at least my sister's portion of that on more oil ventures. He did not pair back on any expenses.
We had a skype conversation involving all of us last night and he is living in a dream. We (siblings) are all in agreement that he needs to sell his truck ($1,100/month) and put their house up for sale, as well as sell their timeshare in Hawaii (who owns a timeshare nowadays???). He disagrees with all of this stating that he paid so much for these things and will get pennies on the dollar in return. He does not understand the concept of "living poor" in a situation like this. He believes oil is going to make some huge comeback and they will be fine. He has also asked me for money, which I am prepared to give enough to get them through this month and no more.
We have made it clear to him that without drastic cost cutting measures, he and my mother will start losing everything they own and be deep in debt but obviously this is a hard pill for him to swallow and he is clearly in denial. My mother is fairly clueless but she is catching on (though she has been a passive partner in this aspect for so long she is really no help).
Any advice is welcome at this point because I cannot allow him to drag myself, and all of my siblings, down with him. They will never go hungry and they will always have a roof over their heads but I am hopeful we can get them through this as painlessly as possible, though I know it is going to be painful.
Thanks in advance.
P.S. Been reading WCI for about a year now and it saved me multiple times over, thanks!
A little background info. My father was a physician and he and my mother have lived in a fairly affluent area for my entire life. I have three siblings, two of which are physicians as well. I am recently (almost 2 years now) out of fellowship and am getting ready to deal with buying in to my current practice.
The reason I am posting this is because I just found out that my father has squandered his (and my mother's) entire retirement savings on oil ventures. I think most, if not all of us, know what is currently happening to the price of oil right now. Long story short, they have approximately $10,000 a month in expenses and only $2,200 coming in through social security. To be perfectly honest, I think he is estimating their monthly expenses on the low end.
I found out that in October 2015 he asked my siblings for money to "tide them over until he can figure it out." My sister gave him $10,000 and my brother gave him $20,000. We found out that he spent at least my sister's portion of that on more oil ventures. He did not pair back on any expenses.
We had a skype conversation involving all of us last night and he is living in a dream. We (siblings) are all in agreement that he needs to sell his truck ($1,100/month) and put their house up for sale, as well as sell their timeshare in Hawaii (who owns a timeshare nowadays???). He disagrees with all of this stating that he paid so much for these things and will get pennies on the dollar in return. He does not understand the concept of "living poor" in a situation like this. He believes oil is going to make some huge comeback and they will be fine. He has also asked me for money, which I am prepared to give enough to get them through this month and no more.
We have made it clear to him that without drastic cost cutting measures, he and my mother will start losing everything they own and be deep in debt but obviously this is a hard pill for him to swallow and he is clearly in denial. My mother is fairly clueless but she is catching on (though she has been a passive partner in this aspect for so long she is really no help).
Any advice is welcome at this point because I cannot allow him to drag myself, and all of my siblings, down with him. They will never go hungry and they will always have a roof over their heads but I am hopeful we can get them through this as painlessly as possible, though I know it is going to be painful.
Thanks in advance.
P.S. Been reading WCI for about a year now and it saved me multiple times over, thanks!
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