Thursday, December 01, 2016

Filial piety has some limits; don't let your parents be reckless with money


In a column today (which I note is World AIDS day) Michelle Singletary, “The Color of Money”, comes out for filial piety by saying, “I absolutely believe that we all should be on standby to assist relatives in need”.   Take care of your own first.

That’s all in a column today, “Don’t let your parents drag you under financially”.  Singletary gives a couple of narratives of how parents became spendthrifts.  In one case, a parent declared bankruptcy after getting dental implants when dentures might have sufficed.  (Complete implants typically cost over $60000, spent over several months).   Were the adult kids on the hook for the bankruptcy? Probably not, but state laws can be tricky.

Many people just don't get the mathematical idea of compound interest, the stuff of middle school algebra tests today.  You're money lasts a lot longer if you avoid debt altogether.

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