My little brother called me yesterday wanting to know if I belong to some credit union that I'm apparently qualified for because if I am then he can qualify through me. It turns out that he's trying to get some 0% interest no transfer fee credit card. I've suspected that there was probably some credit card debt to go along with his other mountain of payments, but this kind of confirmed it. I'd say that maybe it's a good thing he's trying to take care of it, but to be honest we both watched our parents cycle through the credit card trap of running the cards up, doing something drastic to pay them off, close all but one "for emergencies" and then rinse and repeat. I suspect that's how this will end up. It's funny how two people can grow up in the same household with the same influences and make completely opposite decisions. But then again I guess it's always been that way. He'd blow his allowance and then whine to Mom about how I wouldn't let him play with my Nintendo that I bought with the money I saved up.
So....did anyone have "Adopting a baby" on the my-brother-is-an-idiot-and-my-parents-enable-it bingo card?
My brother and SIL have adopted a newborn. While still living with my mom and dad. Adoption wasn't exactly unexpected because SIL has always talked about wanting to adopt and they'd gone through some of the initial steps and foster parent classes before they moved in with mom and dad. But I thought that they'd at least have tried to get their shit together before doing it. And they convinced both my parents and a social worker to go along with it. The plan now seems to be that they will live with mom and dad indefinitely. Dad seems to think that in a year or two they will need more space, but I don't think it's going to work out like that. I suspect that this isn't how they pictured spending their retirement. At least mom isn't expected to be the full time nanny as was my first fear when they sprung the news on me four days before the baby came home from the hospital.
I get it, sometimes babies happen at the least opportune moments. But this is an odd way of having that happen.
How long has your brother lived away from Mom and Dads house in his life? I'd think this would give a good idea on how long they are likely to stay. Hopefully your Dad has a garage to retreat to, as i imagine the more space they need will come out of the existing footprint. And you may get to hear about remodeling and additions grafted to the house in the future with your parents footing the bill. But maybe the child will be the impetus for them to get their own rental place ? Was the 0% credit card supposed to help with increased expenses ?
In may be similar to my Dad's 2nd wife's Son. Lived in their house till age 40+, the last 14 yrs including his wife and 2 kids. They did have a period of almost 2 years where they were renting elsewhere, in a deceased relatives house before it was sold to settle the estate. Then back to Dad/2nd wife's house where they filled the basement with clothes worn only once by the kids and themselves, according to Dads telling.
Supposedly they paid no rent and covered only the cable bill sporadically, and some food. They had money for decent cars and ski trips though...
There was talk of expanding the footprint of the house-or finishing the basement and adding a bathroom with Dad paying because no-one else had $. Eventually stepbrother took a job out of state, entry level, with an employer paid training/certification period. Somehow within a year of being in the new location, with his wife working part-time, they could afford a brand new 5 br/ 3 ba house !!
Dad has since complained about how his 401K manager should have warned him there would be a big tax hit, because he pulled ~ 150K out of his account which went toward the house down payment, a moving company, and paying off some daughter-in-law school loans. This represents about 15% of dad's retirement assets, besides Social security, and a small paid off house. At least they moved out-of-state within a year of dad retiring, at 72, so Dad and 2nd wife get some space back.