We helped my mother in law sell her house 3 years ago because she had $200k in unsecured debt (credit card and LoC). She had $330k left over after paying off her debts and buying pre-paid burial and funeral packages for both of them (FiL was still alive). Father in law died shortly after so the pre-paid burial packages were prudent. The prudence stopped there however. She managed to piss away the entire $330k and rack up her credit cards again in less than 3 years. She didn’t spend it on herself, but on her deadbeat son, grandson, and another deadbeat she’s “adopted” for whatever reason.
The last of her savings were withdrawn in early March. By mid-March she hit my wife up for $800 to survive the rest of the month until she got her pension cheque and tax return. Worst of all, she’s still giving her deadbeat son several hundred per month.
She has a nice government pension that nets her $4600/month and her rent is around $2100. Doesn’t matter. You could give her $10 million and she’d be broke in 5 years. Just the way some people are. I’ve put my foot down and told my wife that if one more penny is transfered to her mother, she can pack up and go live there. Ive made it clear that we have our own household to look after, and our financial plan does not leave room for maintaining her enmeshed relationship with her mother. My wife earns good money, as do I, but I don’t think I’m wrong here.