My Dad recently declared bankruptcy because one of his businesses was in serious debt, where he was personally liable. His other companies also collapsed as a result of the cascading liquidation. He has no assets or savings, retirement or otherwise. I love him, but managing money is not his forte. Also, he is very kind and people have taken advantage of his good nature to rip him off or "borrow" money they never repay.
He works in the fitness industry and has a good reputation where he still makes enough money from training wealthy clientele. Although, by 80 his reputation may diminish and he may not be able to keep up with his former self in terms of workload. He has a habit of spending money on expensive cars, parties, travel, and other such things.
I want to get ahead of this and figure out what I should do now to prepare for when he needs help. I predict that will be in about 10-15 years. I do have a fair bit of disposable income now, as my partner and I have no children or significant expenses, and may be able to contribute a fair bit. I am not sure in 15 years, that will be the case. I also think I need to sit down with him and have a tough conversation about his plans for these things but I don't think he will actually follow through. I wanted to pretend I need help, and then just put the money he gives me into a retirement fund of sorts, but he knows I am doing well financially so this probably won't work.
I am hoping others who have been in my situation have any advice?
TL;DR Father is not good with money. 15 years until his retirement with no assets/savings. What should I do?
Submitted April 07, 2019 at 07:08PM by TerribleEntrepreneur http://bit.ly/2uNXbbg
