Hello r/personalfinance.
I'm 34. I live in the US with my wife and 3yo. We are both employed and have around 2k a month in expenditures with very little wiggle room.
My parents were forced to sell their house recently and move cross country to stay with us. (My dad has been a self employed contractor for around 20 years and couldn't bring in work due to covid. My mom was laid off a year or two before and hasn't been working.)
They are tough people and in relative good health; but the situation seems dire from my perspective.
No health insurance.
No degrees.
After settling debts, I expect they will have around 80k profit with little to no retirement savings.
Their plan is to buy the largest plot of land they can afford, build a very small cabin with solar panels and get some veggies in the ground ASAP. A true homestead experience and very much within their capability.
On the flip side, I have begged them to consider returning to work post covid, with the goal of maxing their SS contributions and paying off my dad's new truck (16k) until they can each draw the maximum.
The truth is, I actually don't know what is the smartest course of action here. I would appreciate any insight.
In the interim, I've suddenly found my little family financially supporting 3 new adults. (my brother is 25 and also has been staying with us since November. He's not working and perhaps mentally not capable of doing so)
If there are any resources or financial aid that you all may be aware of that could aid us in any part of this venture I would be most appreciative of you would drop it in the comments.
We are in kentucky, Usa.
Submitted January 12, 2021 at 01:08AM by Like30Zombies https://ift.tt/2MSdxM9
