He made this bananas offer to me on the phone tonight. He’s offering $5/$1 for the first year, $4/$1 the second, and so forth down to $1/$1. My dad is extremely well off and earning a lot of money in retirement through pension, social security, extremely wise investments that keep earning, and still runs a consulting business. He owns practically everything outright, including multiple houses and properties. Upwards of 25 motorcycles and easily a dozen cars. Some are nice, some are junk, but they are all owned outright.
I on the other hand, am 36 and have damn near nothing. I pursued acting and have done well with surviving, but have nothing saved. My current job only earns me about $2400/month, but I do keep my expenses very low. Both fixed and variable bills when combined is about $1250 maximum. Basically I can reasonably save $900-$1000/month. While I intend to get a better job, as things stand, how should I go about this? I am nowhere near 3 or 6 months of emergency savings. He’s not forcing me to start by any particular date. But he is 75 and this is the craziest financial offer I’ve ever been made. It’s potentially transformative.
He has emphasized his one condition being that I never touch the IRA until retirement. While I do understand that, he’s offering me $5 to $1 here. Shouldn’t I just maximize this as much as I can and pull some of it later if I need it? I don’t want to betray his wishes but I have present day financial limitations. I feel like kind of a dolt throwing my money in my 2% apr savings account.
I appreciate any guidance you can offer. I want to maximize this opportunity to get out of fringe poverty.
Submitted August 05, 2023 at 12:13AM by melodicprophet https://ift.tt/iILYNRz
