My mother was always taken care of by her father who never taught her how to make financial decisions, but just made them for her, like the Army lt colonel that he was. SHe married my father, who was not nearly as capable as her father, and trusted him to make all the decisions. Moral of this story: teach your children about money and always know what your spouse is doing.
My father grew up with nothing and so could never tell himself (or us) no. If I had known how much debt he had, I would have gone to LSU on a full ride plus room and board instead of going out of state on a tuition free scholarship. But i didn't know. He also paid for both my siblings living expenses (both got full tuition scholarships). (Rather I should say my mother's interest and dividends on her inheritance paid for our college.) moral of this story: make college choices with full information, don't pay for your kids college if you have no retirement saved, don't try to keep up with the Joneses.
Now he has no retirement because he sold a lot of the stock to pay for alternative cancer treatments (he got swindled on that one) and the rest is worth nothing since it is bank stock (she never diversified because she was emotionally attached to the bank her grandfather had helped start). moral of this story: diversify your investments so you are not overly exposed to the risk of a single stock.
My Mom died so he doesn't have her income. He has 70,000 in credit card debt, two personal loans to his only 2 business clients he has left because he doesn't do a good job of servicing business or sales, a personal loan from me (beginning this year I reserve 2.5% of my after tax income to put aside for him, considering it paying back the 4 years of college room and board--but he thinks it is a loan--it is, just a loan from the money I will have to help him afford a nursing home as I am not sacrificing my future family for him and I can't live with him. setting aside this money has made my life so my less stressful because I don't have to emotionally agonize about loans to him--if there is money in the account, he gets a loan, if not, no loan), a car approaching 150k-200k miles, no working heater except a portable one my brother and I bought him last winter. moral of this story: work hard at your job; if you aren't making enough money at your job, find a different or additional one; don't spend money you don't have.
He spent my mother's $34k life insurance on guns, considering them a good investment--wrong. Now he is paying 20% commission to a gun shop to sell them if he can't find a friend to have pity on him and buy them. moral of this story: invest in marketable items, don't follow fads.
He hasn't filed taxes in at least 6 years. Finally, he started working with a bankruptcy attorney who is making him file taxes. He only contacted the attorney when one of the credit card companies filed and won a lawsuit and now garnishes his bank account.
This man has a business degree from a top school. It just proves how influencial your family upbringing is. Actually, I suspect he is bipolar but he won't go to a doctor. I just have had to learn that I can't control him.
Thankfully, I only have a 9 year mortgage on a condo at 3.87% and one year left on a 3% car loan that I took to pay off the 7.875% second mortgage. I'm paying for my Dec wedding with cash. Thankfully, my brother and I learned from my parents' mistakes.