Saturday, April 17, 2010
Open Question: My parents are broke and all their savings are gone (UK question)?
The last two years for my parents have been like a financial cautionary tale. My dad blew his savings on an investment in rented accommodation, over which he lost over £50,000. In the Christmas before last, not long after I dropped out of college due to depression, my parents moved into a smaller house and my dad left his job to take up a freelance networking job, which involved him pouring money into a franchise and working ridiculous hours with no return whatsoever. Any savings my parents had left were sapped dry in the year that my dad was involved with these people. Now we are living off the £200 board/rent I am paying (I am unemployed) and my mother's job as a courier while my dad is trying to make small amounts of money as a fundraiser in the debt capital market. I hope he never ever pulls a stunt like this again. My dad has taken not only one, but two disingenuous financial risks that have been nothing less than catastrophic. Both of my parents are in their early sixties and because my mother works as a parcel courier on a freelance basis herself and has not paid stamp duty, her pension will be peanuts and she will never have any savings whatsoever to fall back on. To make matters worse, my mother is being overworked in her job and is being paid less than the equivalent of the national minimum wage. Dad has also never paid stamp duty. The matter of my dad's age will make it difficult for him to find work again, despite his extensive experience working as a financial consultant. I feel as if my parents are at a dead end. My mother is getting more and more depressed and unhappy and is too old to do the job she is doing and it is really upsetting. All because my dad arrogantly refused to learn from his mistakes. I am terrified that the amount of work they are going to have to do well into their old age will send them to an early grave and then there is me. I dropped out of university and have zero work experience and it's extremely hard to find an employer who will take me on. I am also chronically disorganised and have social phobia from being bullied all my life and get extremely paranoid and anxious in crowds of people or while travelling on public transport. I have few friend and if I lost them, I would be living on borrowed time and there would be nobody who could help me.
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