Advice Is Needed!

Last Update: December 03, 2021


Happy December to you the Wealthy family! I'm sorry for my delayed post, a lot of fish to fry with little oil:-)

Today, I came across this story from a reliable source; and I had my reaction to it. So, I want to share it with you here and to get your reactions too. First of all, put yourself in this couple's or family's situation. How will you handle this, or what should be your advice with any couple in this situation?

Considering that this is a couple that wants to feel financially secure, as they plan to retire someday, Advice is needed!

Here is the story; "My husband and I have both worked our entire lives. We've always been very careful with our money because we knew that at some point we would want to retire. We managed to accumulate a very nice nest egg. Our son, who works as a stockbroker, said we should let him invest it, and that we could really increase our savings for our retirement. So we gave him the money to manage, and now it's all gone ---- everything that we've worked for our whole lives. I don't see how we'll ever be able to retire.

I feel worried, I feel discouraged, I feel blame, I feel anger, I feel insecurity, I feel fear.

WA, here you have it! What will be your advice or reaction to a case like this? Feel free to contribute, remember, we learn from each other.

Join the Discussion
Write something…
Recent messages
FKelso Premium Plus
I can understand why the person has all those feelings. So, what to do? First of all, somehow they have to get out of the negative feelings. Of course they feel negative -- so would I. However, that is not going to solve the problem. First, they must remember that feeling all those negative feelings will not improve things, but only make matters worse. If they can start with one small kernel of hope that can be built into a platform to support their feelings of loss.

Then it's time to sit down and build a plan. What is left to them? Do they have their health? What skills do they have? How can they rebuild, and quickly? There is nothing that can be done to turn back the clock, so they must start from where they are. Perhaps there is something they really love to do that could be turned into a means of income.

Also, if they can start a number of little steps into areas that can give them a little income, perhaps these could be built upon to turn into multiple income sources. What about selling unwanted items on ebay? It would be one new source of income. Can they teach any skills? Perhaps some private tutoring...

They need to find someone to brainstorm with, to figure out new ways of bringing in money. Of course, they should include joining WA as one of their multiple income sources. It's hard to start over from scratch when you had it all, but as they must, they might as well look at it as an exciting new adventure.

I feel for these folks. Hope they get their problems solved.
Reply
favorme Premium
Oh wow, Fran, thank you so much for your Pro-advice on this matter. Very instructive. I have nothing to explain further because at this point it appears everyone is saying the same thing but with a different tone.

The main advice is that they have to accept the reality of their loss and move on by starting all over again, to earn a living, and then go from there. Also, that they have to face this situation courageously without losing their minds and the family peace.

As we all know, it's hard, but I believe that they will get through it. After all the worst loss anyone can have is the loss of life. Because anything else lost can be regained or replaced, but life can't be replaced once lost.
Once again, thanks for this excellent advice!
Reply
richardgb Premium
Very well put, Fran!
:-)
Richard
Reply
Billwright1 Premium
As much as I hate to admit it they are right there's nothing you can do except accept it.

I myself who's afraid of the stock market and would never invest my money like that.

But I understand it was your son, me saying that meaning I don't know if he's done anything illegal.

But if he has you might go ahead and give him some tough love and call your lawyer.

I myself ran into a family member issue, with my alcoholic nephew.

We were the next two in line to get the family's property and I was living on it.

I got tired of the way things were going so I asked my daughter and my nephew.

If they had an issue with me selling the property, I had three acres I was looking at.

And anchor for each me and my daughter and my nephew.

Where would my nephew find out he had to sign the deed.

All of a sudden he went from having a nice place to park his trailer.

2 he can have $12,000 I only got $24,000 for the whole thing.

When he did that within a year-and-a-half time I and my wife were homeless living in a motel.

So my friend you can see I do understand what you're going through.

And they are right all you can do is forget and go, not like me.

I'm having issues with forgiving and forgetting like our savior says we should.

And I asked him and pray for forgiveness daily, this is the only other thing I can suggest talking to God.


Good luck to you
Reply
favorme Premium
Oh wow, William, thanks so much for your honest contribution, and for sharing your personal experience with family issues. Many of us right now are dealing with similar experiences.

Among other things you stated, I picked up these two key points, which are "accepting the reality of the loss, and having the mind to forgive., to let go and move forward.

In as much as it may sound simple, it is not. But by doing so comes the restoration we need or that the couple in question needs to move on with the next phase of their lives.
Again, thanks, and be blessed!
Reply
Billwright1 Premium
Just being parents brings on difficult decisions, children the youngest is 40 years old and I don't know how she does it she keeps a $1,000 a month apartment she doesn't hold a job, so she's learned things that I haven't told her
Reply
Zoopie Premium
Such a sad story.. what can they do now. Just keep on going. It is a story Inhave heard a few times and it never gets easier to hear. My heart really goes out to this couple , and not just for the loss of their money. They will now have lost trust in their son.
They must just keep going forward. The past is done.
Stephen
Reply
favorme Premium
Hi Stephen, thanks so much for your contribution. You're right, the past is done. Regrets, blame, anger, frustration, will compound their loss. They have to reduce their loss by finding ways to forgive their son, so as to maintain healthy emotions within the family. If not they will have to deal with double loss.
Again, thanks so much. Have a blessed weekend!
Reply
JeffreyBrown Premium Plus
I'm at a loss! None of my kids would ever touch my investments, that way, I don't have anyone to blame but myself! Too be honest though, with all the greed and corruption in this current world that we live in, we should all look after our own interests, and there is still no guarantee that we will make the correct decision either! My mantra has always been "one day at a time"!

Jeff
Reply
favorme Premium
Jeff, thanks so much for your honest contribution to this discussion. You're absolutely right. Because as humans, most of the mistakes we often make are driven by self-interest, greed, over-ambition, materialism, and lack of knowledge. As a result, we become vulnerable to added risks.

Anyway, I agree with you that "there is still no guarantee that we will make the correct decision.." Nothing is ever guaranteed, how much less when it has to do with investment..
Once again, thanks Jeff, and have a blessed weekend!
Reply
JeffreyBrown Premium Plus
Thanks for causing the excellent conversation with this thoughtful blog post, Sarah!

I hope you have an excellent evening as a start to your newest Frisatsu!

Jeff
Reply
Stanleycmng Premium Plus
Hi Sara, these situations happen and it is hard to advise without helping. Therefore I will not be referring to your scenario with the couple but offer a general view.

“No one cares about your money more than you do.”

Therefore, I would not hand my money to anyone to manage. Whatever the outcome, it has effect on relationships unless it is a third party who will then do it for the commission.

One can learn how to make wise investment based on risk and returns that fit their needs and expectations. As our experience learning how to start an online business in WA, we can also learn how to invest our money.

Hope this helps.

- Stanley
Reply
favorme Premium
Hi Stanley, I really appreciate your wise counsel. You provided very honest advice, and I will leave it as said. Experience it is said to be the best teacher." For this couple, they have learned their lesson about investment, which they will never repeat again. Also, for others, they have equally learned how not to trust blindly no matter who.
Again, thanks, Stanley! Have a blessed weekend!
Reply
Top