My father is dying of cancer and has a short time left to live. While his health is ok now, his medicines will stop working at some point over the next few years and from then on the cancer will take over and he will get sicker until he passes.
This post is not about my father’s health, but it’s important to note to put this into context.
Previously, many of my readers have left comments offended by a post I wrote about expecting an inheritance. A conversation I had with my dad this weekend over the phone continues this topic.
He told me how “I” need to get my mother to understand that she needs to live off the interest on the 401k. They get $7000 a month and there is no reason that they can’t live on that. (My mom is a spendaholic.)
My dad went on to tell me how he spent his whole life building wealth for the family so it could be passed down to his kids (me and my sister) and that we could pass it down to our children. Both him and my mother grew up in the lower middle class and did not have wealth. Their parents will not be passing down a great deal to them. So he wanted to build wealth up for our family, for the future. He wasn’t trying to make my sister or I rich, but he did want to make sure we didn’t have to worry about not having enough funds to get us through life. Once you have wealth, living off the interest becomes feasible. It’s not about luxury, but it is about having a lofty security blanket for your family – as in – your children and their children and so on.
But it makes me sick to my stomach to think about how in the future, I will be in such an odd spot — when my father passes, it will be up to me to try to make sure his dream lives on. Yet that dream is for my sister and I to obtain an inheritance. My sister has a learning disability and while she can comprehend some of this she is also younger and I don’t think she will understand a great deal of the financial situation (other than wanting the money.) My mother will want to spend it all. I understand finances, saving, living off interest – I could probably teach my mother to do this, but ultimately it would be so that I could get money after she dies.
My mom didn’t work once I was born, so all of the money in savings is from my dad’s years of working many hours to build this wealth. On one hand I feel the responsibility to make sure that the reason my dad worked so hard his whole life (probably causing unnecessary stress and part of the reason he gained so much weight and got sick) lives on, and part of me feels like this isn’t really my business at all besides making sure my mom doesn’t spend everything too quickly – she does need enough money to survive for many years. She’s in her mid 50s so hopefully she’ll be around for a long time.
I do want to make sure my mom doesn’t go crazy with spending, but she could very easily live a luxurious life and spend every penny if she wanted to in the future. And who am I to stop her?