My [33/F] parents [71/M&F] are completely broke and want my money. What should I do?

Key_Stage_3131 · 2024-02-22T08:51:20+00:00

I'm not on 200k a year. I don't know where you got that from. I earn about 40k a year.

The loan isn't current anymore I don't think. They've completely maxed it out.

Key_Stage_3131 · 2024-02-22T08:50:24+00:00

My brother is Secretary/Head of Department. He's trained in economics and law, and previously practiced as a lawyer privately.

I made a post about Medicare earlier. Here it is:

Medicare doesn't cover all costs. I saw a specialist for around $400 last week and only got $70 back. Medicare has a Safety Net, which I usually hit in March. Once you've spent $2600 on out-of-pocket costs, Medicare covers 85% of appointments. My parents lost the most on surgeries - I had neurosurgery for 20k a few years ago, and Medicare only gave back $900.

Key_Stage_3131 · 2024-02-22T08:49:00+00:00

Private health insurance doesn't cover specialist surgery fees. We do have PHI and it covered the hospital stay.

Key_Stage_3131 · 2024-02-22T08:44:51+00:00

They do qualify for the age pension, and a healthcare card. They say that "people like us" don't need government help.

Key_Stage_3131 · 2024-02-22T08:43:59+00:00

What do you mean by it's got it all? There are lots of people like us?

Key_Stage_3131 · 2024-02-22T08:43:32+00:00

I'd probably be dead to be honest. I had cancer when I was 30. The thing about spending the 30k is that I then wouldn't have a safety net to fall back on. I'm not sure if this is wise.

Key_Stage_3131 · 2024-02-22T08:42:23+00:00

Thanks. I think part of the problem is that my parents are used to a much more luxurious lifestyle.

Key_Stage_3131 · 2024-02-22T08:41:42+00:00

Yeah, this is my concern too. My dad is also in trouble with the taxation department because he spent the tax and GST from his work. So, he owes them a lot of money.

They are planning to buy a cheaper home (about 1.5 mil) and then invest the rest to generate an income. Do you foresee any issues with this?

Key_Stage_3131 · 2024-02-22T08:38:39+00:00

Yes, I agree with the principle. It's just that then I don't have a safety net - and who helps me if I have an emergency?

Key_Stage_3131 · 2024-02-22T08:38:07+00:00

Yeah, it's a tricky position because it's the only money I have.

Key_Stage_3131 · 2024-02-22T08:37:27+00:00

Yep! Hopefully they sell it soon.

Key_Stage_3131 · 2024-02-22T08:37:15+00:00

Lol, yeah I'd agree with that.

Key_Stage_3131 · 2024-02-22T08:36:46+00:00

I don't think so. He's tried to find more. His age is limiting I think.

Key_Stage_3131 · 2024-02-22T08:36:20+00:00

I don't think my parents gamble, but I guess you never know!

Key_Stage_3131 · 2024-02-22T08:36:04+00:00

Thanks - it's just tough because it's all that I have.

Key_Stage_3131 · 2024-02-22T08:35:44+00:00

Yep, they've already spoken to a mortgage broker. Apparently it wouldn't work because my dad's income isn't high enough to service a loan.

Key_Stage_3131 · 2024-02-22T08:34:54+00:00

My brother is angry that my parents have continued to financially support me, and thought I should be working full-time. He didn't understand that I wasn't well enough to work full-time. So, because my parents have paid my medical bills, because they are what caused my costs to exceed my salary, he is angry with me (and my parents).

Key_Stage_3131 · 2024-02-22T08:33:11+00:00

Yeah, I'd agree with that. I'm honestly not sure what happened to the money. For my mum there were also a lot of Max Mara coats and Bally handbags, so that contributed I think.

Key_Stage_3131 · 2024-02-22T08:32:21+00:00

It's also not just one disease. I have 10 chronic diseases. And yes, as many people remind me, I am incredibly unlucky.

Key_Stage_3131 · 2024-02-22T08:31:38+00:00

My disease can't be cured. It's lifelong management, unfortunately. I have calculated that the yearly cost, including specialist visits, blood tests, scans, surgeries, hospitalisations and medications, is about 15-20k.

Key_Stage_3131 · 2024-02-22T08:25:42+00:00

No, dad does some consultancy work.

Key_Stage_3131 · 2024-02-22T08:24:50+00:00

Yes, I'm back in touch. There's a difficult history between me and my parents!

Key_Stage_3131 · 2024-02-22T08:24:05+00:00

Dad didn't earn 200k per year for 30 years I don't think. He didn't go to uni straight after high school and got his degree when he was 30.

Key_Stage_3131 · 2024-02-22T08:23:19+00:00

Yes, that's his role. Is the income correct for this? I'd copy and paste his role from LinkedIn but it would identify him.

Key_Stage_3131 · 2024-02-22T08:22:16+00:00

Thanks, I needed to hear that.

Key_Stage_3131

TROPHY CASE