Transcript
A (0:02)
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B (0:06)
I and my wife are both physicians and we're pretty financially sound and my father is not. He has a pretty well paying job, but still lives paycheck to paycheck and actually got into some trouble this last year and had to borrow money from me. He's actually collecting Social Security now. He's in his 70s and he has no ability to retire whatsoever and still has quite a lot of debt. And I'm imagining inheriting these troubles very soon. Just kind of curious how you guys would recommend. I'll go about.
A (0:35)
Well, let's address the future. Let's address what you mean by inheriting his troubles. What are you going to.
B (0:42)
I think, you know, ultimately I think other health is going to catch up to him or he, he's kind of made some morally ambiguous decisions and I'm worried that some, like the, you know, the phrase eggs are going to come home to rooster. Whatever.
A (0:53)
Well, his debt. His debt is his debt, so. So whatever he's done there from a debt standpoint, that's not coming to you now.
B (1:01)
Yeah. In terms of, like, just taking care of him though, and like that.
C (1:04)
I understand he's gonna be sure.
A (1:06)
I understand that. Yeah.
C (1:07)
Are you married, Brandon?
B (1:10)
Yeah, yeah, yeah. We're both physicians. We both, we make a decent amount of money.
C (1:14)
Okay. Yeah. How much do you guys make a year?
B (1:16)
So I'm in my final year of training now. Next year together, about 500, 000 a year.
C (1:23)
That's great. Oh, this is always a hard one because, you know, on one end of the spectrum it's, you know, some people put up pretty tough boundaries and they're just like, I'm sorry, you know, your decisions are your decisions and I'm not gonna, you know, have to be responsible for those. And then on the other end, it's like, we're not gonna let our parents, you know, be homeless. You know what I mean? Like, like, like there is a, there is a, a balance in all of this. So what I would probably do is you and your wife need to sit down and run, worst case scenario. And I would. And then I would kind of play out, hey, what would this look like? How far would we go? And then also put up some boundaries. Brand that. I don't like that he's borrowing money from you. I think that either needs to be a gift because it's probably never going to be repaid. Right? I mean.
