I feel sorry for the 81 year old and her husband. However, they have made nearly every wrong financial decision over most of their lives.
- In 1994 husband was making $90k a year and quit that job to start up a band and teach music lessons
- They bought a fixer-upper house in 2002 to flip it, except they still had it in hand in 2008 when the real estate market crashed
- They had $75k in the market prior to the crash, and sold it all at the bottom of the market before the rebound.
- They never saved more than $10k in a 401k
- They defaulted on their mortgage in 2015 and lost he house, but did gain $115k from the forced sale.
- They declared bankruptcy (it doesn’t say when). Usually this protects the house, as in you’re not kicked out. So I can’t quite square why the house was forced for sale if they were under bankruptcy protection. This is a clue they had a lot more debt than just the house.
- “The income from a side business Lydia had started to help people downsize their homes, and the piano lessons that Bill gave, weren’t enough.” This was 2015 and at best their only income was a couple small side hustles. Admittedly they were in their early 70s at this point.
- Even today it looks like they’re spending over 20% of their income on car related expenses (payment, insurance, gas).
- They’re also still living in Connecticut which looks to be more expensive place to live. A quick Google search of West Virginia 55+ one bedroom apartments go for $450-$900. So they could probably cut their rent in half if they moved to a cheaper city/state.
They’ve truly had some horrible timing and luck, however I truly hope their situation improves and
FlashMobOfOne@lemmy.world 2 weeks ago
My eighty year-old parents are driving for DoorDash. In my car.
If they don’t, this supposedly ‘free’ country of ours will allow banks to force them onto the streets where they will be left for dead.
Fuck capitalism.
Eyekaytee@aussie.zone 2 weeks ago
Isn’t that an America problem?
corsicanguppy@lemmy.ca 2 weeks ago
I suspect you’re making a point here, but I’m not sure what it is.
Remember that the silents were born in an age where unions were far more prevalent. I’m not sure whether that addresses the point you were trying to make, but maybe.
garbagebagel@lemmy.world 2 weeks ago
I know plenty of people in Canada and Mexico that still work much later than they should have to to support family members. Might not be a problem in more socialist countries but definitely not uniquely an American problem.
RaivoKulli@sopuli.xyz 2 weeks ago
Most of the world has and to a large degree still relies on relatives to support them when they can’t work anymore
WorldsDumbestMan@lemmy.today 2 weeks ago
Pensions are a roman invention