My Mother-In-Law’s Financial Life Is On Fire
My mother-in-law’s (MIL) financial life is on fire… and it’s not the good kind (as in FIRE – Financial Independence Retire Early). You see, she is in her mid 60’s, still working, and has only $35,000 invested in savings.
No, not $35,000 cash plus something else.
No, not $350,000 invested.
No, definitely not $3.5M invested.
And no, not $35,000 and a paid for house.
She has a total life savings of $35,000 at age 66. And she wouldn’t have that had we (my wife and I) not pushed her to start saving something a few of years ago (and to get out of debt). A few years ago she was in credit card debt and still carrying new car notes.