My wife has 2 sets of parents (they've divorced and since remarried), as well as 1 grandma which she supports.
One set lives in Canada and the other in Italy (we're in the U.S.)
She gives her parents about 95% of her take home pay every month, and if needed has taken out a line of credit to support them. For the parents in Canada she gives $2000/mo and to Italy she sends $400-600/mo
She also has a sister in Italy that only gives pennies on the dollar, despite being well off and having her house paid for. None of the step children contribute.
The step parents to do have some savings but I'm not sure how much I estimate around $25-50k each.
While she makes enough to cover what she sends to her parents, she doesn't contribute at all to our household (before we got married she said she would only contribute minimally to her parents).
Her job is rather unstable and her company's been laying off people left and right, rather than give less to the parents and save some, her solution for a "rainy day" is to cash in her 401k.
What should I do in this case?
What I'd like is for her to start a saving here, to use in place of her 401K for latter expenses, and currently her step parents have access to whatever savings her parents have, plus she's paying to convert the currency each time, sometimes she will convert from USD to Canada, and then send money from her Canadian bank account to Italy, paying again to convert it to Euros.
Also it is likely at least one of the parents will need to move to the US closer to us at some point in the future, so any savings they have (money she's sending) will need to be converted back to USD.
What would you do in this case?
Thanks in advance!
One set lives in Canada and the other in Italy (we're in the U.S.)
She gives her parents about 95% of her take home pay every month, and if needed has taken out a line of credit to support them. For the parents in Canada she gives $2000/mo and to Italy she sends $400-600/mo
She also has a sister in Italy that only gives pennies on the dollar, despite being well off and having her house paid for. None of the step children contribute.
The step parents to do have some savings but I'm not sure how much I estimate around $25-50k each.
While she makes enough to cover what she sends to her parents, she doesn't contribute at all to our household (before we got married she said she would only contribute minimally to her parents).
Her job is rather unstable and her company's been laying off people left and right, rather than give less to the parents and save some, her solution for a "rainy day" is to cash in her 401k.
What should I do in this case?
What I'd like is for her to start a saving here, to use in place of her 401K for latter expenses, and currently her step parents have access to whatever savings her parents have, plus she's paying to convert the currency each time, sometimes she will convert from USD to Canada, and then send money from her Canadian bank account to Italy, paying again to convert it to Euros.
Also it is likely at least one of the parents will need to move to the US closer to us at some point in the future, so any savings they have (money she's sending) will need to be converted back to USD.
What would you do in this case?
Thanks in advance!