Poor Relatives receive 50k inheritance; plan to buy BMW

[Colonel Kataffy]

tell them that if they let you invest the money for them, you will match the 400 each month.

[troymclur]

Show them a side by side comparison between a depreciating investment (BMW) and an appreciating one (land) and explain how they can use the money to make money and by something (BMW) later on while still having the original investment.

I'd recomment a pretty powerpoint presentation or some other graphical way of saying "LOOKS YUO!!!"

[4_2_it]

So they are getting $50k over 10 years? I doubt it will be enough to buy more than a used BMW in 4-6 years time.

Show them the options and only offer advice if you are asked. It's really none of your business how they spend their money. If they choose to squander it, then so be it.

[econophile]

paying off any interest bearing debt usually gives the highest return

[jackdaniels]

[ QUOTE ]
if they are as poor as you say and only getting the money in 400$ increments i wouldnt worry. i seriously doubt that they will have the willpower to save 400 a month for a beemer. and if they do save for years and get one i would think that that proves how bad they want it.

[/ QUOTE ]

Once they walk into a dealership to "window shop" any salesman worth his salt will figure out a way where the $400 will suffice as a monthly payment in 467294759329 easy installments. No Money Down!!!

Stupid people piss me off.

[XXXNoahXXX]

So they get $400/month over 10.5 yrs? You should just buy the inheritance off of them for $25k cash and then rake in the extra money for the profit. Seriously though, if you offend them then they might get the BMW even though they think better of it later just to not give in to you, so you need to be careful.

Since it's incremental, start off slow and tell them to open an ING account and put the money in there for the interest. once they have a few grand in there and they see the interest coming in, go through the calculations and tell them in 10 yrs once you get all the inheritance money, if you only spend $10k on car and keep $40k in there you will have made X in interest.

Then you can tell them about other things down the line.

[Wakko]

just let them go broke. some people need to hit rock bottom a few times in order to see how retarded they are.

[punkass]

[ QUOTE ]
just let them go broke. some people need to hit rock bottom a few times in order to see how retarded they are.

[/ QUOTE ]

they have a kid. If you can help them, and they're receptive, by all means, try to help them. If they hear your advice and buy tvs and cars, then yea, they're gonna be poor forever.

[StevieG]

[ QUOTE ]
Them buying a BMW is about the stupidest thing I have ever heard.

[/ QUOTE ]

At least they planned to save up first. They could have just leased one with the monthly payouts. This indicates that the case is not completely without hope.

Also, gerunds take the possessive ("Their buying...").

[tongni]

[ QUOTE ]
*Is there any tactful way to say that buying a BMW is the worst possible idea in the world?

[/ QUOTE ]

I agree. Go with a Benz.