The barefoot investor told a woman that there is nothing she can do to stop her mother from sending a worrying amount of money to a “friend” she met abroad.
Scott Pape, 46, received a letter from Linda saying she was worried about her mother because she continues to send large sums of money to a man she met in 2010.
“She has almost lost her home, she has had to dip into her pension fund and I fear she will soon be in serious trouble if this continues,” he said.
‘She met a young Casanova in Egypt, and what was a holiday fling quickly turned into a business partnership.’
Linda said her mother took out a loan using her house as collateral to finance “projects” such as an automobile manufacturing plant and a haute couture fashion house abroad.
She is concerned that her mother is optimistic about these projects in which she invested hundreds of thousands of dollars despite not receiving any return.
Linda said she desperately wanted to help her before it was too late.
“She is a teacher who is struggling to find a permanent position because she is past retirement age, is burdened by debts she can no longer pay and has enough money in retirement to support herself until Christmas this year,” he said.
Scott Pape received a letter last week from a woman named Linda, who is concerned because her mother is of retirement age and burdened by debt.
Linda said her mother, who has no business experience, has been sending large amounts of money to a man in Egypt to fund “business ventures” since 2010.
Mr. Pape shared his advice in his column in the Herald of the Sun on Sunday, admitting that Linda could do little.
“You can’t call the police,” Pape said.
‘As it turns out, he’s not doing anything illegal (immoral perhaps, but not illegal).
‘And you’ve tried to talk some sense into him, but it’s clear that after 14 years that hasn’t worked.’
Instead, he urged her to protect herself, emotionally and financially.
“I would suggest you write a letter to your mother explaining how much you love her and how worried you are about her financial situation,” Pape suggested.
‘Then, detail the possible consequences of their actions. Paint a picture of what their retirement will look like.
‘Understand that her debts will die with her: you will not inherit them… but that also means you will not inherit any money from her either.’
