Dilemma with my life

[uenop1]

Hi everyone,

I'm a 23-year-old entrepreneur with about $150,000 in savings. I'm doing well, and I'm able to save more each month. However, I feel like I could lose it all at any moment, so I'm not able to feel at peace.

On the other hand, I have a mother who earns minimum wage (Germany) with her job (she really likes the job but it doesn't pay well). She doesn't have an extraordinary life. She pays her bills and buy food for her and my sister, and then she has no more money. Luckily, when I'm with her, I make her happy, and she doesn't lack anything. But in everyday life, she is limited. I send her money whenever she needs it in an emergency, and time to time as gift.

I live in Dubai, so I only see her once every two months.

So, here's the thing. On the one hand, I need to secure my future and invest my money to permanently lift my family out of poverty in the long term. I'm still young and I have the time with me so I can really start investing now and thank myself in 20 years (but my mother will be old by then).
On the other hand, my mother is still in her "prime" years (55), but she's not enjoying them to the fullest every day because of her financial situation. Even though I take her traveling and pay for restaurants when I'm there, etc. What should I do?

I take care of her when I'm with her, but I feel like I can do more. But in the other hand, 150k$ is not enough to retreat her (which is my dream) - And I'll be left with no money, not a smart move.

I feel a bit lost.

I'd appreciate any advice you can give me. I'm listening.

Thank you

 

[Mercury]

Follow what makes you happy. Never regret anything.
We are all playing the life game here, including your mother.

 

[stronco]

Retiring parents is generally not a good idea, especially if they kinda like their job. There is a strong correlation between work-cessation and physical and mental decline. (Of course this is doesn't hold true for extreme cases, but on average) But if you can help her with a few biggest pain points that's cool. Btw I am unable to do that at all, I have very good relationship with my parents but they do not want to take any money from me. They are both earners still and I could retire them 10 times over.

In any case, hedonistic treadmill is overrated.

 

[scooterguy]

I agree with stronco.

Maybe you could also teach your mother a thing or two about investments, saving, etc. that could improve her spending habits and overall financial situation. You know, the classic "Give a man a fish and you feed him for a day. Teach him how to fish and you feed him for a lifetime."

Also, in a few years I'm assuming that your sister will start working too, so your mother will save more because she won't need to support your sister anymore.

 

[Sols]

If you can afford it (and want to do it), cover some of her bills without dipping into your savings. If she pays rent or has a mortgage, pay that for her. For a low-income household, that would be a huge burden lifted.

Might be a good idea to make it clear you're doing it for the whole year of 2024 but don't promise to do it forever, in case her costs go up or your income goes down.

Unfortunately, you would have to check this with a tax adviser in Germany to make sure she can pay any gift taxes owed on the money she gets. This depends on how much you give, and whether there's some exception you can utilise.

 

[Tomy223]

Maybe move her to Nigeria @Martin Everson said life is better there

 

[EliasIT]

Maybe move her to Nigeria @Martin Everson said life is better there

I had just gotten into the mental corner and then you kick me off the chair laughing.

 

[JohnnyDoe]

I'm a 23-year-old entrepreneur with about $150,000 in savings.

Not sufficient for any real emergency (medical, legal etc.).

I'm doing well, and I'm able to save more each month.

Good, keep on doing that.

However, I feel like I could lose it all at any moment, so I'm not able to feel at peace.

How could you lose it all? Perhaps you are not doing so well if you feel like that.

On the other hand, I have a mother who earns minimum wage (Germany) with her job (she really likes the job but it doesn't pay well).

Does she feel insecure like you?

She doesn't have an extraordinary life.

Did she tell you this? Or is this your own assumption?

She pays her bills and buy food for her and my sister, and then she has no more money.

For doing what?

Luckily, when I'm with her, I make her happy,

With your presence or with your money?

and she doesn't lack anything.

She has good health, a job she likes, family and food. Are you referring to anything else?

But in everyday life, she is limited.

To do what?

I send her money whenever she needs it in an emergency,

What kind of emergency?

I live in Dubai, so I only see her once every two months.

Are you trying to make her or you happy?

So, here's the thing. On the one hand, I need to secure my future and invest my money to permanently lift my family out of poverty in the long term.

Your family doesn’t seem poor to me.

I'm still young and I have the time with me so I can really start investing now and thank myself in 20 years (but my mother will be old by then).
On the other hand, my mother is still in her "prime" years (55), but she's not enjoying them to the fullest every day because of her financial situation. Even though I take her traveling and pay for restaurants when I'm there, etc. What should I do?

Move out of Dubai and see some slices of real world.

I take care of her when I'm with her, but I feel like I can do more. But in the other hand, 150k$ is not enough to retreat her (which is my dream)

Is this also her dream?

- And I'll be left with no money, not a smart move.

If money if everything for you.

I feel a bit lost.

I suggest you check your testosterone levels and make some real world experiences. Get out of the fake Bedouin world.

I'd appreciate any advice you can give me. I'm listening.

Thank you

Did you ever ask your mom what she wants?

 

[EliasIT]

Okay @JohnnyDoe, now I'm quite sure that you are not good and also do not have children - or at least they don't like you - your view is not family-minded

I'm sure you're sitting on a beach in Nassau, looking at ladies and cocktails, and getting annoyed with everyone else who passes by your way while you count your lot's of money

 

[koohl]

Investigate with the German tax authorities and an accountant how you can give your mother money as a gift or possibly pay the rent, as @Sols already suggested, so that she can pay the least amount of tax possible.

 

[JohnnyDoe]

Okay @JohnnyDoe, now I'm quite sure that you are not good

I only know I’m not gay

and also do not have children - or at least they don't like you - your view is not family-minded

We are talking of parents here, not children. 23yo kids living in Dubai with “life dilemmas” should have been sent to military service by their parents.

I'm sure you're sitting on a beach in Nassau, looking at ladies and cocktails, and getting annoyed with everyone else who passes by your way while you count your lot's of money

My property is fenced, only crabs and turtles are allowed uninvited on the beach.

 

[marioIT]

@JohnnyDoe 's truth hits hard as it should be!

are you the same guy running away from Germany tax agency with a tax debt of 150k? and you think to have enough money to help your mum in Germany?
lol you've got more issues than your mom for sure!

Can EU seizes money from my UAE bank accounts ?

Hello. I’ll make it very short. I closed my EU company 1 year ago. I moved to UAE, I have all my life here now. But I received a mail from EU, my closed EU company got inspected by taxmen, and they now ask me for a big amount of money. Part of it is my fault but the amount, trust me, is very...

www.offshorecorptalk.com

Investigate with the German tax authorities and an accountant how you can give your mother money as a gift or possibly pay the rent, as @Sols already suggested, so that she can pay the least amount of tax possible.

the guy admitted in the linked thread above to have a 150k debt with DE or other tax agency lol I guess the German tax authorities want to investigate him not the other way around

 

[JohnnyDoe]

@JohnnyDoe 's truth hits hard as it should be!

are you the same guy running away from Germany tax agency with a tax debt of 150k? and you think to have enough money to help your mum in Germany?
lol you've got more issues than your mom for sure!

Can EU seizes money from my UAE bank accounts ?

Hello. I’ll make it very short. I closed my EU company 1 year ago. I moved to UAE, I have all my life here now. But I received a mail from EU, my closed EU company got inspected by taxmen, and they now ask me for a big amount of money. Part of it is my fault but the amount, trust me, is very...

www.offshorecorptalk.com

OP should have built a bigger debt before running away. So much troubles for just 150k

 

[marioIT]

Agree. Idk maybe that's why his mum is not happy lol

 

[koohl]

the guy admitted in the linked thread above to have a 150k debt with DE or other tax agency lol I guess the German tax authorities want to investigate him not the other way around

I didn't read that, now I understand.

There is not much to do then, the tax man will be watching the entire family and if they can see money coming from her son owing them 150K sitting in Dubai it will mean lot's of troubles. But if they don't he could slip away transferring money here and there to her mother but it will never be good.

 

[JohnnyDoe]

It’s time to introduce mum to the crypto world

 

[Tomy223]

I had just gotten into the mental corner and then you kick me off the chair laughing.

Nigerian Prince wants you!

 

[Martin Everson]

Maybe move her to Nigeria @Martin Everson said life is better there

WTH.....lol

 

[Tomy223]

WTH.....lol

I was serious as I thought living costs are lower there

 

[JohnnyDoe]

I was serious as I thought living costs are lower there

Yes but you have to pay in advance to the Prince.