csorrows

Sorry to hear about your Dad. Spend as much time with him as you can, and enjoy the good times.

My Dad died when I was 16, and wasn't in the best of health due to an earlier heart attack when I was 8, so I didn't know him, or get to do as much with him, as I would have liked.

Mom, however, lived to the ripe old age of 86, and just passed away in 2009. She kept her wits and humor until the very end, and all the family got to see her in the hospital before she passed away, so as tragic as it is to lose a parent, the way she went out was on her terms. She REFUSED to leave the house she and Dad built back in the 50's. She used to joke the only way we'd get her out of that house was in a pine box, and she was just about right. We even closed out the funeral service by playing Sinatra's "I Did It My Way" which she would have loved.

But I digress...

My Mom and Dad were both born in the late 1910's and early 1920's, so very close to the Great Depression. And I agree that the closer people are to that period, the more frugal they are. We never had much money growing up, but always had a roof, food, clothing, etc. My parents always tried to instill the value of a dollar into us kids, and it worked to varying degrees

One of my sisters is a saver, like my parents, but one of my other sisters and myself are spenders, and we both have expensive tastes. I've always had a hard time thinking down the road, I prefer to live in the moment.

But I think the lesson your Dad was trying to get across wasn't so much "dont buy a Porsche", but rather don't blow a windfall, like an inheritance, on some frivolous thing that doesn't mean much in the long run. Cars are fun, but they should be gotten with "mad money", not with funds that can be put to better use, like a home downpayment or providing for your family.

I think what you have planned, putting it down on land or a home, is exactly what your Dad intended, and would make him proud.

So spend as much time with the old man as you can, be sure and tell him how much you love him, and give him a hug from time to time. Enjoy the time as much as you can, and God bless!

marcus0277

And that's what is wrong with so many people these days. They have no respect for the desires or wishes of others, particularly of their parents. His dad made his wishes clear, and you're effectively saying that he should ignore that and do whatever the hell he wants to do. That's a complete lack of respect and says a lot about one's character, IMHO.
His dad worked his entire life to earn & save that money. It seems reasonable that he wouldn't want all that time & effort to be wasted on a frivolous purchase of a depreciating asset. His dad is leaving him more than money. He's leaving him with a life-lesson in prudence and humility. I suspect that's the real legacy he's hoping to leave behind.

El Fredo

Remember he said "New"!

Zeus993

This is a great thread. Live and splurge sensibly. I've seen way too many people that lived their lives to so called "start living" when they retired to have one of the two partners pass away, leaving the other to then "enjoy" their nest egg in quiet solitude. Life is fun when you are young. In my later years I will have great memories of driving Zeus and his MT (sorry PDKS, I'm not sure of the memories... ), the smell of the leather etc...
While the only debt my folks carried was their mortgage, they still seemed to enjoy things. My father drove a Rover TC 2000 and a BMW motorbike for a while and instilled te car bug in me. Were we 'wealthy'? I never had any attention on it. I only remember drinking awful powdered skim milk as a kid when they were scrimping. Will they leave me a big inheritance? I don't think so and I certainly don't expect it. They did leave me (before my dad died) a good handle full of life skills, one of them working hard and keeping my "exchange" in. Our son has this now too. When he gets older i'll teach him how to sell, so he'll never be without. And when my time comes, I will leave him my P-car or some money to buy one, and enjoy an experience that I have enjoyed so thoroughly. Now to go for a drive...

tcsracing1

He said "new"....

Nothing mentioned about used

ADias

To the OP: I am not going to comment on your dad's request/directive, as that is between him and you. But I will say that your dad is a role model of self-reliance and responsibility, a great many should follow today.

I wish the best for your dad!

911 Crazy

Use all the $$ for the house and the $$ you are not paying out for the Porsche!

mander

Funny how money works. In my case, my parents really don't care how I spend mine and I don't care what they do with theirs. Indeed almost all of their money is going to charity in their wills. Fine by me.

To OP: Sorry to hear about your Dad. Enjoy being with him while you can.

fayraree

agreed with the people advising on following your father's advice. mine said, shortly before he passed, that I would buy a motorcycle "over his dead body". well, out of respect, I still won't get one. his was not a monetary request but more about safety, cuz he knew his son too well

mgordon18

To me, this is an interesting philosophical question. In my view, money is money. It doesn't matter which pocket it comes out of. After your father passes (hopefully a long time from now) would it be allowable to by the Porsche with "your own" money? And if so, what does that mean? What's the difference at that point between the money you inherit and "your" money? Are they in different accounts? And even if they are, isn't it all "your" money at that point?

I could save up all my life to try to afford a new P-car. But in the end, when it comes time to pull the trigger and buy one, it's still $100K that could be used for anything - kids' college, house downpayment, etc.

What it sounds like your dad is saying is that, once he's gone and you get the inheritance, you can't ever get a Porsche. How will you distinguish his money from yours? You can't.

I say get the car now while he's still able to bum rides in it!

- Mike

Zeus993

Now there's a good idea. Buy the car now and drive your Dad around. +1. Lots of memories still left to create.

rolex11

The man's still alive! Ask him to clarify his statement beyond misinterpretation and then do what you want when he passes (hopefully not soon).

jcnesq

I grew up one step ahead of poor. My Dad is now 94, grew up in the depression, never earned much, and truly never spent much, thought of himself as poor and lived accordingly ... but, since he acquired some decent real estate, has a decent net worth. No instructions from him and with his Alzheimers unlikely he will give any. Having spent all my money on Porsches, wine and women, and wasted the rest, I basically plan to keep whatever I inherit in the coming several years as a conservative "retirement" account. No, I won't blow it on cars or frivolous things. I kinda feel like doing the old man justice by at least treasuring that fund and hanging on to it for the long term - not because he asked me but because its obviously what he would want if he was asked.

Dad was actually stupid the way he held on to non-income producing real estate (a couple houses - not rented - and some land) while living like a poor man, but in the end there is some decent net worth there. I wish he would have listened to me, he could have lived a much better life in the last 20 years, very comfortable, but he was so steeped in his depression mentaility he wouldn't part with the real estate and wouldn't spend a dime he didn't have to.

I respect him for who he is and was, and will continue to earn on my own what I **** away on cars, women and wine, while saving whatever I inherit from him for my own paltry retirement.

rodsky

Thats funny JCN. Hope you are well!

yemenmocha

Dollars are fungible, so him asking you this is basically asking/telling you to never have a Porsche.

Otherwise it would be just completely cool for you to use his inheritance to pay your everyday bills, and then you buy & pay for a new Porsche with your income. No problem, right?