Dilemma with my life

[uenop1]

Thx for the answers!
Yep I have a debt that I'm paying every month, but it's way less than 150k at the end
It's not affecting my life/business

Will try to push my business to the next level to have enough money to help my family without worrying about this type of questions

 

[Martin Everson]

Will try to push my business to the next level to have enough money to help my family without worrying about this type of questions

Best solution

 

[alistera]

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

You setup a family office.

 

[JimBeam]

Let me brace you a bit:

You're doing your best!
Helping your mother and your sister as much as you can.

If you can (as someone advised here) pay her bills (mortgage, fixed utility bills etc) so she has one worry less.
Grow your business and focus on that. Maybe one day you can retire her earlier or move her and sister with you to Dubai or something.
For now - you're doing your best and it's all fine. You're just away so you have a fear of missing on some family things.

 

[alistera]

The problem is people don't like handouts and especially the older generation will do anything to avoid it, we had to do things like buy new fridge for birthday (I know), shopping spree when on holiday as a special treat, let me elaborate on why a family office even via an Ajman or RAK.

When you set up a family office you disburse profits out to family members, most people do not associate capital returns as income, so when there is a dispersal you bypass many of the objections with a simple, but it's for future generations and we're benefiting from it today, not including siblings taking a dim view showing them up, had this with multi-millionaires in the family because they were too busy, it is what it is.