hi all,
my elderly parents \[63 & 70\] are sitting on a decent amount of combined cash, roughly around $200k. the money is just decaying in their bank account, and they asked me to "do something with it"
we moved to the us 10 years ago, and we do not own a home here and have 0 investments in the country(besides my own roth ira, brokerage and 401k) I\[23\] work full time in finance and am essentially the main bread winner of the house given they cannot really work at this point(they have their pension coming from Turkey but its very small given USD/TRY conversion). we have a home in Turkey but for some reason they do not want to move back.
their brilliant idea is to put all of this CASH (our only cash) as down-payment on a potential home and have me take out a mortgage. but in these market conditions that feels like absolute suicide. not to mention I only make 75k a year so unsure if i’d be a eligible to buy a decent house.
Plan is to somehow invest their money and convince them to move back. I was thinking putting the money into money markets and bonds.
Apologies for the word vomit and a subsequent rant. would appreciate any advice.