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Both of my grandmothers have recently entered long term care facilities. One grandmother scrimped and saved all of her life, the other grandmother spent it as fast as she could get it. As a result of this the grandmother that scrimped and saved now has a couple hundred thousand dollars (she *should* have had a lot more - but that's another story). The spend-thrift grandmother has a few thousand dollars to her name.

So the question is, who is better off, the grandmother who saved or the one that spent? Well, it turns out that they are in exactly the same situation. In fact, if they could stand each other my parents would probably have put them in exactly the same nursing home. The only difference is that the one with the money will pay for herself until she either runs out of money or dies and the one without the money will taken care of by the state.

This whole experience has taught me the lessen that I should either spend or give away all of my money before I am too old to take care of myself.

Am I missing something or am I just too cynical (or both)?
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