E6: Financially supporting a Parent...Our Story [ Show Notes]
In this week’s episode, we’re discussing our experience moving Julien’s Mom out of senior housing and taking on the role of financially supporting a parent. If you’ve been reading our blog for a while, you know we’ve discussed the tension between trying to support a financially insecure parent and pursuing Financial Independence. If you’re interested in more of our family’s backstory with this, start here or here.
Caring for elders and children at the same time isn’t a new concept, but a recent report suggests that modern caregivers are younger, more ethnically diverse and newer to caregiving as a whole. Millennials and Gen X’ers are feeling the squeeze.
We don’t have any magic solutions, but in this week’s episode, we share:
- How Julien’s upbringing and cultural norms impacted his financial planning
- What led us to step in and provide financial assistance
- What it means to be part of the “sandwich generation”
- Our favorite resources on navigating difficult money conversations with parents
Mentioned in this episode
- National Report: Sandwich Generation Caregiving in the US
- Pew Research: nearly half (47%) of adults in their 40s and 50s have a parent age 65 or older and are either raise a young child or financially supporting an older child
- “Mom and Dad, we need to talk” by Cameron Huddleston
- Carefull app - Carefull helps organize and protect your loved one’s financial accounts by alerting you to scams, fraud and financial mistakes
- Trust and Will for estate planning - use code RICHREGULAR at for 15% off any estate plan
Are you looking for a community of like-minded people who are just as passionate about personal development as you are? Then look no further than the Success Achievers Community. And guess what? It's free to join! Click here to connect with thousands of others around the world.
Follow us on social media!
Having conversations about estate planning can be tough, but Trust & Will makes the process fast, secure and simple. Protect your parents, grandparents and loved ones today!
Hands down, Personal Capital is our favorite financial app. This is what we use to track our spending, calculate our net worth, and monitor the cost of our investments. The app is completely free to use and if you choose to invest with them, they have a team of licensed fiduciary advisors who can help you manage your portfolio.