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Transcript:
Nothing matters more to you than the people you love. But being responsible for your children and aging parents at the same time isn’t easy. You want to do what’s best for your loved ones. Yet the emotional, physical, and financial aspects of supporting others can feel overwhelming at times. To focus on solutions, start by fully assessing your situation. Determine what help you definitely need to give, and what isn’t as necessary. Talking with trusted friends and advisors can help you set priorities. Have a heart-to-heart with parents to determine if they need help with making financial decisions or if they need actual financial support. And take some time to talk about their bigger picture. Discuss their wishes, their worries, their expenses, and how you can help. While helping your parents, have age-appropriate discussions with your children about the importance of balancing priorities. Describe how you’re supporting them while also securing your own financial future. Also, explain the benefits of having good financial habits and talk about how you handle financial decisions so they can learn from you. Finally, if you’re contributing to a college savings plan for them, let them know why it’s important, and how it can help fund their education. Taking care of your loved ones can be so rewarding — but it can be tough. Don’t hesitate to lean on family and friends — and remember to look after yourself along the way. Click on the button to learn more about managing your finances while caring for multiple generations.
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