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So hard to be in this position of taking care of our parents. No advice just piling on to note you are not alone. Luckily, my siblings and I are planning on dividing the costs for care, etc. And, thinking through how we can build generational wealth to break this cycle. Investment properties and investing is top priority for us.
Investing in properties is a big goal of mine. If you don’t mind me asking, where do you leave your money while saving up for a rental unit? I have 27k in a checkings account and am unsure what to do with it while I make up the rest of a down payment in the next two years. I’ve heard of HYSA but I’m discouraged by the low rate of return.
OP, there are so many variables to this question. But this is definitely something must of us first gen go through.
I want to caution you to thinking that you owe your parents their retirement. You are there to help and support when you can, but this is also mainly a question for them to also answer.
You will figure it out and we wish you the best in any case.
I’m not making a lot of money but I am comfortable. I’m adding to my savings as much as possible, and hoping to pay off my parents’ house when they retire if they stay together. If they don’t I’ll have to reevaluate 🥲
I’m lucky that my parents and I worked hard enough to buy a house when I was in college. I’m hoping that it will help my dad. He talks about retiring in his home country. Worst case scenario he’ll live with me. What worries me the most is my brother, who has an undiagnosed disability (it has recently changed). He’s younger then me so I’m looking to change my temp life insurance to permanent life insurance, just in case something happens to me. He’s the one I worry the most about.