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Go to therapy
Agree. Therapy is a start.
Pay off the student loan to increase your cash flow.
Use that cash flow to accelerate the accumulation of rental properties.
Shave off a portion of your net rentals monthly/quarterly and send it to them in perpetuity.
Why not pay off the loans? I’m 24 and have none of that. You’re doing good. As someone from Indian culture where finances are pooled, think of your family as them included and make decisions so everyone can live a similar quality of life while providing your kids a future (college savings). Hopefully everything you “give” to them gets invested as a rainy day fund and ends up back in your hands upon their departure.
It is of psychological value to get loans paid off but is a poor finance decision. It’s a personal choice as to if that psychological value is greater than the financial value of the interest earned above the interest paid.
I paid off my undergrad loans aggressively, but my business school loans are locked in at 3.3% and I often have to resist the urge of paying it off faster than required. Since I finished business school, my investments have returned 7-8% annually
Your kids take priority over your parents’ retirement
Life is a marathon not a sprint
Well said
As a general rule of thumb, sadly, your new family takes priority, since they are dependent on you. Sounds like Your parents took good care of their responsibility towards to you and your siblings. Personally, I’d rather keep all my money with me, build strong passive income stream, and use the passive income to help friends and family. That way you don’t neglect your responsibility to yourself and your family. Also, great accomplishments for 24 coming from a somewhat accomplished 25 year old 😂
It will take time for the passive income streams (dividend payouts and rental profit) to flourish. So you’re right, better just wait for those to be able to eventually put me in a better position to help those around me. Appreciate you.
Children must be your priority. Your parents did not sacrifice for you to sacrifice your children's lives for them.
Yeesh. Religious or just don’t use protection?
having a kid at 23 sounds like my biggest nightmare
Way too young for most of that stuff lol
Build out several passive income, that will help you financially! Plus you are way too young at 24 to have it all figured out. Be persistent and it will all work out.
You’re the man. Any other passive income ideas other than realestate and dividends?
I think teaching them about their options now will at least give them something to look after. They are still relatively young so it's not the end of the world.
Depends on how important family is to you. Your parents shouldn’t expect anything in return but if you’re in a position to help them out why wouldn’t you?
You have 1 going 2 rental properties and you’re worried about your parents retirement prospects??
Let them stay in one of your homes for ~half of what the mortgage is or sell one of them and set up ur parents up nice.
You’re thankfully in a position where even with your own family, you can still take care of your parents with (relative) ease. They sacrificed their entire retirement for you, the least you can do is sacrifice a bit of your time and money to make sure they’re comfortable.
Also side note, how did you get to afford 2 homes by the age of 24?? Nice, I’ve been looking at homes but I’ll definitely need to double my takehome or leave CA before I can actually do it