Anyone out there support their parents financially?
I’m a child of immigrant parents. My parents worked their asses off and made something of themselves out of literally nothing to raise my sibling and I in a great school district and to send us both to our choice of colleges. But then the recession hit my dad’s business hard, and it’s led to a series of bad years financially. For the past few years I’ve been supporting my parents financially. Not complaining at all - as a matter of fact I feel grateful that I’m able to help them out and happy to give back even a tiny portion of what they gave up for me. But there’s definitely times when it’s tough. I’ve been supporting my parents since graduating and have lent them $ that could easily be enough for a down payment on a home. I could have paid off my student loans years ago, but I only make the minimum monthly payments so I can stay liquid in case my parents need more support. Everyone here talks so much about money and compensation. I wonder how many people out there are using it to support their parents, or are in a similar boat. If you are, how do you balance helping them out and also planning your own financial future?
Same here. I’ve been supporting my parents 4 years now since graduated college.
I am! I think my parents spent all their money on me instead of saving so I feel it's my responsibility to do that as well..
I agree with you and am in a similar situation, I pay their mortgage. I could spend it elsewhere but then again they could have spent their money elsewhere as well instead of investing it in me.
Same here, I don't have any debt though and their home is paid off so I take care of living expenses and vacations
I do. My parents are poor and were never rich. I don’t send them a huge amount of money because they try to live frugally but I do support them every month.
Kudos to you! Why did you need to give so much money though? Are you trying to get the business back up? I support my parents and it’s minimal as they don’t a lot of money. I have given them a credit card and they use it whenever they want. It never goes beyond a couple hundred each month. And if it’s something major like remodeling or buying newer appliances I just send them when they need it.
In the same ⛵. Paying for their house.
Yes definitely, we are what we are today because of them! Been regularly sending them! TC:$250K
I support my parents too. But again their needs are minimal. Our generation will need to support both aging parents and young kids at the same time. The best one can hope for is an understanding spouse. It can get a little tough at times but I also feel grateful that I can be of help to them in times of need. It’s our karmic duty.
I pay half my parents mortgage I owe them a lot more than money could ever mean to me
Not in the same boat but will be. Luckily wife and I have no kids so we are treating our old parents like they would need similar kind of support - pay monthly bills, medical insurance etc. Luckily they have house paid off so no mortgage.
I’m in a similar situation. My parents did very well but they lost nearly everything in the recession and have been able to keep afloat just barely by finding contracting jobs, but they don’t last long. They’re burdened with a lot of looming debt. They haven’t been financially dependent on others, but it’s getting close to that and I will step up. I’m recently out of school and plan to save enough to wipe out that debt for them.