Comments on: Financial Intervention With Aging Parents http://eliminatethemuda.com/2010/03/financial-intervention-with-aging-parents/ Where we prove that it is easier to save a dollar than to make a dollar! Tue, 03 Jan 2012 01:16:38 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Best Personal Financial Planning Ideas | Personal Investment Management and Financial Planning Blog Directoryhttp://eliminatethemuda.com/2010/03/financial-intervention-with-aging-parents/#comment-5945 Best Personal Financial Planning Ideas | Personal Investment Management and Financial Planning Blog Directory Fri, 28 May 2010 02:40:27 +0000 http://eliminatethemuda.com/?p=3016#comment-5945 [...] presents Financial Intervention With Aging Parents posted at Eliminate The Muda!, saying, “While most of us are focused on our own retirements, [...] [...] presents Financial Intervention With Aging Parents posted at Eliminate The Muda!, saying, “While most of us are focused on our own retirements, [...]

]]> By: The LeanLifeCoachhttp://eliminatethemuda.com/2010/03/financial-intervention-with-aging-parents/#comment-4158 The LeanLifeCoach Sat, 01 May 2010 20:10:33 +0000 http://eliminatethemuda.com/?p=3016#comment-4158 @ <a href="http://personalfinancebythebook.com/" rel="nofollow">Joe Plemon</a>: - I can't tell you how much I appreciate your challenging question. You and <a href="http://www.simplelifeinfrance.com/" rel="nofollow">Simple in France</a> inspired me to find a way to write <a href="http://eliminatethemuda.com/2010/04/a-letter-to-mom-and-dad/" rel="nofollow">a letter to mom and dad</a>. The letter got great reviews from everyone with the exception of my wife. @ Joe Plemon: – I can’t tell you how much I appreciate your challenging question. You and Simple in France inspired me to find a way to write a letter to mom and dad.

The letter got great reviews from everyone with the exception of my wife.

]]> By: The LeanLifeCoachhttp://eliminatethemuda.com/2010/03/financial-intervention-with-aging-parents/#comment-3012 The LeanLifeCoach Fri, 09 Apr 2010 23:51:37 +0000 http://eliminatethemuda.com/?p=3016#comment-3012 @ Samurai - Maybe if there were more conversations about money we would all be better at managing it. I'm sure we will all do what it necessary to help out family in need, but I really want to prevent the need. @ Samurai – Maybe if there were more conversations about money we would all be better at managing it. I’m sure we will all do what it necessary to help out family in need, but I really want to prevent the need.

]]> By: Financial Fraud in The Elderly: Are Your Parents At Risk? | The Millionaire Nurse Bloghttp://eliminatethemuda.com/2010/03/financial-intervention-with-aging-parents/#comment-2896 Financial Fraud in The Elderly: Are Your Parents At Risk? | The Millionaire Nurse Blog Wed, 07 Apr 2010 11:50:17 +0000 http://eliminatethemuda.com/?p=3016#comment-2896 [...] The Lean Life Coach @ Eliminate the Muda, (great name huh) has written a post on helping elderly parents with their money-read his take here. [...] [...] The Lean Life Coach @ Eliminate the Muda, (great name huh) has written a post on helping elderly parents with their money-read his take here. [...]

]]> By: Weekly Round-Up: Happy 31st Anniversaryhttp://eliminatethemuda.com/2010/03/financial-intervention-with-aging-parents/#comment-2781 Weekly Round-Up: Happy 31st Anniversary Sun, 04 Apr 2010 12:35:39 +0000 http://eliminatethemuda.com/?p=3016#comment-2781 [...] Financial Intervention With Aging Parents [...] [...] Financial Intervention With Aging Parents [...]

]]> By: Saturday Night Link Feverhttp://eliminatethemuda.com/2010/03/financial-intervention-with-aging-parents/#comment-2768 Saturday Night Link Fever Sun, 04 Apr 2010 02:32:14 +0000 http://eliminatethemuda.com/?p=3016#comment-2768 [...] finally Greg from Eliminate the Muda discusses how to work with aging parents to make sure they are financially secure. Share [...] [...] finally Greg from Eliminate the Muda discusses how to work with aging parents to make sure they are financially secure. Share [...]

]]> By: Financial Samuraihttp://eliminatethemuda.com/2010/03/financial-intervention-with-aging-parents/#comment-2690 Financial Samurai Fri, 02 Apr 2010 04:15:58 +0000 http://eliminatethemuda.com/?p=3016#comment-2690 It's tough tough tough Greg-san. My parents worked for 30+ years each, and have a pension paying them 60%, and 80% of their last year's salary thank goodness. They also have no debt, so they are fine. My worry is my in-laws who didn't do so well. But, I will be there for them financially if they need me. Maybe we should talk to our parents when we are in our early 20's... but it's too hard to say since we donno what we're doing ourselves. Sam .-= Financial Samurai´s last blog ..<a href="http://www.financialsamurai.com/2010/03/22/insuring-the-uninsured-is-worth-it-health-care-bill/" rel="nofollow">Insuring The Uninsured Is Worth It</a> =-. It’s tough tough tough Greg-san. My parents worked for 30+ years each, and have a pension paying them 60%, and 80% of their last year’s salary thank goodness. They also have no debt, so they are fine.

My worry is my in-laws who didn’t do so well. But, I will be there for them financially if they need me.

Maybe we should talk to our parents when we are in our early 20′s… but it’s too hard to say since we donno what we’re doing ourselves.

Sam
.-= Financial Samurai´s last blog ..Insuring The Uninsured Is Worth It =-.

]]> By: The LeanLifeCoachhttp://eliminatethemuda.com/2010/03/financial-intervention-with-aging-parents/#comment-2629 The LeanLifeCoach Wed, 31 Mar 2010 23:41:45 +0000 http://eliminatethemuda.com/?p=3016#comment-2629 @ MoneyReasons - Your situation is similar to the thought that inspired this post. I know I don't want to be a financial burden on my kids in my old age. I cannot image our parents would want that either. So if they need help, shouldn't we intervene? @ MoneyReasons – Your situation is similar to the thought that inspired this post. I know I don’t want to be a financial burden on my kids in my old age. I cannot image our parents would want that either. So if they need help, shouldn’t we intervene?

]]> By: MoneyReasonshttp://eliminatethemuda.com/2010/03/financial-intervention-with-aging-parents/#comment-2600 MoneyReasons Wed, 31 Mar 2010 05:40:53 +0000 http://eliminatethemuda.com/?p=3016#comment-2600 My parents, I don't have to worry about, they are much wealthier that I will ever be. My wife's parents are not doing as well as I am, but better than most. Unfortunately, they are also touchy about money matters. They are the type that will spend thousands to save a few hundred. Both are smart people, but not so good with finances. I can't judge them too harshly though, neither went to college, so they didn't have any type of financial training. One big mistake I think my wife's dad made was to retire at 62... He's still in good shape, and to retire early when your finances don't add up, isn't the best financial move in my opinion. But again, I can't really talk to them like I could my parents... Oh well :( My parents, I don’t have to worry about, they are much wealthier that I will ever be.

My wife’s parents are not doing as well as I am, but better than most. Unfortunately, they are also touchy about money matters. They are the type that will spend thousands to save a few hundred. Both are smart people, but not so good with finances. I can’t judge them too harshly though, neither went to college, so they didn’t have any type of financial training.

One big mistake I think my wife’s dad made was to retire at 62… He’s still in good shape, and to retire early when your finances don’t add up, isn’t the best financial move in my opinion. But again, I can’t really talk to them like I could my parents… Oh well :(

]]> By: The LeanLifeCoachhttp://eliminatethemuda.com/2010/03/financial-intervention-with-aging-parents/#comment-2585 The LeanLifeCoach Tue, 30 Mar 2010 21:41:31 +0000 http://eliminatethemuda.com/?p=3016#comment-2585 @ Derek - I often joke about it but it is true. My kids learned about saving before they learned table manners. Unfortunately we are still working on the table manners! @ Joe - The letter is just another idea in the event a conversation goes awry. No doubt it could go wrong, but trying anything is better than doing nothing. @ Money Funk - I know it's not easy, but we should never feel guilt for someone else' decisions. We have family members that tend to spend more than save as well. Its not guild I carry, its fear. Fear that their poor decisions will end up undermining all the hard work we have done to put ourselves in a better position. No doubt, you will have to deal with your mother's finances sooner or later. For now.... go have a great vacation! The 10% is out of pocket. Reading between the lines I am thinking that there was some money from the parents, social security and welfare as well. @ Derek – I often joke about it but it is true. My kids learned about saving before they learned table manners. Unfortunately we are still working on the table manners!

@ Joe – The letter is just another idea in the event a conversation goes awry. No doubt it could go wrong, but trying anything is better than doing nothing.

@ Money Funk – I know it’s not easy, but we should never feel guilt for someone else’ decisions. We have family members that tend to spend more than save as well. Its not guild I carry, its fear. Fear that their poor decisions will end up undermining all the hard work we have done to put ourselves in a better position. No doubt, you will have to deal with your mother’s finances sooner or later. For now…. go have a great vacation!

The 10% is out of pocket. Reading between the lines I am thinking that there was some money from the parents, social security and welfare as well.

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