Make sure your own financial future is secure before you step in
My parents’ finances were hit hard by the GFC. They became super-frugal and worried about money. My dad, who had remarried and had a new family, tried to make up his losses by picking winning shares – a strategy that had worked for him decades earlier but was disastrous in his 80s. My mother went on the age pension and stopped spending.
My parents didn’t want to ask their middle-aged kids, with their own financial responsibilities, for any assistance. And it was hard to broach the delicate topic. They were stubborn and proud.
When your elderly parents need a bit of financial help, what do you do?
Before you jump in, make sure your own finances are sound. You certainly don’t want to jeopardise your own future. Any decision depends on how much they need and for how long. Ask yourself: what are the long-term costs and benefits?
This story is from the May 2018 edition of Money Magazine Australia.
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This story is from the May 2018 edition of Money Magazine Australia.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
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