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If you find yourself simultaneously raising your own children while tending to your parents as they grow older, you’re not alone. Often aptly referred to as “the sandwich generation,” it’s at this unique stage that you’re sandwiched between the responsibilities of caring for your kids and parents at the same time. Both require time and money.
But there’s hope and a brighter side to this unique situation. This space affords you an opportunity to learn from your parents, decide your own future, and cast a strong vision for your children. Here’s how.
The Time to Determine Your Financial Values is Now
It’s never too late to take hold of your financial life and future, but it’s best to do so now. The first and perhaps the best thing you can do is determine your own financial values.
What are the most important things to you when it comes to your family finances? These values should shape your financial goal-setting, decision-making and behaviors.
Cast a Vision for Your Family
You probably have many pressing questions and concerns about your family’s finances. College. Health care. Retirement. To effectively tackle these issues will require you to formulate detailed plans and make proactive choices.
Be open and honest with your family about your financial values and priorities and what you want for them and their future. Determine an overall vision for how you want to approach spending, debt, saving and investing for your family.
Gather Knowledge from Your Parents
As your parents get older, take some time to discuss and reflect on their financial values and strategies. Some will likely be worth adopting. Others may be best adapted or avoided.
It’s healthy to have a conversation with your parents about their own experiences with finances, because whatever decisions they have made, or will make, might have an impact on you. Be realistic about what you might inherit from their estate, taking into consideration ongoing expenses and spending in their retirement years and as they age.
Leverage Professional Guidance
There are many benefits to be had from our relationship. In a volatile market, however, it’s more important than ever that we discuss your financial future and form a strategy that works for you. Getting trusted, personalized guidance can mean more options, greater confidence and enhanced control for your future.
Share Age-Appropriate Values with Your Kids
Just as you’ve likely learned money lessons from your parents, your own kids will learn from you. Children are never too young to learn lessons about money that are positive, age-appropriate, and success-forming. Start sharing your values regarding money now, which will help your kids in later years as they follow in your footsteps of family and financial leadership.
Contact the office today. Let’s discuss how to leverage your unique position for the good of your whole family.