Would Your Family Change Your Financial Plan?
Every once in a while we have time we can spend with family, maybe your immediate family is down the street or maybe like ours they are in Florida and Arizona, while we work hard on advancing our careers, paying off debt, increasing our investments, and ultimately financial independence. Being with family can make you rethink what is important to you. In my recent 10 questions with 1500 days, I mentioned this about my family if inherited $1,000,000.I would pay off our mortgages, student loan, and personal loan I owe my parents. I would then shore up any remaining debt my parents have so they can officially retire. The remaining I would put in Vanguard funds, probably a breakdown of an S&P 500 fund, small cap, international, and bond. I’d also take a vacation in Hawaii to celebrate.
As you can see my parents are part of my financial thoughts. While my first priority is to take care of my situation financially, I care and love for my family and I think the next step will be to help put my parents in a situation that is better than they are currently in.
We are 6 years away from financial independent and retiring early, living off of our rental income and far below our means. Today my father is retirement age 65+ yet still working a full time job, I think living with some of life’s pleasures and making ill timed financial mistakes have brought this on. I think my Dad is an amazing man who has led a great life, someone who I respect and look up to. Some of the financial decisions he has made have taught me a lesson in how I want to lead my life and speaking quite frankly I will be looking to learn from his mistakes. I won’t divulge many of the details as it is not my place, but I think he is the reason I am so passionate about personal finance, entrepreneurship, and learning about money to help everyone including myself. Which brings me to what I really want to ask everyone.
Would you change your financial life for your parents?
Here are a couple questions to ask yourself. Would you move to another state? Have your parents move in with you? Buy a different home to accommodate your parents? Pay for a nursing home? Pay for long term care insurance? Would you slow down your journey to financial independence to make sure your parents were being taken care of?
Featured image courtesy of fidelity.com