Rich People Plan For Three Generations...
Posted on January 09, 2007 by Her and tagged family
Rich people plan for three generations; poor people plan for Saturday.
This great quote from Money Monk via Single Ma got me thinking today. We have no children yet, but we are probably going to have to care for my parents someday. As it turns out, we are planning for three generations!
We're planning for my parents:
My parents have made few arrangements for their financial future, so Him and I are trying to give them direction where possible. For example, for Christmas we bought them The Easy Will and Living Will Kit: A Simple Plan Everyone Should Have
We're planning for ourselves:
We have set a target retirement number and are contributing to our 401K's and Roth IRA's. We are paying down our debt to improve our credit scores so that we can look forward to purchasing a home with a good mortgage rate in the future.
We're planning for our future family:
We have opened a UPromise account that can someday be used toward our children's education. We are also trying to make good financial and career decisions now so that we can provide for our family later. We donate time and money toward worthy causes that will help us leave the world brighter for our children.
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You know, I've never thought about this before. We all assume that our parents will take care of themselves forever, or that they've planned for their retirement, and imminently, their deaths. This might not be the case, and truly, it is the responsibility of their children to ensure that there are fund there once that time comes.
Oh, you're caring about your parents now, even though they aren't footing
the bill for your wedding?
Megan, caring for someone is a matter of respect, not because they won't pay for a wedding. They cared for you (theoretically), and it's common courtesy to care back. It doesn't necessarily mean monetarily. If you're going to disown them over money, you're heartless.
Uncalled for. I think it is wonderful that you are planning and doing what's in your heart. When it comes to helping others, you are doing a wonderful thing no matter who it is. Keep moving in a positive direction and good things will continue to happen for you.
Dude, I thought everyone would have moved past the "wedding incident" by now.
Him/Her - that's an interesting way to look at the 3 generations. Kudos to y'all.
Stebu | Jan 12, 2007
What does Him think about the fact that the two of you might have to support Her's parents?
I'm in the same boat, just curious to know how others deal with that situation.
Interesting perspective...
When I read the quote, I was thinking of FORWARD planning for 3 generations. Not even including myself. Such as, establishing wealth and instilling financial stewardship in my children to sustain them, my grandchildren, and great grands long after I'm gone.
But I like your way better because I'm also planning for 3 generations! My mom through retirement, myself, and my daughter. :-)
Seriously though, I don't think the quote was intended that way. Ha!
*smh* @ your readers still talking about that wedding post. Lawd, let it die! LOL
Anne | Jan 9, 2007
Or 4 generations! My grandmother is living with us, my dad has Alzheimers and will probably be with us within 2-3 years, and we have children approaching college age ... It's hard to make everything work out - to balance Grandma, retirement, kids' college, current budget, and a little enjoyment out of life as well. The latter usually suffers, of course - my husband and I haven't been out to dinner in two months ... Worth it in the long run, though.
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