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, since their Will hasn’t been updated in 30 years and they never made a Living Will. I want to be sure I am respecting their wishes in the future. We also try to educate them about retirement planning end encourage them to save for retirement.
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.