Based on a recent trip back east to visit my elderly parents and in-laws, I realized that for some, stressing over money never ends. Even though I have reviewed both sets of parent’s financials and showed them they are in fine shape, they still worry that they won’t have enough to last their lifetimes. The one difference is that for both of them, their first priority is making certain the kids get an inheritance. In our case, our parents have plenty of money to see them through the end of their lives, and the inheritances they planned on giving are a reserve to dip into should they need it. I imagine it is part of that generation in having a legacy of giving – so unlike the bumper stickers I often see affixed to RV’s stating “I’m spending my kids inheritances.”
Although summer is just winding down, it's already time to look at your 4th quarter financial tasks. Here is the last in the four part installment from the Financial Planning Association (FPA) task list.
Last quarter, I posted the financial task list for January, February and March, taken from the Financial Planning Association (FPA) website. This second post is for tasks that need to be completed for April, May and June, which are quickly approaching.
As both my parents and in-laws are well into their 80's, I so appreciate and value the importance of the task for the month of May; talking to your parents about estate, health and long-term care planning. Please don't put this one off - you will save yourself and your loved ones a huge amount of work and heartache if you address these important and inevitable end of life issues sooner rather than later.
Unless your plan for financial independence is based on luck, winning the lottery or an unknown relative that decides to leave you their estate, like most people, you’re going to become financially independent the old fashioned way-you’re going to earn it.
And the way you’re going to earn it is by saving money. And saving money means delaying consumption today (delayed gratification) for a brighter and more prosperous future tomorrow. But that’s easier said than done. The simple truth is spending money is way more fun than saving money.
