#42: How to Prepare Financially When You Know You’ll Support Your Parents One Day
Description
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In this episode of the Wealth Para Todos podcast, host Rita-Soledad Fernandez Paulino, a queer Mexican-American money and self-care coach, addresses the complex and emotionally charged topic of planning for aging parents' retirement.
Soledad delves into why first- and second-generation adults often bear the financial and emotional responsibility of supporting their parents, highlighting systemic barriers that have prevented previous generations from achieving financial security.
They outline actionable steps such as understanding parents' current financial situations, strengthening their accounts, setting up emergency and sinking funds, and exploring future housing and income options.
Throughout, Soledad emphasizes the importance of financial flexibility and maintaining one's own financial stability. This episode is a blend of emotional, relational, and financial advice aimed at helping listeners build a sustainable plan for their parents' retirement without sacrificing their own wellness.
00:00 Introduction to Wealth Para Todos Academy
00:41 The Emotional Labor of Planning for Aging Parents
02:13 Systemic Inequities and Their Impact on Wealth Building
05:50 The Emotional Weight of Financial Planning
15:52 Strategies for Supporting Your Parents' Retirement
24:42 Conclusion and Final Thoughts
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