Saving for the Parents

Desiree feels responsible for helping her parents as they age. She would like to start saving for that purpose. Dave doesn't think Desiree needs separate savings but instead needs to build her own wealth.

QUESTION: Desiree in San Antonio feels responsible financially for helping her parents as they age. She doesn’t make much money but would like to start saving for that purpose. Dave doesn’t think Desiree needs separate savings specifically for helping her parents but instead needs to build her own wealth.

ANSWER: Your best bet is for you to get your finances under control and just build wealth in general. You don’t need a separate “my parents are going to need help later” fund. I think instead you just build wealth and then, if you’ve got some money and a family member gets in trouble, then you say that a family member is in trouble and you’ve got some money. But you don’t have to do it specifically for that.

Just follow the Baby Steps, get out of debt and build an emergency fund, and then you do your investing. As you become wealthy and you see a situation that needs your help, you have the option of helping because you’ve built wealth.

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