facebookHow do I balance supporting my parents during retirement while at the same time planning for future child(ren), and also trying to FIRE? - Seedly

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Anonymous

23 Sep 2020

Retirement

How do I balance supporting my parents during retirement while at the same time planning for future child(ren), and also trying to FIRE?

OMG SO EXCITED!!! Been wanting to ask but so shy.. Thankful for seedly's anonymity! Haha hope you do answer or link me to possible article(s) I could read to consider my options! :)

AMA The Woke Salaryman

Discussion (5)

What are your thoughts?

He Ruiming

He Ruiming

23 Sep 2020

Level 7·Co-Founder at The Woke Salaryman

Being a member of a sandwich generation is always a pain and there are never any easy solutions. Balancing elderly parents and children is already hard enough. Trying to throw FIRE in there makes balance impossible.

You should recognise that earning average salary x spending like an average person x having average financial habits won’t help you break out of your extraordinary circumstances.

That said, don’t let that discourage you. Rich families are rich today because their ancestors provided them with that privilege. Somewhere along the way, someone had sacrifice time and effort – so that the future generation could have a better life.

Obviously this won’t be easy.

Here are some things you can do have the most impact:

1) Start working and investing as early as possible (NOW, if possible)

2) Possibly start a business

3) Live below your means – even when you’re earning $10k, spend like you’re a fresh uni grad instead of buying a car

4) Spend less on your home, and more on investments

5) Gain skills that put you in demand - many times, people who are paid highly have skills that people don’t have, or they do jobs that people can’t do.

6) Stay healthy, both physically and mentally. Medical costs will easily chip away at any savings that you have.

7) Learn to make your own decisions instead of following your parents. Many Gen Ys make terrible decisions (i.e Don't invest, buy a big expensive HDB) because of their parents past (and usually obsolete experiences)

All the best and good luck! It won't be easy.

View 1 replies

Kevin

Kevin

22 Sep 2020

Level 8·Mechanical Engineering at Nanyang Technological University

It's all about how much you have built and how much can you afford. The key is to start early and let time do its work with your money. If you are still young, my recommendation is to continue investing and try and build up multiple income streams. This way, you will be able to support yourself, your kids and your parents comfortably if you put your heart to building your income empire.

Hope this helps!

Hi,

Firstly, I think it’s important to understand your parent’s financial well-being if they have ...

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