There’s always a cost that comes with every decision — and providing financial support to your aging parents may have big implications on your own finances.
In today’s episode of Your Money Minute, I share a few ways lending money to your aging parents may impact your future and finances. Choosing to do so may delay your own retirement, change your plans on buying a bigger home, delay plans to start a family and so much more.
I urge you to consider what impact this decision may have on your money and long-term plans. Determine whether other options to support your parents exist, and don’t be afraid to get creative.
And for more practical advice on making the most of your money and life, remember to subscribe to my YouTube channel to get the latest episodes of Your Money Minute each and every weekday.