How Can Millennials Build their Dreams and Take Care of Parents’ Medical Expense at the Same Time.
My mom is 70 years old and my dad is 80 years old. Surely, the most common scenario is the children (you and me) takes care of old age expenses particularly related to medical and health-related cost. And what you're concerned of aside from the cost of supporting your beloved parent/s is/are your personal goals. How can you expect to fund your goals when most of the time, your budget or income goes to an equally important commitment? Here are some few helpful points.
Learn to List Your Financial Priorities
Making a list of priorities, urgent or important, you will help even the most organized person. Buying a house, a car, travel, savings & investments, retirement target, parent's meds, doctor's check-up...
Learn to Set a Limit
Make an allotment for each priority. It's not advisable to give all to mom or dad's medical costs or maintenance. Pay yourself first. Pay your future first.
Learn to Work Together
Communicate with a sister or a brother, a relative, a spouse, a partner. Discuss the financial obligations and express your side, your support limitations. In that way, other people won't over expect from you.
Learn to Make Extra Money
You're a millennial. You've got talent and skill that the world needs. You have something to offer, time and knowledge - monetize it. Have a freelance career on the side. Start an easy and systematized or turn-key business that's based on hardwork and time investment, less on financial capital investment. Be a trainer, a financial broker, real estate advisor. Be a leader in your field. Make more money to help fund your priorities faster & easier in less time.
Learn to Ask
Know about Senior Care type of program. It's a participating, medical reimbursement type of hospitalization healthcare for people ages 60 to 100. It's a fixed cost for a fixed annual coverage or limit. It's better to have a fixed cost than to have unlimited cost when the worst things happen to our dependent loved ones. It's usually a ride-on benefit to a long-term healthcare program. (Know more about Senior Care, send us a message, and we'll be glad to guide you.)
In these modern times, millennials are so blessed to have access to information and technology that can truly help build a certain desired future. It's a matter of getting the right guidance, mentoring and execution of these knowledge that determines a winning edge.
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