How Yanely Became Her Family's CFO + Savings Tips for Aging Parents [BA QA]

Brown Ambition

iHeartPodcasts

Careers, Education, Self-improvement, Investing, Business

4.9 • 2.5K Ratings

🗓️ 22 August 2025

⏱️ 39 minutes

🔗️ Recording | iTunes | RSS

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Summary

BA Fam, this week’s BA QA Mandi is joined by her girl, Yanely Espinal aka Miss Be Helpful and author of Mind Your Money — to answer a listener question that so many of us can relate to: How do you financially support aging parents when there’s little to no retirement savings in place?

Yanely shares the systems she and her eight siblings built to cover their parents’ expenses, including:

Setting up a joint family fund to automate bill payments.
Creating a fair way for siblings to contribute different amounts without judgment.
Why a high-yield savings account beats investment accounts for immediate needs.
Balancing financial support with maintaining their parents’ dignity and independence.
How to set allowance boundaries when one parent struggles with gambling.
Tips for protecting elderly parents from scams and keeping finances transparent among siblings.

Let’s Connect:
IG: @brownambitionpodcast | @mandimoney
Email: [email protected]

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Transcript

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0:00.0	This is an IHeart podcast.
0:04.1	What suggestions would you give to someone in their 70s without a retirement plan?
0:09.1	Unfortunately, once you are in your 70s, you have an immediate need for this money.
0:14.7	So your timeline is like, is immediate.
0:17.7	It's not even like a short-term, long-term question.
0:20.5	It's an immediacy. So because
0:22.5	it's an immediacy, we can't even really consider investment accounts because the money can grow or
0:29.3	it can not grow or you can lose value. Like investments are a little bit more risky than if you
0:34.3	park the money in a high yield savings account where it's just sitting in cash.
0:42.4	Hey, BA fan. Welcome to the BAQA. I am your host, Mandy Money. I am joined by my girl, Janelli, Espinal, aka
0:50.8	Miss Be Humphful, aka the author of Mind Your Money. If you haven't copped her book, then what are you even waiting for? That's right. If you're watching on YouTube, you can see the cover right there. Just go get it. What are you waiting for? But before we get into today's question, let me do my cute little disclaimer so that we don't get served any fun little lawsuits because who has money for legal fees, not me.
1:13.0	No.
1:13.2	Daycare is expensive.
1:14.8	So get your salt shaker out because I am not your financial planner.
1:18.2	Yeah, Natalie is not your financial planner, not your investment advisor.
1:21.8	We have no horse in this race.
1:24.7	We are just two beautiful, smart, intelligent women with some ideas and some
1:29.0	advice and some personal experience, particularly Janelli. And the reason my girl is here today is
1:34.4	because today's question was directed directly toward Janelli based on a conversation we had.
1:40.9	We were both trying to figure out when did we talk about this, but we do a lot of shows.
1:46.4	But a listener, Janelli, had a question about how you have been helping your parents with their
1:52.6	finances, and you were game to come answer it. But before we get into it, because I'm nosy,
	...

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