Hello everyone. Today we're going to be continuing our Households of 5 series and we're going to be following up with Vivian and Vivian on this conversation had the opportunity to do a consultation or just a chat really with our friend, who writes over at financialtourtus.com now.

They actually joined us back in episode 186 and you can find that at ChooseTheFy.com slash 186 and the context of that interview was multiple generations under one roof. Very excited to continue this conversation and to see the parallels that Vivian is experiencing and recognize that these are challenges that lots of people in our community have.

And while to some people it might seem like you're in an unusual situation for many individuals not only is it usual it's a cultural norm. And so recognizing that this is something this is a real financial consideration for people allows us to then start to highlight best practices and that's what we do on the ultimate crowdsource personal financial.

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Alright guys as mentioned we're going to hop right into this episode and say and Vivian had a chance to really go through some of the strategies and best practices points of considerations when you're talking about multiple generations under one roof to help me with this conversation on my co-host Brad here with me today. How you doing buddy?

Hey Jonathan I'm doing quite well and yeah this is a fantastic conversation it was nice to take a carve out some time to speak with Vivian and and they really they went deep on this and Jonathan this was a blind spot for me and you right you talked about this being a normal thing in in many cultures and it was just something that I said was completely unaware of but that's the beauty of having a crowdsource show right is we can learn about things that just would have never crossed their plate and we can find people.

Who can really explain what it's like in real life so TAY talks about the sandwich generation which as he said in many Asian cultures.

The children are responsible to a large degree for taking care of their aging parents and that could mean in his case he's actually living under one roof with his parents to being responsible for them financially right so like this is a major major issue for significant portion of the population and it's something that.

We're really trying to highlight because people have questions about this but again while this might not be what's the cultural norm in in my family I have to say it is open my eyes to issues that I am going to be dealing with but I just never would have thought of so I mean this has been a huge benefit for me I think it's going to be a huge benefit for the entire community because I'm going to be responsible for my parents in some way shape or form well it might not be financial in the pure sense at some point.

I'm going to have to help them make decisions I'm going to have to help prepare documents for them or you know some things with their health etc etc so this is something that I need to start thinking about so yeah I mean this was a huge benefit for me and it was just a real eye opener.

All right well we're going to go ahead and get right into this episode just a few things that I think you should really be paying attention to as you're listening to this maybe you're taking some notes things that really stood out to me is just for individuals that are actually co-happening with their parents.

What is their perception or their take as they've done research currently on the ROI of long term care insurance is that just an obvious choice that everybody goes and does right ahead of time really pay attention to what they actually said about that and what their concerns were the other thing was what about when there's different priorities on spending and so maybe the parental figure has some level of income even if it's a smaller amount but you know they're spending goals and you're spending goals and you're sharing some cost you know they're going to two different directions.

What about those Social Security calculations are they eligible for it you know especially when you're talking about an immigrant family do they even know how it works and what they're eligible for and what the nuance is there and at what point that would actually kick in there's a lot of complicated financial

stuff that happens right between the ages of 59 and 65 you have Social Security that you're going to become eligible for you're potentially eligible now to draw out of your tax advantage vehicles and then you have Medicare kicking in at 65 and there's potentially a gap there how do you bridge that that and so you can

bridge that that and so much more huge thanks to Tay for coming on the show very generous with this time and really just this is an incredible conversation that you need to hear and if you want to follow up with him you know you're taking some notes you want to follow up you have

additional questions highly encourage you to check out a site where you really documents their own journey you know as the sandwich generation parents and children in the same house and you can find him at financial

tortoise.com and you can hear the episode we did with him it was choose that by calm slash one eight six and Jonathan for the audience we're doing these households of five

episodes as kind of like a longitudinal study right so we're finding people when they're just getting into five and then we're following we're touching back with them every three four

or six months whatever it may be with any questions they have just getting updates and Vivian if you want to catch up on her story we introduced her on episode two twenty one and then her first full

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