Saving for Your Parents

DIY Money | Personal Finance, Budgeting, Debt, Savings, Investing

Bleav + Quint Tatro & Daniel Czulno, CFP® a passionate look at everything money from budgeting, savings, investing, stocks, bonds, debt. For those that enjoy Dave Ramsey, Jill On Money, Smart Money, BiggerPockets it’s worth a listen!

Real Estate, Education, Investing, Self-improvement, Business, Money

4.6 • 858 Ratings

🗓️ 6 January 2020

⏱️ 13 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this episode, Quint and Daniel discuss the nuances of saving for your parents and the steps you can take to ensure your own financial goals stay intact during the process.

Transcript

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0:00.0	Hey there, this is Daniel. Thanks for listening to DIY Money. Now, if you haven't already, be sure to give us a five-star review so your friends know that this is a show that they can learn from.
0:11.6	Follow us on Instagram at DIY.money. Now, enjoy this episode.
0:20.4	Welcome back, ladies and gentlemen, you are listening to another DIY money.
0:28.9	D.I.W. Money.
0:31.4	All right.
0:32.0	There'd be a second one.
0:32.8	Yeah, I got nothing. I got nothing.
0:35.0	All right.
0:35.7	If you're new to the show, welcome.
0:39.9	We take questions from listeners like you. We answer them on the air. We can be found on Instagram, DIY.Money,
0:48.3	or on Facebook through the DIY tribe. That's the DIY tribe. Let's not waste any time. Let's cut right to our next question from
0:58.5	Amanda. Amanda, what do you got? DIY. Hi, guys. This is Amanda. My question is in regards to saving
1:06.5	and setting aside money for my parents as they grow older. I recently became aware that my parents do
1:11.7	not have what I would consider to be a good retirement savings and I know that they do not have
1:15.7	an emergency fund. I would like to set up something with my siblings where we can set aside money for
1:20.4	them in the event that there is ever a medical emergency. What do you feel would be the best strategy
1:24.9	for saving money for a situation like this?
1:37.0	I also am unaware if it is even realistic or possible to have some sort of savings account or investment account where we can all be contributing to it and all have our names on it.
1:40.3	Any help and advice is greatly appreciated. Thanks guys.
1:48.8	Okay. This this is got, I've got warning signs all over the place with this one, Amanda.
1:50.5	Daniel, threw me off a little bit.
1:51.4	I'm still razzled.
	...

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