WCI #129: Helping Family When They are Bad With Money
White Coat Investor Podcast
Dr. Jim Dahle of the White Coat Investor
4.9 • 2.3K Ratings
🗓️ 24 October 2019
⏱️ 42 minutes
🧾️ Download transcript
Summary
Setting financial boundaries with your parents is challenging. These are the people that took care of you for the first 18 years of your life. But that doesn't mean that you are indebted to them for the rest of their lives, to provide for them regardless of their financial choices. A listener asks about helping her parents financially who have already declared bankruptcy once and are in debt again. Most people that have debt problems don't actually change their behavior. They didn't get into debt because they can't do math. It's not a math problem, it's a behavioral problem. They can't live within their means. They don't know how to manage money and that is why they are back in debt. I can understand why you would want to help them, but what you need to keep in mind is how you help them because you can certainly make things worse. We talk about how to help people financially in a way that helps them be successful and keeps your finances safe in this episode. It is possible to do with set rules and clear boundaries. See the show notes at https://www.whitecoatinvestor.com/classic-blog/
We also answer other listener questions in this episode including how long you should hold a bond fund, what an admirable nest egg for 5 years out of residency is, whether you should diversify out of fear for devaluing US Dollar, and putting together a contingency document for your spouse in case of your sudden death.
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Transcript
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| 0:00.0 | This is the White Coat Investor Podcast, where we help those who wear the white coat get a fair shake on Wall Street. |
| 0:06.0 | We've been helping doctors and other high-income professionals stop doing dumb things with their money since 2011. |
| 0:12.0 | Here is your host, Dr. Jim Dolly. |
| 0:15.0 | Welcome to White Coat Investor Podcast |
| 0:20.0 | Number 129, Setting Boundaries. |
| 0:22.0 | Well, we're over here in our new recording studio |
| 0:24.8 | and when I say recording studio I mean the corner of my bedroom we have |
| 0:29.0 | embarked on a massive renovation of our home and And we no longer have the White Coat Investor Studio, |
| 0:34.9 | also known as the guest room that we had in my house. |
| 0:38.2 | We're now renting a house in the same neighborhood, |
| 0:40.8 | just down the street, so the kids can stay in the same neighborhood and in the same |
| 0:44.1 | and in the same church and schools and carpools etc. |
| 0:48.3 | But we are out of our house while it's being renovated for the next six to |
| 0:51.8 | seven months. |
| 0:52.6 | So we're going to be recording here. |
| 0:54.2 | We think we've got the sound quality good, |
| 0:56.6 | and we hope that this turns into a good experience |
| 0:59.8 | for all involved and doesn't affect the podcast at all. |
| 1:02.4 | But if you notice some changes perhaps |
| 1:04.3 | that is why at least those of you watch this on YouTube will notice a new background |
| 1:08.3 | if nothing else but we've got some great podcast coming up and we're excited about them. Let's get into this one. |
| 1:15.2 | Do you ever find yourself wishing there was somewhere to go to ask your finance, |
... |
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