Do you expect to support your parents or other loved ones in the future?
I actually already half support my aunt who lives in the U.S. when this happened to her (it has all been resolved, she has been happily relocated to another state and is thriving).
I have never met her in my life, but she always remembered my birthday as a little baby, has always asked about me, and seems very feisty which is the kind of woman I like.
I buy her anything she needs from Amazon, basically. It comes up to about $6000 a year.
Hair dye, dog food, pots, pans, etc. Anything other than actual food that would make it hard for her to ask others to help her buy, etc.
As for my parents, I fully expect that I may have to care for them in the future.
I’m already planning on what to do if they have to move in with us, although my other siblings have either bigger houses or are unmarried and therefore more willing to move in with them to help out on the daily, rather than relocating them here out of province and away from Anglophones.
I will also pay bills if I have to, but not luxury trips as I mentioned before.
Totally prepared and fully ready to support them if need be, but they will be unlikely to ask for help because they are not practical and would rather than a “last big spending spree trip” to Europe than to keep that money in a nest egg to live out their days.
Whatever it takes. Move in with us, pay bills, whichever.
You can read the rest of the Money Talk questions here.