Our parents need us. They have always acted as the support that protected us from falling down in life miserably. Their unconditional love and care helped us grow into confident individuals who can handle life by themselves. As the rule of time says, our parents will one day become old enough to not be able to handle themselves. And it is an unspoken moral duty on our behalf, to take care of them.
As we grow in life, we need to understand and accept the fact that our parents are aging. And as it happens with age, they become dependant on us. The scenario changes, as now we have to be that support that our parents need to sustain in their old age. We have an opportunity to shower back the support and love we received unconditionally. No other duty will give you a sense of greater satisfaction than taking care of our parents, later in life.
As a son or a daughter, you surely have had plenty of high moments with your parents as they nurtured and raised you to become what you are today. A lot of us take the easy route and shower them with the usual ephemeral gifts, expressing our love and gratitude towards them. Although it's your own take on how you wanna help them out, we recommend taking the financial route. Wealthclock Advisors strongly emphasize on strengthening the financial backbone for a better life.
How to help them financially?
- Analyze their finances - By understanding their financial state, you can help them better. However, it is likely that they will wonder if their kids are becoming apprehensive about the inheritance status. This is where you need to strengthen the communication lines and assure them it will be beneficial in the long run. After having a good look at their income stream, categorize their expenses under different heads. This may include, housing, healthcare, utilities, personal care, food and groceries, entertainment and debt. Look for problematic spots, if any. As financial advisors, we believe in the power of strong instrumental tools like mutual funds. They can make us financially independent. And so, we would recommend you to try your hands at mutual fund investment schemes and let it strengthen your family's financial background.
- Bridge Gaps - If your parents are spending more than their earnings, then look at ways to enhance their earnings or cut down on non-required expenses. One of our customers found that his parents were spending lavishly on medicines – about Rs 10000 every month. So, we recommended him to act responsibly and buy medicines from sources that offer enthralling rebates along, such as online retailers. Also, shopping grocery bills were slashed through wise internet shopping. If there are trouble spots in their spending ways, locate and point them out. If still there are budget gaps, then think of ways to unlock property value. Other than this, you can also go for investment schemes. Being one of the leading financial advisors, we recommend people to reap off the value of investment tools. One of the leading one being mutual fund investments. Today, the investment process has become quite a simple one and so, you can understand their true potential and how you will be benefitted in the long run. For the best mutual fund investing advice, contact us. With a strong financial weapon beside you, you can leave no stone unturned to take care of your parents' well-being.
- Evaluate their investment portfolio - Check the retirement plans of your parents and evaluate if it is sufficient enough to pay off expenditures considering their present lifestyle for at least the next 22-24 years. Retirement portfolios are mostly debt-based and have little exposure to equities. But, with at least 15-20 years to last, you should consider equities. While the major focus should be on liquidity and safety, the portfolio should also be able to save them inflation. So, you must convince your parents to keep inflation into consideration and invest a sum into equities so that their present lifestyle isn't compromised. We lay a strong emphasis on early retirement planning and thus, recommend our customers to take it as seriously as possible for better results. Mutual funds can be your strongest weapon in this venture. Visit us to know how to properly invest in mutual funds online.
- Build an emergency fund -A knee replacement or sudden bypass surgery can quickly dent the retirement corpus. So, ensure there is an emergency fund that will take care of such big-ticket expenses. Old-age can bring along a series of medical problems that need to be addressed as smoothly as possible. And hence, an emergency fund will be highly suitable. Lastly, remember, it is not just about providing strong financial support to make a difference in their lives. Set aside time and talk to them as well.