Parenting—it’s perhaps the most rewarding and expensive thing you’ll ever do. Oh, and by the way, you wouldn’t happen to have over a quarter of a million dollars lying around? Why, you might ask? Because a recent Brookings Institution study found that in today’s dollars, a two-parent household will spend about $300,000 (or $18,000 a year) to raise one (yes, only one) child in the … [Read more...] about 5 Meaningful Ways To Invest For Your Children Long-Term
Family and Money
There may come a time in your career when working 40-plus hours a week just isn’t possible. It’s common to exit the workforce for a few years to deal with a health issue, or care for young children or elderly relatives. But your reasons for wanting a break may be different! Lots of workers are taking a detour from their career path to travel, take on a creative project, learn new skills, or avoid … [Read more...] about How to Set Yourself Up for a Future Career Break
You know you want to be together forever, but if there's one thing you fight about, it's money. Maybe you’re a spender and your partner is a saver. Maybe you keep cash in savings accounts while they gravitate toward risky investments. Maybe they want to maintain detailed budgeting spreadsheets, but you’d rather not dedicate the time to that. It’s possible to get along really well with someone … [Read more...] about You’re compatible in every way … except financially. How to deal?
As Gen Y gets older, we’re reaching financial stability in greater numbers, and that means that the family members who helped us out financially for so long may need our help now. Baby Boomers are getting older, and that can come with increased medical expenses, or even retiring in a less secure position than they thought they would. I work with many clients who provide monetary support to … [Read more...] about How to Help Your Family Financially Without Going Broke
Older millennials are quickly approaching the sandwich generation phase: taking on greater responsibility for older relatives while also caring for young children. As baby boomers begin to retire, some will need the support of their adult children. In some cases, it may make sense to consider claiming your parent as a dependent on your taxes. There are a lot of rules about this, and … [Read more...] about How to Claim Your Parent as a Dependent on Your Taxes
This question was submitted by a reader! Do you have a money question you’d like Gen Y Planning to answer in a future blog post? Submit it to genyplanning.com/askgyp. What should the financial planning look like when you have a parent who has no retirement saved up and won’t be working much longer due to health issues? My mother-in-law rents in a bad part of town, works at temp jobs, is turning … [Read more...] about Ask Gen Y Planning: How to Financially Support Family?