Show 42 - Caring for Elderly Parents with Dr. Jay Zigmont
In this episode, I talk with Jay Zigmont about everything that goes into caring for your aging parents, hint: it's not just money.
5/8/20241 min read
We talk a lot about the costs of raising children, preparing children for college, investing for your future and generational wealth, but another thing to consider is caring for aging parents. While parents won’t necessarily be a huge financial burden they will usually require time and attention from you as you’re getting older that you might not expect. I talk with Jay Zigmont about things you need to consider during this aging time.
Key Ideas
First, always set your boundaries. As teachers we are used to giving a lot, if you don’t set boundaries you’re comfortable with you could burn out.
Consider that time more than money will be required to care for an aging parent. This can be a VERY heavy burden.
Before it is time to care for an aging parent get prepared with the right documentation such as a Power of Attorney, Medical Release, and Will. Also, check insurance, bills, passwords for banking etc. are readily accessible for you to take over if need be. This will save you massive headaches in the future.