Only Child Problems

This a quick reminder to find balance in planning for your future role as caregiver to your parents. It's important to position yourself well in the present so that you are prepared for the transition in your role in your parents' lives. It's critical that you grow and maintain your own assets so that caring for your parents doesn't come at the expense of your well-being, which would ultimately adversely impact your ability to assist them.

While freedom from debt is beneficial to us all, it's especially critical for the adult only child. When we carry debt, we limit our ability to financially invest in our future. As only children, we will most likely become the sole caregiver to our parents one day, and we have to be prepared. It must be a priority for us to take advantage of the present to fully invest in the life we want for ourselves. It also better positions us to help our parents as they age, especially if they might need financial assistance from us. The more we have in the present to invest in our future, the fewer unexpected, unwanted compromises we'll have to make in our own financial lives in order to provide a safe, healthy, secure future for our aging parents.

In this episode, I discuss three specific strategies for debt elimination and redirecting those funds towards our dreams and goals: 1) Snowball 2) Avalanche 3) Snowflake

Here's a link to the article by Cameron Huddleston (guest on Episode 7) that I reference during the episode: https://dollarsprout.com/how-parents-finances-could-become-your-liability/

We have just under 90 days left in 2020. This is still enough time to substantially improve your financial life in order to better position yourself in the present, as well as for a time in which you'll take a more active role in your parents' lives in their post-retirement and senior years. I include ways to help your parents create a safe, secure and healthy future for themselves. The tips span from estate planning to emergency planning to weekly actions that could significantly improve your own financial position.

I reference the 2020 "One Tweak A Week Challenge" from the Afford Anything Podcast. Click here to download the challenge:
https://affordanything.com/one-tweak-a-week/

I talk about my recent and first visit home with my parents since the start of the COVID-19 pandemic, and the challenges with balancing working remotely and spending quality time with them. I discuss some pitfalls I ran into and my strategy for finding time to advance my work while also assisting them with their needs and simply enjoying the time with them.

I was named executor to my father's estate in his will. Upon his death, I learned the hard way the importance of understanding in advance all that the role entails, state-specific requirements, and when it's necessary to reevaluate your decision to take on this role.

I discuss an unpleasant surprise I received while planning my father's funeral with respect to life insurance. I walk you through that discovery and how I navigated it, as well as what I would have done differently in terms of communications with my father regarding his affairs, estate planning and other personal business matters.

I also briefly discussed my Facebook Community called "Successful Professionals Preparing Early For Their Parents' Future". Click here to join for free: http://bit.ly/2R4A2x8

I'd love to hear from you. Please email any questions, concerns, or topics of interest: [email protected]

In this episode, I chat with Milagros Brown on the ways in which growing up as an only child has benefitted her while we quarantined in response to the Coronavirus pandemic. We discuss many topics, most notably the pandemic’s impact on her roles as a parent, wife, child and entrepreneur.
Milagros is compassionate and immensely creative. In her own words, she is a maker of things for little kids. She cares about the state of the world. And she also likes beautiful things and spaces. You can follow her journey and stay abreast of her upcoming business venture via Instagram: @petitepartyanimal

There's been much talk about Gen Xers being able to handle the Coronavirus Quarantine well. But what about only children?! In this episode, I chat with April Preyar, a fellow only child, about how she tapped into our familiarity with "alone time" to thrive during this quarantine.

We also discuss how she has leveraged her professional experience to eliminate racial inequity in the U.S. criminal justice system. In addition to being a successful criminal law attorney with 20 years of experience, she is an adjunct law professor, social media vlogger, Know Your Rights educator and boardgame developer.

She is also a published author and visual artist.

To learn more about April's work, and access her valuable content, visit:
https://www.facebook.com/AttorneyPreyar
https://www.justusjunkie.com/

The international response to the death of George Floyd, and the statistics on COVID-19 patients in the United States by race have elevated awareness of racial inequalities in the U.S. In this episode, I discuss the need to address the racial wealth and healthcare gaps through estate planning, as well as the cost of not doing so.

Here's a link to the McKinsey Study I reference:
https://www.mckinsey.com/industries/public-sector/our-insights/the-economic-impact-of-closing-the-racial-wealth-gap#

In the second of a two-part interview, Dr. Barbara Darby gives planning advice to parents of only children, as well as to adult only children. She shares the steps she’s taken to plan for her own future in an effort to position her only child be well-prepared to serve as her caregiver as she ages and at the end of her life. Dr. Darby also shares insights as a leader in the field of nursing. Topics covered include: long term care, retirement planning, end-of-life matters, having conversation with your adult children or with your parents, and planning for adults who are single and have no children.

To purchase an autographed copy of Dr. Darby’s book “My Leadership Journey: Wisdom from the Trenches”, email her at: [email protected]

You can purchase the book without an autograph at: https://www.amazon.com/dp/0999840681/ref=cm_sw_em_r_mt_dp_U_i8XZEbCPPQEBW

Additional Resources:

Resources to assist you and your parents in being proactive about their future and yours: https://cameronhuddleston.com/resources/

Click here to join my Facebook community, "Successful Professionals Preparing Early For Their Parent's Future”: http://bit.ly/2R4A2x8