In these tough economic times, there is a new nametag for middle-aged adults: the “Sandwich Generation”. Like a piece of meat squished between two slices of bread, many adults find themselves caring simultaneously for the finances of children and aging parents.
What does this mean for their daily life and how do they deal with it?
A recent article posted to cnbc.com had the following to say:
Cheryl Sherrard, certified financial planner and director of planning for Clearview Wealth Management said such situations “can be overwhelming—not just financially but with time and energy.”
She explained, “You put your own needs on the back burner. It’s easy to sideline your own planning and saving [and] not realize how much money you’re giving to the other generations.”
One of the biggest issues for clients of Sean Keating, certified financial planner and principal of Patriot Financial Advisors, is setting boundaries.
“For example, if a grown child moves back home, do you collect rent?” Keating asked. “Tell them ‘I can only help out with X amount of money’? Force them to find a job?”
Sometimes we need to set financial boundaries with our parents as well.
Unexpected economic downturns have forced many folks into this situation. And while there is no one-size-fits-all solution, being smart about your money and having multiple Forever Cash streams can certainly make the transition easier right?
Click here to read the full article.