Considering the shaky economy, I'm keen to know best, how people split their pay, how much of it goes into savings, spendings or investments. I’d be retiring/working much less in 5 years, and sometimes earn up to $160K per year, but nothing to show for it yet.
No doubt, having the right plan is invaluable, my portfolio is well-matched for every season of the market and recently hit 100% rise from early last year. I and my CFP are working on a 7 figure ballpark goal, tho this could take till Q4 2024.
this is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
My CFA ’Sophia Maurine Lanting’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Maybe if they didn't have such a nice house the rest of the family would not freeload off of them. I bought a very small house to save debt and invest more. It's nice to have no extra room when there is a knock on the door from distant acquaintances waning rescued.
The daughters absolutely need to be responsible for paying off their own school loans. It is not right for the parents to sacrifice their savings when their children have decades ahead to save.
The kids in college need to pay for their own college. In lots of states community college is free for 2 years. Those other adult people in the house need to contribute, i didnt hear them say if they were.
It took me 5 years to get my 2 year community college degree because I worked and paid my bills going to school part time. I went from hairdresser to RN, got my associate nursing degree then my first hospital job paid for my bachelor degree. Slow and steady, one step in front of the other, over time will get you there. We were taught this as children, the fable of the tortoise and the hare.
My daughter lived at home but she worked and paid for her car, gas, cell phone and car insurance. She also paid to go to community college. She graduated debt free.
Some may think this is harsh, but I plan to prioritize retirement over paying for kids’ college. I’m a millennial so I am well aware of college costs. I worked crazy hours and two jobs while going to school full time. It was very hard. But my first after-college employer (in a very tough job market) told me I beat out all the other applicants because he saw my work history on top of full-time college and he was impressed. There are many ways to pay for college and ways to support oneself and earn a degree over time. But if an older person develops health issues and HAS to retire, there is not the same timeframe to make the goal work. You have to put on your own metaphorical oxygen mask before you can help anyone else with theirs. If you aren’t prepared for old age, you may be a bigger financial strain on your children than the strain they would feel paying for their own education. I do think it is beneficial for parents to spend time and effort learning how to find ways to pay for college so they can be a source of QUALITY financial advice for teens and young adults. Stay up to date on costs and opportunities to save money.
You are absolutely right to take care of yourself first and foremost. If not,the burden is put on family or living in poverty to depend on the government. No thank you.
You are right in that you should fund your retirement before a kid's college costs. They can always take out loans (or work to offset costs), but you can't borrow for retirement. Because you are older you have a limited time frame in which to save and get the benefit of compounding. Now, having said that, if you are fully funding your retirement and have extra left over, saving in a 529 and starting early is a good route because you have time on your side to grow the savings.
I did ROTC in college. My brother too. My son as well. We got tuition paid for. Plus a stipend. Service requirement was reserve duty. But I chose active duty. Did my time then got out. We all bought homes via VA loans. My house is paid off. I have no debts today.
Good move but not an option for everyone because off health reasons. They can stopp you entering or throw you for 100 different medical issues many off them valid concern for the military but not all.
They live way beyond their means and paid too much for their house, kids college, etc. Imagine the mtg., utilities, property taxes, maintenance and all other expenses they continue to pay as they go into retirement?! It’s important to plan for your future and let your children find other avenues to pay their own way. I recommend selling their house and down sizing.
"more than a half a million dollars in debt." of course they "have" to have a new 5,000 square foot house with granite counter tops and stainless steel appliances. a hundred years ago, you would have to be the owner of a factory or bank president to live in a home like this.
@@jeretso OMG, a coworker paid $6K for a bulldog. She was drowning in debt but had to have the current craze in breed. She complains about struggling but had to have this popular dog.
despite the last three years being b s... People complain a lot...and they have a lot, Choose to have a lot. Big nice home, big fancy cars, New clothes, apple Things everywhere, vacations etc.
It is not right how the cost of college has skyrocketed. NO ONE should have to start life with a student loan debt for the amount that you can buy a house for. I am in my 50s and when I was college aged, it was like $2000 a year. Something that we could easily work and pay for as we went along. You can't do that now. Now, it is well over $10,000 a year. Ridiculous. I am working an extra part time job to pay for my daughter's schooling so she doesn't start life out in major debt. It is not right.
@@jaklg7905yep, the cost of college is bonkers. I went to a state school in the early 2000s for $12k/yr. When I graduated, my sister started at the same school and it was double. That's a state school! $24k/yr. She graduated in 2012. I can only imagine what it is now in 2024. It has gotten out of hand and it's really the experience we're being sold, so these colleges just keep building. Now it's a new science center, now it's a new gym. On and on. Places that were green space when I was there now have giant glass and metal buildings instead. And they can do it because everyone can get loans to pay for it and drown in them later trying to pay it off; they aren't yet at risk of going out of business.
Is the sister, mom and kids contributing something to the household? Helping around the home? Giving a little from her Social Security? Doing dishes, mowing lawn, cleaning home, laundry?
I'm just starting to invest, and honestly, I keep hearing so many mixed opinions about asset allocation. Some people swear by ETFs and index funds because of the broad market exposure, but others mention how underperforming stocks within them could dilute returns from stronger performers. It’s got me wondering, should I be more selective with my choices, now? Especially since, almost as soon as I got started, I saw them mirror the market dips way too closely. I’m focused on hitting financial independence early and I’m not sure if being selective is smarter now, or if I’m just overthinking this
I’m nearing retirement myself, and I had similar concerns. I started investing later than most, and just relying on ETF compounding wasn’t cutting it for me. After working with a financial advisor, I managed to restructure my investments and am now on track to retire with around $5 million. If I hadn’t sought advice, I doubt I’d be as confident in my plan right now
I usually steer clear of recommending specific people because financial needs are so personal. But I can say that working with Emily Ava Milligan has made a world of difference for me. I noticed her strategies are tailored to fit personal goals and make sense for different needs. It might be worth exploring to see if her approach resonates with you
Just wow. I feel sorry for that man. Wife wants him to work until 70! What kind of life is that working until 70 and have how many good years left? He’s 58 now, let’s see how he feels in 5-10 yrs. Most likely not how he feels now. This is sad. I never expected my parents to foot my college tuition and I’m doing just fine. I did 2 yrs CC and another 2 at Uni saved a ton. Also, I had the GI bill
It's what happens when greed rules the day. College tuition has gone up 2500% from what it was when Boomers were setting themselves up for the world. Supporting them short term was supposed to get them out later but still out. Then housing costs rose on top of that. Only 1/4 of ones monthly pay should be going to rent or house payments. One paycheck used to be able to support a family of four. That is not true today. No one is going to send their children onto the street. The American dream is dead.
I went to community college part time, worked full time, took 5 years to get a 2 year degree but paid my bills and school. It worked out for me, slow and easy, one step forward every single day nonstop.
So they are paying for they're kids college which puts them at risk of not having enough funds for retirement and increasing the odds they'll end up being cared for by their daughters!
Did I hear they must pay student loans for their two kids? Their kids can find full-time jobs and go to school. Also, why do they make car payments or payments? Get reliable used cars or cars so they don't have the payments. In the end, they brought themselves.
The sandwich generation often faces a financial squeeze, juggling support for aging parents and raising children, which makes saving for retirement a real challenge
Balancing immediate family needs with long-term goals like retirement savings can be tough, especially with rising healthcare and education costs eating into disposable income.
Many in the sandwich generation delay retirement savings to focus on supporting their children through college or assisting their parents with medical expenses, which can set them back significantly.
It’s common for people in this situation to feel financial pressure from all sides, and without careful planning, their own retirement can get pushed to the back burner.
The sandwich generation might benefit from working with a financial advisor to create a strategic plan that addresses both their short-term family obligations and long-term retirement goals
Saving for retirement becomes more difficult when you’re also helping parents navigate long-term care options and managing rising living expenses for the entire household.
These are your average hard-working, well intentioned people who ...became sandwiched.... I don't understand the critical comments here... As though any of us, as human beings, can live without making unwise decisions. A good segment about what sometimes happens in life....
People get off on the judgment of others. They make someone else's situation seem unreasonable and due to incompetence, thereby making there own situation more valid and reasonable. They've made poor decisions too at some point (we all do), but they can let themselves off the hook and feel downright intelligent if they make someone else's decision worse. It's a waste of time, but it makes them feel good in the short term.
Yeah, it's called Gen-X. The generation that paid for the Silent Generation, the Baby Boomers, and the Millennials, but the media struggles to ignore them. Again, that's Gen-X. G-E-N-X.
@@desiv1170 Are you confused? You're nosy and narcissistic, but not confused. You're a troll who thinks they represent all of Gen-X, but not confused. Well, I hope that cleared up any confusion, champ! Just let me know when you're feeling confused again!
@@dave23024 LOL... But - and I am only saying this because I care - there are a lot of decaffeinated brands on the market today that are just as tasty as the real thing. Just joking there... It's all good.
@@desiv1170 Nah. You've tried your little narcissistic "I'm confused" intro on a million people, and it's worked a million times, and you're literally staggering right now because someone shut you down before you could even get going.
You don’t “Have” to house your sister and nieces. I notice the sister wasn’t in the clip. Why? Probably because she’s embarrassed. Your mom, yes. All day long but your sister? Nope. And community college is a great option for your kids. Sorry. This is a choice not an obligation
Here's an idea: let your kids take out their own loans for college! I paid off my college loans in 6 six after getting my first job. The coddling of our children into their mid-30s is astonishing to me.
Back then college and University loans were a third of those today and many are quite expensive. Student debt sets you up for disaster if you don't get a degree and job to match.
I am extremely confused as to why, exactly, they are financially responsible for a parent, sibling, sibling’s offspring and the cost of their children’s education, despite the children now having flown the nest. That sort of burden is absolutely absurd, and there’s no way anyone could manage it without input from the parent / sibling and children. Methinks we’re not being given the full picture here.
Exactly! This can work very well if everyone contributes and as an American with Mexican heritage, many family members do this and everyone saves money. We never allow someone to not contribute. Equal parts everywhere
It's what happens when greed rules the day. College tuition has gone up 2500% from what it was when Boomers were setting themselves up for the world. One paycheck used to be able to support a family of four. Only 1/4 of ones monthly pay should be going to housing payments, with rentals being cheaper. On average, parent weren't living that long and the social culture was also one in which households were generational. That is not true today. Wages have stagnated. A dollar earned in the 60s is almost 10 bucks today. Money doesn't go as far and prices have gone through the roof. Supporting kids into their mid twenties in college was supposed to get them out later, but still out. Prices have made even that virtually impossible and no parent with any kind of moral standard is going to send their children onto the street. The American dream is dead.
I went to college for six years and never took out loans, nor did my family members so I could go. I went to community college for two years, took advantage of financial aid and every scholarship I could. I transferred to university for four years and received more scholarships and aid. In state tuition, it was all actually very affordable on one income.
We never took out college loans. We paid 1/2 and they worked part time to pay toward the tuition. When they graduated they got good jobs and finished paying off their loans. I have no idea why parents get themselves in this situation. We are almost ready to retire, house paid off, no debt. Feel sad for these people, but they made their choices. When you hit 60 or 65 you do not have the same energy as your 50's. Be careful what actions you take now, to set yourself up for, for the future.
We volunteer at a nursing home, there is a couple there that did everything right, lived frugally, paid off their home, and limited their family size to one child who died as a young adult. They saved what to most would be an enormous amount (1 million plus) but they lived so long paying for 24/7 home care (both have Dementia) they spent every dime and ended up in a nursing home.
Everyone struggles to save enough retirement. Don’t buy new cars. Don’t buy expensive clothes, take cheap vacations. Set aside a monthly savings and don’t dip into it.
Did all that. Never splurged. Just paying the bills. It’s still tough. If you have 1 medical emergency, if you take care of a parent…it all affects your situation. No insurance. Working at 62, small pensions, husbands SS, no debt….have a roommate that lives with us …..just making it.
I know 4 sets of parents that chose to pay for their kids college education. Just 2 kids out of the 11 that went to college actually works in the field that they went to college for!! So the parents paid for all of that and only 2 of them even used their degrees for anything that they are doing. 1 kid went to a vocational school instead and became a welder....he also paid his own way and insisted on doing that because he felt that HE needed to invest in his own future. He's amazing, hardworking, and a kid I would be super proud to call my son. The other ones, that don't work in their fields of study, either chose degrees that paid garbage and when they finished were not applicable to any decent careers at all, or dropped out completely after a couple of years. I just don't get why people do this, spend all of that money, and sacrifice their own future based on a young person's fickle decisions.
You don't necessarily have to work in the field you studied - mostly a bachelor's degree is just a requirement for entry to good paying jobs, regardless of major. Chill!
@@irisbjones Right? I got a degree in English, ended up working in insurance (I find that it did aid me in reading contracts, etc). But the company only promotes those with a bachelors degree. Doesn't matter what the degree is in, just that you have one. It's ridiculous, but a lot of companies do that.
We had 12 people in our house. One guy was an alcoholic so it was not all fun. Our aging sandwich generation got nothing saved for retirement. Younger generation doesnt have the stomach to become the new sandwich so the old sandwich moved to the Philippines.
@@paxundpeace9970If you can’t afford the rent in Boston then you can’t afford to live in Boston. Get a better job or move somewhere cheaper. It isn’t your parent’s job to support you once you’re grown.
I’m 50 with a paid off home,car and have zero consumer debt. 500 grand is crazy. I have 2 daughters 18 and 21 both in college living and home and working no rent or utilities but they are paid their way through college.
If you get divorced, it could significantly impact your savings, which may make retirement challenging. Instead, consider continuing to work-this way, you can still collect your full Social Security benefits while earning a salary. Unless you're facing health issues or dislike your job, staying employed is a great way to maintain financial stability and stay engaged.
It’s very sad to think that the living arrangements they are saving a lot of money and nice they can help out family. Other parts of the world this is typical living arrangements except in USA. The thought of retirement before 65 died somewhere between 3- 10 years ago.
One of the biggest mistake older people made was paying for useless private university education for their children, or support unexpected family members. Why was $500K in debt?
I’ve been diligently working, saving and contributing towards early retirement and financial freedom, but since covid outbreak, the economy so far has caused my portfolio to underperform, do I keep contributing to my 401k or look at alternative sectors to meet my goals?
Agreed, having a good financial advisor is invaluable, my portfolio is well-matched for every season of the market and has just yielded 120% from early last year. I and my advisor are working on a 7 figure ballpark goal, tho this could take another year.
If you have the $ to help kids with college awesome but dont go into debt over it. My oldest one we helped out paid 1.5 years of her tuition while she was in school and when she graduated she still had 90 k in loan debt. We sold our old house in 2022 we used that $ to pay off rest of her loans so she can avoid the % on the loan which would of been $ 1200 a month for her payments . So she pays us back $ 700 a month 0 % may take 10 years but we had the $ to help her.
The parents owe .5MM for daughters college loans? "No" may not be what people want to hear but sometimes it needs to be gently said. Talking mostly to you, sir ...
1:55 How can whatever they have saved be called a "nest egg" when they have "over a half million dollars" of debt? A nest egg is free clear of encumbrances. They are 500K+ away from that point.
The best gift you can give your children is teach and expect them to be self-sufficient and self-supporting, as adults. Young adults making choices that create this scenario of being a financial burden on their parents when they should instead be saving for the retirement they earned, is selfish. Just my opinion.
They live in Massachusetts. The taxes alone are as astronomical. They need to sell their house and move to a cheaper state. They could move next door to New Hampshire that has no state tax. Their adult daughters need to pay their own college. Minus granny, the rest of the family members need to start working at least part time and help with the the home bills.
NH has high property taxes and you have to take care of your own garbage each week. If you lose your job and go on unemployement NH gives out a lot less than MA. Grass is not always greener.
Most rich people stay rich by spending like the poor and investing without stopping then most poor people stay poor by spending like the rich yet not investing like the rich but impressing them
This seems like the worst period. Even the market are now very unpredictable. Started investing recently when the market prices were a bit high, today I am more than 60% down!
Don't be confuse buying the dip in a bear market, with guaranteed future returns. Just because that company is down 60% + from ATH does NOT make it a sound long-term investment. Make sure you're investing in great companies. kudos to SUSAN OWEN
My good people are bad at economics. Most people I know are busy burning off money on expensive luxury items, cars, too big houses and other stuff. Also, why are the parents taking on the burden of the kids. If they are adults, they should take care of their selves. My parents have not paid a cent sins I was 18 years old. The same with my two brothers. We are all doing well, paying off debt on our house, no car debt and saving lots for retirement. I was 34 when I got my first car, riding a bike to work until I got a job too far away. The only one not doing so great is my sister who burn off all her money on luxury cars and items. She can’t save up money and will end up poor in retirement.
What sort nitwit logic is that? For me, the more I save, the more I am able to invest, and the more my net worth increases. Save your folks! Stop buying malarkey like Gucci belts, and destination vacations for that coveted instagram photo.
This is a prime example of why more people need to get more prepared and think about "Emergency Preparedness Management" for both your home and vehicles. I am a UA-camr under my Full-Name with the same profile picture as this post with 47 videos covering 27 different category topic subjects sharing my personal knowledge and experiences with others to help others improve their overall adult lives. I've got videos on building yourself a high quality 24-72 Hour Survival Bug Out Bags, Home and Vehicle Preparedness and Readiness advice videos, several Financial Literacy advice videos, a dozen Cooking Creation Recipes videos, and more!
i don’t see this as a surprise. if you’re from my generation and you expect to retire… you’re either lucky or fooling yourself. retirement is an antiquated ideal from a fading golden age, the new new world order looks a lot more like the old world order.
This is why the sandwich people who take care of their elders and young people should get generous tax breaks and maybe a little compensation in some cases.
I am all for helping your kids BUT 3 generations in one house? I am going to guess that someone is living way above their means. If your living at home you should be saving a lot of your income and if your income is too low you should be taking that as the opportunity to be selective in finding a better high paying job that will allow you to do for yourself. I also hope the grandparents are not financially providing for grandkids. Let your kids be responsible for their kids
" 50 is a good time to save " ...... You should start saving since your 1st paycheck. 50's is already too late , you got one foot in the coffin already.
Problem is that private sector workers help fund public sector workers lifetime pensions and benefits. Ironic, fund someone else's retirement before your own. Pathetic.
Color me crazy, somehow I have no sympathy for this family. You don’t have to be a financial advisor to see they have been irresponsibly mismanaging their finances.
Considering the shaky economy, I'm keen to know best, how people split their pay, how much of it goes into savings, spendings or investments. I’d be retiring/working much less in 5 years, and sometimes earn up to $160K per year, but nothing to show for it yet.
thats personal, you should connect with an advisor for proper financial/investment planning, never can tell what the future holds
No doubt, having the right plan is invaluable, my portfolio is well-matched for every season of the market and recently hit 100% rise from early last year. I and my CFP are working on a 7 figure ballpark goal, tho this could take till Q4 2024.
this is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
My CFA ’Sophia Maurine Lanting’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Thank you for the lead. I searched her up on google, and I have sent her an email. I hope she gets back to me soon.
Retirement isn’t an end goal, but a journey best secured by careful and consistent investments.
Retirement is the reward of disciplined investing over the long term, not just a destination..
My adviser guided me through retirement planning, ensuring my investments were strategically positioned for long-term rewards.
Mind if I ask you to recommend this particular coach you using their service? Seems you've figured it all out.
Nicole Anastasia Plumlee can't divulge much.. Most likely, the internet should have her basic info, you can research if you like.
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get.
The fact that this couple has such an enormous house is a blessing. Some families are doing this in an apartment.
Exactly!
I’m not sure how much of a blessing? What is the mtg?
Wow, did not listen. They are also over half a million in debt. I don’t think people living in apartments carry that much debt.
Maybe if they didn't have such a nice house the rest of the family would not freeload off of them. I bought a very small house to save debt and invest more. It's nice to have no extra room when there is a knock on the door from distant acquaintances waning rescued.
That’s what I’m thinking.
The daughters absolutely need to be responsible for paying off their own school loans. It is not right for the parents to sacrifice their savings when their children have decades ahead to save.
The kids in college need to pay for their own college. In lots of states community college is free for 2 years. Those other adult people in the house need to contribute, i didnt hear them say if they were.
exactly!
Yeah god forbid you save in a 529 decades before they need to go to college right ? I feel bad for your kids
@@Kaitunatime sadly, some people don't have the money to do that, they can barely just get by
It took me 5 years to get my 2 year community college degree because I worked and paid my bills going to school part time. I went from hairdresser to RN, got my associate nursing degree then my first hospital job paid for my bachelor degree. Slow and steady, one step in front of the other, over time will get you there. We were taught this as children, the fable of the tortoise and the hare.
My daughter lived at home but she worked and paid for her car, gas, cell phone and car insurance. She also paid to go to community college. She graduated debt free.
$500K in debt at 50+ years old, that's crazy.
If you don't have an asset like home that exceeds this by a million.+
That’s half of a million…insane! 😣
@@laurenm.6320 Why would you carry that much debt? I'm curious. You, of course, are under no obligation to answer.
Some may think this is harsh, but I plan to prioritize retirement over paying for kids’ college. I’m a millennial so I am well aware of college costs. I worked crazy hours and two jobs while going to school full time. It was very hard. But my first after-college employer (in a very tough job market) told me I beat out all the other applicants because he saw my work history on top of full-time college and he was impressed.
There are many ways to pay for college and ways to support oneself and earn a degree over time. But if an older person develops health issues and HAS to retire, there is not the same timeframe to make the goal work.
You have to put on your own metaphorical oxygen mask before you can help anyone else with theirs. If you aren’t prepared for old age, you may be a bigger financial strain on your children than the strain they would feel paying for their own education.
I do think it is beneficial for parents to spend time and effort learning how to find ways to pay for college so they can be a source of QUALITY financial advice for teens and young adults. Stay up to date on costs and opportunities to save money.
You are absolutely right to take care of yourself first and foremost. If not,the burden is put on family or living in poverty to depend on the government. No thank you.
You are right in that you should fund your retirement before a kid's college costs. They can always take out loans (or work to offset costs), but you can't borrow for retirement. Because you are older you have a limited time frame in which to save and get the benefit of compounding. Now, having said that, if you are fully funding your retirement and have extra left over, saving in a 529 and starting early is a good route because you have time on your side to grow the savings.
I did ROTC in college. My brother too. My son as well. We got tuition paid for. Plus a stipend. Service requirement was reserve duty. But I chose active duty. Did my time then got out. We all bought homes via VA loans. My house is paid off. I have no debts today.
Have your rich uncle pay for school, smart!!
Smart, and good going.
Good move but not an option for everyone because off health reasons. They can stopp you entering or throw you for 100 different medical issues many off them valid concern for the military but not all.
you know people went to war and died with your plan, right?
Good hearted people here. As long as the ones you are helping are grateful and chip in as much as they can I think it’s wonderful.
They live way beyond their means and paid too much for their house, kids college, etc. Imagine the mtg., utilities, property taxes, maintenance and all other expenses they continue to pay as they go into retirement?! It’s important to plan for your future and let your children find other avenues to pay their own way. I recommend selling their house and down sizing.
2 adults, 2 or 3 teen children, middle age widow sister, elderly mother reside together. How to downsize?
Their house is waaaay bigger than needed. Why do Americans need such big houses? And taking out loans for your children is just dumb
And these are the same people that think I'm crazy because I don't want to add more children to this overcrowded world!
Some of them are.
"more than a half a million dollars in debt." of course they "have" to have a new 5,000 square foot house with granite counter tops and stainless steel appliances. a hundred years ago, you would have to be the owner of a factory or bank president to live in a home like this.
Don't forget multiple fancy SUVs lol and a thousand dollar dog
@@jeretso OMG, a coworker paid $6K for a bulldog. She was drowning in debt but had to have the current craze in breed. She complains about struggling but had to have this popular dog.
In a household of 7 people? Maybe they can save even more money by living on the street? But then you’d complain about that too.
despite the last three years being b s... People complain a lot...and they have a lot, Choose to have a lot. Big nice home, big fancy cars, New clothes, apple Things everywhere, vacations etc.
@@jeretso What do you mean, its normal for 2k+ for a decent dog
I never understood why parents take out student loans for their kids; that is so selfish of their kids to even accept that
It is not right how the cost of college has skyrocketed. NO ONE should have to start life with a student loan debt for the amount that you can buy a house for. I am in my 50s and when I was college aged, it was like $2000 a year. Something that we could easily work and pay for as we went along. You can't do that now. Now, it is well over $10,000 a year. Ridiculous. I am working an extra part time job to pay for my daughter's schooling so she doesn't start life out in major debt. It is not right.
@@jaklg7905yep, the cost of college is bonkers. I went to a state school in the early 2000s for $12k/yr. When I graduated, my sister started at the same school and it was double. That's a state school! $24k/yr. She graduated in 2012. I can only imagine what it is now in 2024. It has gotten out of hand and it's really the experience we're being sold, so these colleges just keep building. Now it's a new science center, now it's a new gym. On and on. Places that were green space when I was there now have giant glass and metal buildings instead. And they can do it because everyone can get loans to pay for it and drown in them later trying to pay it off; they aren't yet at risk of going out of business.
Let your kids have skin in the game and pay their school
They are living in a home they don’t need. 500k Debt is crazy. Living boyond their means
That dog costs $2,000
no. their kids should be working and putting towards the bills. they can. the coddling is insane.
If it is mostly a low interest mortgage on their house then it is not unreasonable.
They can downsize that huge home and put the profit into their retirement nest egg.
Is the sister, mom and kids contributing something to the household? Helping around the home? Giving a little from her Social Security? Doing dishes, mowing lawn, cleaning home, laundry?
That lawn needs a good mow…unbelievable. Is anyone helping in any way?
I'm just starting to invest, and honestly, I keep hearing so many mixed opinions about asset allocation. Some people swear by ETFs and index funds because of the broad market exposure, but others mention how underperforming stocks within them could dilute returns from stronger performers. It’s got me wondering, should I be more selective with my choices, now? Especially since, almost as soon as I got started, I saw them mirror the market dips way too closely. I’m focused on hitting financial independence early and I’m not sure if being selective is smarter now, or if I’m just overthinking this
I’m nearing retirement myself, and I had similar concerns. I started investing later than most, and just relying on ETF compounding wasn’t cutting it for me. After working with a financial advisor, I managed to restructure my investments and am now on track to retire with around $5 million. If I hadn’t sought advice, I doubt I’d be as confident in my plan right now
I’m trying to figure out the best approach for my portfolio. How did you find your advisor? I feel like I need that kind of guidance
I usually steer clear of recommending specific people because financial needs are so personal. But I can say that working with Emily Ava Milligan has made a world of difference for me. I noticed her strategies are tailored to fit personal goals and make sense for different needs. It might be worth exploring to see if her approach resonates with you
Thanks for that. I did a quick search and found her page. I was able to email so I sent over a few questions to get more info. Appreciate you sharing
I hate to say it but, so many adult children are so spoiled.
Cut the strings.
Really kind people to take on the burden of everyone
Sometimes, or more often, you need to learn to say "no." Being overly kind and helpful can actually harm you in the end.
Just wow. I feel sorry for that man. Wife wants him to work until 70! What kind of life is that working until 70 and have how many good years left? He’s 58 now, let’s see how he feels in 5-10 yrs. Most likely not how he feels now. This is sad. I never expected my parents to foot my college tuition and I’m doing just fine. I did 2 yrs CC and another 2 at Uni saved a ton. Also, I had the GI bill
I don’t understand why parents are paying their kids. Tuition make them pay for their own education. Time to cut the umbilical cord people!
And they are not even their kids, they are her sisters kids!
It's what happens when greed rules the day. College tuition has gone up 2500% from what it was when Boomers were setting themselves up for the world. Supporting them short term was supposed to get them out later but still out. Then housing costs rose on top of that. Only 1/4 of ones monthly pay should be going to rent or house payments. One paycheck used to be able to support a family of four. That is not true today. No one is going to send their children onto the street. The American dream is dead.
Blame boomers
@mollieanne He’s talking about the couple’s adult children whom they are paying the college tuition for. Not the two nieces.
I went to community college part time, worked full time, took 5 years to get a 2 year degree but paid my bills and school. It worked out for me, slow and easy, one step forward every single day nonstop.
So they are paying for they're kids college which puts them at risk of not having enough funds for retirement and increasing the odds they'll end up being cared for by their daughters!
Who's to say these children will take care of their parents? Sometimes it's not their fault, they move out of state.
Did I hear they must pay student loans for their two kids? Their kids can find full-time jobs and go to school. Also, why do they make car payments or payments? Get reliable used cars or cars so they don't have the payments. In the end, they brought themselves.
You shouldn't be paying off the kid's children's students loans. No way.
The sandwich generation often faces a financial squeeze, juggling support for aging parents and raising children, which makes saving for retirement a real challenge
Balancing immediate family needs with long-term goals like retirement savings can be tough, especially with rising healthcare and education costs eating into disposable income.
Many in the sandwich generation delay retirement savings to focus on supporting their children through college or assisting their parents with medical expenses, which can set them back significantly.
It’s common for people in this situation to feel financial pressure from all sides, and without careful planning, their own retirement can get pushed to the back burner.
The sandwich generation might benefit from working with a financial advisor to create a strategic plan that addresses both their short-term family obligations and long-term retirement goals
Saving for retirement becomes more difficult when you’re also helping parents navigate long-term care options and managing rising living expenses for the entire household.
These are your average hard-working, well intentioned people who ...became sandwiched.... I don't understand the critical comments here... As though any of us, as human beings, can live without making unwise decisions. A good segment about what sometimes happens in life....
People get off on the judgment of others. They make someone else's situation seem unreasonable and due to incompetence, thereby making there own situation more valid and reasonable. They've made poor decisions too at some point (we all do), but they can let themselves off the hook and feel downright intelligent if they make someone else's decision worse. It's a waste of time, but it makes them feel good in the short term.
Yeah, it's called Gen-X. The generation that paid for the Silent Generation, the Baby Boomers, and the Millennials, but the media struggles to ignore them. Again, that's Gen-X. G-E-N-X.
Word, not the effing "sandwich generation."
Gen-X represents.
I'm confused.. If you're GenX, why do you care?
As a GenXer, I just want to be left out of everything. The less said, the better. Shhhhh!!! ;-)
@@desiv1170 Are you confused? You're nosy and narcissistic, but not confused. You're a troll who thinks they represent all of Gen-X, but not confused. Well, I hope that cleared up any confusion, champ! Just let me know when you're feeling confused again!
@@dave23024 LOL...
But - and I am only saying this because I care - there are a lot of decaffeinated brands on the market today that are just as tasty as the real thing.
Just joking there... It's all good.
@@desiv1170 Nah. You've tried your little narcissistic "I'm confused" intro on a million people, and it's worked a million times, and you're literally staggering right now because someone shut you down before you could even get going.
You don’t “Have” to house your sister and nieces. I notice the sister wasn’t in the clip. Why? Probably because she’s embarrassed. Your mom, yes. All day long but your sister? Nope. And community college is a great option for your kids. Sorry. This is a choice not an obligation
They looked like they were having a blast at dinner………😵💫
Here's an idea: let your kids take out their own loans for college! I paid off my college loans in 6 six after getting my first job. The coddling of our children into their mid-30s is astonishing to me.
Back then college and University loans were a third of those today and many are quite expensive.
Student debt sets you up for disaster if you don't get a degree and job to match.
Sure they paid for their daughter’s wedding, too, right? 🙄
Those kids better have 3 jobs each to help out
I am extremely confused as to why, exactly, they are financially responsible for a parent, sibling, sibling’s offspring and the cost of their children’s education, despite the children now having flown the nest. That sort of burden is absolutely absurd, and there’s no way anyone could manage it without input from the parent / sibling and children. Methinks we’re not being given the full picture here.
Exactly! This can work very well if everyone contributes and as an American with Mexican heritage, many family members do this and everyone saves money. We never allow someone to not contribute. Equal parts everywhere
It's what happens when greed rules the day. College tuition has gone up 2500% from what it was when Boomers were setting themselves up for the world. One paycheck used to be able to support a family of four. Only 1/4 of ones monthly pay should be going to housing payments, with rentals being cheaper. On average, parent weren't living that long and the social culture was also one in which households were generational. That is not true today.
Wages have stagnated. A dollar earned in the 60s is almost 10 bucks today. Money doesn't go as far and prices have gone through the roof. Supporting kids into their mid twenties in college was supposed to get them out later, but still out. Prices have made even that virtually impossible and no parent with any kind of moral standard is going to send their children onto the street. The American dream is dead.
@@Iris-hx6oxexactly!
In many countries parents are responsible for education payments, housing and expenses till people turn 25 or finish training.
College fees and even more University fees are now 20.000 per year or more even for basic programms.
I went to college for six years and never took out loans, nor did my family members so I could go. I went to community college for two years, took advantage of financial aid and every scholarship I could. I transferred to university for four years and received more scholarships and aid. In state tuition, it was all actually very affordable on one income.
We never took out college loans. We paid 1/2 and they worked part time to pay toward the tuition. When they graduated they got good jobs and finished paying off their loans. I have no idea why parents get themselves in this situation. We are almost ready to retire, house paid off, no debt. Feel sad for these people, but they made their choices. When you hit 60 or 65 you do not have the same energy as your 50's. Be careful what actions you take now, to set yourself up for, for the future.
A home is NEVER paid off as long as you pay property taxes.
@@duckling4393 true but that's better than all the other stuff! :)
and a lot less worry and stress too!
@@duckling4393 write off
We volunteer at a nursing home, there is a couple there that did everything right, lived frugally, paid off their home, and limited their family size to one child who died as a young adult. They saved what to most would be an enormous amount (1 million plus) but they lived so long paying for 24/7 home care (both have Dementia) they spent every dime and ended up in a nursing home.
Everyone struggles to save enough retirement.
Don’t buy new cars. Don’t buy expensive clothes, take cheap vacations. Set aside a monthly savings and don’t dip into it.
Did all that. Never splurged. Just paying the bills. It’s still tough. If you have 1 medical emergency, if you take care of a parent…it all affects your situation. No insurance. Working at 62, small pensions, husbands SS, no debt….have a roommate that lives with us …..just making it.
Dont buy a $2,000 designer dog
So so true.. because medical and taxes will eat you up😮😢
and their daughters need to step up and pay some of their college debt
I know 4 sets of parents that chose to pay for their kids college education. Just 2 kids out of the 11 that went to college actually works in the field that they went to college for!! So the parents paid for all of that and only 2 of them even used their degrees for anything that they are doing. 1 kid went to a vocational school instead and became a welder....he also paid his own way and insisted on doing that because he felt that HE needed to invest in his own future. He's amazing, hardworking, and a kid I would be super proud to call my son. The other ones, that don't work in their fields of study, either chose degrees that paid garbage and when they finished were not applicable to any decent careers at all, or dropped out completely after a couple of years. I just don't get why people do this, spend all of that money, and sacrifice their own future based on a young person's fickle decisions.
Agree 👍🏼
You don't necessarily have to work in the field you studied - mostly a bachelor's degree is just a requirement for entry to good paying jobs, regardless of major. Chill!
@@irisbjones Right? I got a degree in English, ended up working in insurance (I find that it did aid me in reading contracts, etc). But the company only promotes those with a bachelors degree. Doesn't matter what the degree is in, just that you have one. It's ridiculous, but a lot of companies do that.
@@irisbjones Totally agree with your comment.
The amount of money they save by all living together 😮😮
I feel for them…there has always been a sandwich generation. Take the w-2 limit off of Social Security. Wage growth must outpace inflation.
I’m supposed to feel bad when this dudes normal 401k contribution is over 2k a month 🙄 stfu
Why did CBS not talk about Harris’s Medicare at Home policy? This is aimed directly at helping families like this.
It’s up to no one except yourself to make sure you are provided for. Let’s all get real!
Great video, thanks Jill 👍
We had 12 people in our house. One guy was an alcoholic so it was not all fun. Our aging sandwich generation got nothing saved for retirement. Younger generation doesnt have the stomach to become the new sandwich so the old sandwich moved to the Philippines.
Force your adult children onto their own feet by NOT subsidizing them. You’re crippling them otherwise.
Rent in the Boston area us 3000 for a crappy 2 bedroom.
If you can get one.
@@paxundpeace9970 and why is that fact the problem of any parent whose children are adults?
@@paxundpeace9970If you can’t afford the rent in Boston then you can’t afford to live in Boston. Get a better job or move somewhere cheaper. It isn’t your parent’s job to support you once you’re grown.
I’m 50 with a paid off home,car and have zero consumer debt. 500 grand is crazy. I have 2 daughters 18 and 21 both in college living and home and working no rent or utilities but they are paid their way through college.
Haha....Haha.....retirement. Most of us will be working until we're in our 80's or until we die
Nothing wrong with helping the family in this evil world
Helping and enabling are two different things. This family is enabling…that is evil.
Is the sister contributing to the bills? Seems like there’s another person that could be working, that may or may not be.
If you get divorced, it could significantly impact your savings, which may make retirement challenging. Instead, consider continuing to work-this way, you can still collect your full Social Security benefits while earning a salary. Unless you're facing health issues or dislike your job, staying employed is a great way to maintain financial stability and stay engaged.
You are limited as to what you can earn until FRA which they keep raising hoping more of us die before we collect
It’s very sad to think that the living arrangements they are saving a lot of money and nice they can help out family. Other parts of the world this is typical living arrangements except in USA.
The thought of retirement before 65 died somewhere between 3- 10 years ago.
The cost of living has drained all my savings and now I'm afraid of how I'm going to pay money to stay alive
One of the biggest mistake older people made was paying for useless private university education for their children, or support unexpected family members. Why was $500K in debt?
I’ve been diligently working, saving and contributing towards early retirement and financial freedom, but since covid outbreak, the economy so far has caused my portfolio to underperform, do I keep contributing to my 401k or look at alternative sectors to meet my goals?
keep contributing to your 401K, remember you are in for the long haul, but I'd suggest you consider financial advisory
Agreed, having a good financial advisor is invaluable, my portfolio is well-matched
for every season of the market and has just yielded 120% from early last year. I and my
advisor are working on a 7 figure ballpark goal, tho this could take another year.
What a mess we are in
When is the last time the grandma worked?
But the federal reserve doesn’t want you to save because the velocity of money is fast. Saving money is slow.
If you have the $ to help kids with college awesome but dont go into debt over it. My oldest one we helped out paid 1.5 years of her tuition while she was in school and when she graduated she still had 90 k in loan debt. We sold our old house in 2022 we used that $ to pay off rest of her loans so she can avoid the % on the loan which would of been $ 1200 a month for her payments . So she pays us back $ 700 a month 0 % may take 10 years but we had the $ to help her.
The parents owe .5MM for daughters college loans? "No" may not be what people want to hear but sometimes it needs to be gently said. Talking mostly to you, sir ...
1:55 How can whatever they have saved be called a "nest egg" when they have "over a half million dollars" of debt? A nest egg is free clear of encumbrances. They are 500K+ away from that point.
The best gift you can give your children is teach and expect them to be self-sufficient and self-supporting, as adults. Young adults making choices that create this scenario of being a financial burden on their parents when they should instead be saving for the retirement they earned, is selfish. Just my opinion.
My life is a nightmare
They live in Massachusetts. The taxes alone are as astronomical. They need to sell their house and move to a cheaper state. They could move next door to New Hampshire that has no state tax. Their adult daughters need to pay their own college. Minus granny, the rest of the family members need to start working at least part time and help with the the home bills.
NH has high property taxes and you have to take care of your own garbage each week. If you lose your job and go on unemployement NH gives out a lot less than MA. Grass is not always greener.
Most rich people stay rich by spending like the poor and investing without stopping then most poor people stay poor by spending like the rich yet not investing like the rich but impressing them
People prefer to spend money on liabilities, Rather than investing in assets and be very profitable
You are so correct! Save, invest and spend for necessities and a few small luxuries relatives to one's total assets ratio.
This seems like the worst period. Even the market are now very unpredictable. Started investing recently when the market prices were a bit high, today I am more than 60% down!
Don't be confuse buying the dip in a bear market, with guaranteed future returns.
Just because that company is down 60% + from ATH does NOT make it a sound long-term investment. Make sure you're investing in great companies. kudos to
SUSAN OWEN
Watch what the poor people do and don't do what they do
Sell the house and downsize ... I raised 2 boys (still here) and took care of my mom in small 3 bedroom cape.
My good people are bad at economics. Most people I know are busy burning off money on expensive luxury items, cars, too big houses and other stuff. Also, why are the parents taking on the burden of the kids. If they are adults, they should take care of their selves. My parents have not paid a cent sins I was 18 years old. The same with my two brothers. We are all doing well, paying off debt on our house, no car debt and saving lots for retirement. I was 34 when I got my first car, riding a bike to work until I got a job too far away. The only one not doing so great is my sister who burn off all her money on luxury cars and items. She can’t save up money and will end up poor in retirement.
They will be OK during their retirement. God will bless them for all their good deeds ❤
Bot
@@apara2005
Bot account!
They fumbled their finances unfortunately and are now going to pay the price
The more we try to save, the more we are penalized.
What sort nitwit logic is that? For me, the more I save, the more I am able to invest, and the more my net worth increases. Save your folks! Stop buying malarkey like Gucci belts, and destination vacations for that coveted instagram photo.
This is a prime example of why more people need to get more prepared and think about "Emergency Preparedness Management" for both your home and vehicles. I am a UA-camr under my Full-Name with the same profile picture as this post with 47 videos covering 27 different category topic subjects sharing my personal knowledge and experiences with others to help others improve their overall adult lives. I've got videos on building yourself a high quality 24-72 Hour Survival Bug Out Bags, Home and Vehicle Preparedness and Readiness advice videos, several Financial Literacy advice videos, a dozen Cooking Creation Recipes videos, and more!
Am I hearing this right? Why would you support your niece? Just wondering where her parents are.
The daughters should help pay off their student loans, that should not be the responsibility of the parents.
i don’t see this as a surprise. if you’re from my generation and you expect to retire… you’re either lucky or fooling yourself. retirement is an antiquated ideal from a fading golden age, the new new world order looks a lot more like the old world order.
Building a retirement fund is like planting a garden-diversify your seeds for a healthy harvest.
Diversifying my portfolio with my adviser’s help has reduced risks while maximizing potential returns.
This is why the sandwich people who take care of their elders and young people should get generous tax breaks and maybe a little compensation in some cases.
Every time I hear one of these stories, I thank God for the foresight in my youth to be prepared for the future.
They have a nice home. But they have 500K debt too. So their net worth may be big Zero.
Taking care of older people is ok, can promise the children are draining them of funds living large.
The more you make the higher your taxes. Savings is almost impossible when the govt is taking so much every check. Income tax needs to go.
Why aren’t their entitled daughters paying their own college loans? These parents created their own mess of a situation.
I am all for helping your kids BUT 3 generations in one house? I am going to guess that someone is living way above their means. If your living at home you should be saving a lot of your income and if your income is too low you should be taking that as the opportunity to be selective in finding a better high paying job that will allow you to do for yourself. I also hope the grandparents are not financially providing for grandkids. Let your kids be responsible for their kids
Sounds like there are some boundary issues involved.
Pay for your own college tuition
$500K in debt 😵💫
I would be giving a few people "The Boot" out. asap.
Boomers had the same issues. Gen-X( Norah is Gen-X) will just have to figure it out too.
" 50 is a good time to save " ...... You should start saving since your 1st paycheck. 50's is already too late , you got one foot in the coffin already.
If your debt is more than your savings or nest egg, you've got no savings or nest egg
My retirement money is going toward buying a house for my kid and his family!
Why?? YOUR KID is what 16... come on
Problem is that private sector workers help fund public sector workers lifetime pensions and benefits. Ironic, fund someone else's retirement before your own. Pathetic.
Don't feed them steak sandwiches.
Feed them single bologna sandwiches with 1/2 teaspoon of ketchup.
They'll get the message and move out. 😂
@@quaithom3138
You need to teach grown kids to stand on their own two feet.
Grandma is the only person who needs to stay.
@@quaithom3138 - Because she's on TV complaining about how difficult it is to afford all of the adults living under their roof.
50 is too old to work.
Try living under your means
As you can see they do have money😊
Hold the mayo!
Color me crazy, somehow I have no sympathy for this family. You don’t have to be a financial advisor to see they have been irresponsibly mismanaging their finances.