Financial Caregiving: Taking Care of Aging Parents While Tackling Debt

How do you balance financial well-being with the responsibility of supporting aging parents?
This important episode tackles the complexities of financial caregiving, highlighting the challenges of the "sandwich generation"-those caring for both children and elderly parents-all while managing personal debt.
Doug and Ted cover the pros and cons, from government benefits to taxes to practical steps for initiating conversations with your parents; you’ll learn essential tools and strategies for confidently navigating financial caregiving.
Timestamps:
(0:40) - What’s the Average Age for Insolvency?
(2:00) - Understanding the “Sandwich” Generation: Caught Between Debt and Aging Parents
(5:00) - Financial Caregiving Explained: What Does It Entail?
(8:00) - Should You Prioritize Paying Off Debt or Helping Your Parents?
(9:45) - Sidebar: Why Ted Hates Reverse Mortgages
(14:00) - Government and Community Benefits for Caregivers and Their Aging Parents
(16:00) - The Impacts and Downsides of Financial Caregiving
(19:20) - Why Filing Taxes Is Crucial for Caregivers
(22:30) - Making Tough Decisions on Behalf of Your Parents
(24:00) - Practical Advice: Preparing for Financial Caregiving
(28:00) - How to Start the Money Conversation with Your Parents
Learn more from Hoyes Michalos:
Cosigned Debt in a Consumer Proposal
www.hoyes.com/...
Power of Attorney - Can I Deal With My Parents Debts?
www.hoyes.com/...
Debt Repayment Calculator
www.hoyes.com/...
Debt To Income Ratio Calculator
www.hoyes.com/...
FREE Credit Rebuilding Course
www.hoyes.com/...
Sign Up for Our Newsletter HERE
www.hoyes.com/...
Hoyes Michalos KZbin Channel
/ @hoyesmichalos
Hoyes Michalos Instagram
www.instagram....
Hoyes Michalos Facebook
/ 310plan
Hoyes Michalos TikTok
www.tiktok.com...
Hoyes Michalos Twitter (X)
x.com/HoyesMic...
Hoyes Michalos LinkedIn
/ hoyes-michalos
Straight Talk on Your Money by Doug Hoyes
www.hoyes.com/...
Find a Hoyes Michalos Office in Your Area Here
www.hoyes.com/...
Disclaimer:
The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personalized advice from a qualified financial advisor. Always consult with a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions or strategies discussed.
#debt #podcast #personalfinance #parents #debtfreejourney