If you have immigrant parents, you might be worrying about what’s going to happen when they get to retirement, especially if their retirement plan is essentially you, without it being said out loud.
This is something we see in the majority of people we work with. Almost all of our students over the years have been in this position. It’s something that needs to be addressed and planned for, so you don’t regret not having planned for it later.
“I don’t want the financial burden to fall all on me”
This is what we often hear from our students. They want their parents to be able to save more and to have some kind of plan.
A lot of our students are very smart and savvy. They understand that if their parents start preparing for retirement later in life, they’re going to have to be involved in some way and contribute. But if their parents start investing and preparing for retirement, at least it will take some of the burden off of them. At least their parents will have a little bit of a nest egg, with savings they can use and grow.
Where your parents’ savings might be right now
A lot of our students’ parents do have a lot of cash that they’re saving. It’s just often in the home, not in a bank account. Or it might be in a bank account that’s not even earning any interest.
That money is losing value every day due to inflation. It’s missing out on the interest it could be earning in a high-yield savings account, or even more earnings in the stock market.
Step 1: Start the conversation
We know it can be hard to talk with family about money. But having those conversations is where this starts.
Step 2: Start investing yourself first
What’s worked really well for a lot of our students is to start investing themselves. If you’re not investing already, start, and fill in your parents so they begin to get exposed to the idea.
They can see that your money is growing. Once people see how it actually works, a lot of them get interested. This is a way to gradually introduce them to investing, especially if it’s something they’ve never done before and they don’t have friends or family who have done it.
Step 3: Share what you’re learning as you go
You can slowly start telling them what you’re learning, what’s happening as you grow your money, and why it happens.
Even if, to start with, they just agree to hear more about what you’re doing, that’s a step forward. Over time, that can lead to getting their own accounts open.
Essentially, you become financially empowered, and you bring them along with you.
Why we invest as a family
At Immigrant Finance, we don’t want just one person in the family going off to the races, building all this wealth and leaving everyone behind. We value family a lot. We know our students and clients value family a lot, and we want the whole family to succeed.
That’s why in Immigrant Finance School, we teach our students, and their parents and siblings, how to all open their investment accounts and get started, so that the whole family can move together.
What this changes for your family
First, it takes off a lot of the stress, overwhelm and anxiety about the future, because you’ll have a plan and you’ll know it’s not going to be all on you.
And as your whole family becomes investors, that changes the family legacy. Future generations will have that knowledge passed down. You will all be more secure later in life, in retirement. And there will be less financial pressure on you to support your parents fully, 100%, because they will learn how to grow their own money.
Get started
Immigrant Finance School has several modules on this topic to help you build your financial plan, not only for yourself but to support your parents in retirement.
Apply to join Immigrant Finance School at https://immigrantfinance.com/immigrantfinanceschool
We’re so excited about the possibility of you and your family having a more secure and prosperous future.
More Resources
- Download our free Goal-Driven Budgeting System Guide
- Get support – book a free 30 minute consultation here
- Check out our Youtube videos to learn more here
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