Welcome to the Teacher Money Show! In this episode, Shaun sits down with Jay Zigmont, PhD, MBA, CFP, and founder of Childfree Wealth, to discuss the important topic of caring for aging parents.Explore the show notes at:https://www.teachermoneyshow.com/show42Become a guest on the show:https://www.teachermoneyshow.com/guestLeave a voicemail question:https://www.speakpipe.com/teachermoneyshow
As both Shaun and Jay have personal and professional experience in this area, their conversation is insightful and practical. Jay shares his expertise in financial planning for child-free individuals and those facing end-of-life care for parents. He emphasizes the importance of advanced planning, understanding insurance complexities, and the financial impact that caregiving can have, which extends beyond direct expenses to include time, career sacrifices, and personal well-being.The discussion explores practical strategies for approaching sensitive topics such as estate planning, power of attorney, and healthcare wishes with aging parents. Jay suggests using personal finance management as a starting point to initiate these discussions and stresses the importance of setting boundaries and creating a care plan that considers both the caregivers' and the aging parents' needs and limitations.Listeners are encouraged to proactively engage in these conversations and planning efforts to mitigate the emotional, physical, and financial strains of caregiving. The episode underscores the value of preparation, advocacy, and seeking professional guidance to navigate the complexities of long-term care and ensure a balanced approach to supporting aging parents while maintaining one's financial and personal well-being.Please subscribe to the show!
