Being an only child has its perks. But life gets REAL as an ADULT only child when you fully grasp the prospect of having to balance your own life with sole responsibility for assisting your parents as they age. Caregiving can place strains on your family, career, and mental and physical health. Siblings can tackle this as a team. But as an only child, how will you handle the stress of bearing sole responsibility for financial decisions, hospital visits and/or emergencies of aging parents? Join me every two weeks to discuss ways to create and maintain a prosperous, healthy life for yourself while adequately preparing for your parents’ lives at retirement and beyond.
Ep 19: Thanksgiving Thoughts-The Importance Of Traditions and Memories
My reflections on why, particularly in 2020, it's important to be intentional about creating traditions and memories for which we are grateful. I share my perspective on why this is especially important for adult only children to do, and the rewards of it for both you and your aging parents.
Episode 18- Reminder-Don't Forget About Yourself
This a quick reminder to find balance in planning for your future role as caregiver to your parents. It's important to position yourself well in the present so that you are prepared for the transition in your role in your parents' lives. It's critical that you grow and maintain your own assets so that caring for your parents doesn't come at the expense of your well-being, which would ultimately adversely impact your ability to assist them.
Episode 17- Why Debt Freedom Is Especially Critical for Adult Only Children and Strategies to Get There
While freedom from debt is beneficial to us all, it's especially critical for the adult only child. When we carry debt, we limit our ability to financially invest in our future. As only children, we will most likely become the sole caregiver to our parents one day, and we have to be prepared. It must be a priority for us to take advantage of the present to fully invest in the life we want for ourselves. It also better positions us to help our parents as they age, especially if they might need financial assistance from us. The more we have in the present to invest in our future, the fewer unexpected, unwanted compromises we'll have to make in our own financial lives in order to provide a safe, healthy, secure future for our aging parents.
In this episode, I discuss three specific strategies for debt elimination and redirecting those funds towards our dreams and goals: 1) Snowball 2) Avalanche 3) Snowflake
Here's a link to the article by Cameron Huddleston (guest on Episode 7) that I reference during the episode: https://dollarsprout.com/how-parents-finances-could-become-your-liability/
Episode 16- How to Improve Your Financial Life and Help Your Parents Do the Same In the Last 90 Days of 2020
We have just under 90 days left in 2020. This is still enough time to substantially improve your financial life in order to better position yourself in the present, as well as for a time in which you'll take a more active role in your parents' lives in their post-retirement and senior years. I include ways to help your parents create a safe, secure and healthy future for themselves. The tips span from estate planning to emergency planning to weekly actions that could significantly improve your own financial position.
I reference the 2020 "One Tweak A Week Challenge" from the Afford Anything Podcast. Click here to download the challenge:
Episode 15- Balancing Personal Priorities and Time With Parents
I talk about my recent and first visit home with my parents since the start of the COVID-19 pandemic, and the challenges with balancing working remotely and spending quality time with them. I discuss some pitfalls I ran into and my strategy for finding time to advance my work while also assisting them with their needs and simply enjoying the time with them.
Episode 14 - What I Learned The Hard Way About Being an Executor to a Parent's Estate
I was named executor to my father's estate in his will. Upon his death, I learned the hard way the importance of understanding in advance all that the role entails, state-specific requirements, and when it's necessary to reevaluate your decision to take on this role.
Customer ReviewsSee All
Very Informative and Relatable
I am not an only child. However, I am the sibling who has been responsible for my parents care, since I can remember. This Podcast was so informative and relatable. The lessons learned and guest speakers ensure a fresh dialogue and the content is interesting and helpful. This is a difficult and emotional topic to tackle while making the listener want to hear more but that’s exactly what Kim has done!
Parents of only children should listen!
I’m the mom of one son, and listening to her perspective as the child is a blueprint on what I need to do later in life.
Thanks for doing this. Being and only child with many only children friends, these topics are very relatable. I’ve only listened to a few of these so far, but can’t wait to be listen to the rest and upcoming topics. I often sit back and think about how other only children handle situations or if there’s commonality in our responses as a result of being an only child. Again, thank you for doing this and keep up the great work.