How do people support their parents without going broke themselves?

[Colin X]

How can a mid 20 year old college grad paying off debt and taking care of themselves also almost 100% financially support their parent(s)?




I understand like entertainers who make great money.



But even a BigLaw or a good finance job after college that makes great money you're gonna pay off debt, and support yourself in a city like NYC.


A young doctor in their 30s is still in a shyt ton of debt and has to support themselves/their family too.



Somebody in the military who goes in at E3 only gettin like 21k granted they don't have bills like that but still.



Do you just cut out having a life completely and lower your own living to support them? I honestly don't see how it's possible.

 

[Colin X]

Hold up...how do you even start saving dealing with that?

 

[MrFettuccinnePockets]

Ive been saving to put a down payment on a house for my moms.

Its hard tho

 

[DontDoIt]

If you have multiple siblings making good money it makes it easier.

 

[Lady.Libra.]

If your parents are elderly 55y/o and above, they typically are eligible for deep senior citizen discounts, health care/in home care, pensions, shelter/food assistance, etc. Just do a little research and find out what resources your parents are eligible for. Since heavier financial dilemmas occur the most after death, encourage your parents to pay for their funeral expenses, purchase policies and draw a will up.
Also, if you have have siblings they can pitch in too.