Page 3 - Seniors Today Magazine April 2024
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Publisher’s Note
It’s never too late to set
self-enhancing boundaries
Many parents have had to face this question: what now and in the future. Is this a loan that will be
do you do when your grown-up children ask for repaid or is this a one time gift, understanding and
financial assistance? It could be a challenging establishing this clearly from the beginning, will
situation. However, by approaching it with help avoid any misunderstandings and potential
empathy, setting boundaries, and maintaining a resentments down the line.
transparent communication, we can discuss this Remember saying NO doesn’t mean that we love
while safeguarding our own financial stability. our children any less. It is absolutely okay to say
While it is important to support our children, NO. At this point, you must also understand that
we must prioritise our own financial well-being as long as you are not dependent on your children,
as seniors. By taking proactive steps to secure the relationship will be smooth. However, if you
yourself financially you can ensure a comfortable were to loan them money and expect that they
and worry-free requirement. would take care of you, that would be an unrealistic
Before committing to providing financial expectation, which could lead to unpleasantness
support, it is crucial to evaluate your own financial and heartburn.
situation, take a close look at your income, Children can take money and forget about it very
expenses and saving to determine how much can quickly. The answer is that if you have money to
you comfortably afford to contribute consider spare then give it to them when they need it. That
the long-term implication of providing ongoing would be a win-win situation for both.
financial support, will it impact your retirement
plans or your ability to meet your own financial
goals. It is essential to be honest with yourself Vickram Sethi
about what you can realistically afford both Publisher and Editor-in-Chief
SENIORS TODAY | ISSUE #58 | APRIL 2024 3
