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Old 04-06-2014, 12:23 AM
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I am quite surprised (actually shocked) that at this day and age, people are still expecting their children to support them financially. We should move away from the mentality of depending on our children for financial support.

In our parents' generation, most of them have lower education, earn lower wages and thus have lower savings. They have no choice but to depend on their children to support them in their old age. And we (our current generation) ended up supporting our parents and our own families. It is tough, having to handle housing loans, car loan, running a family and yet having to take care our aged parents.

I am thus very determined to be financially independent when I retire and not to be a burden to my children. I think they will find it even tougher going forward, having to compete with all the cheap labour flooding the job market world wide.

I have been saving and investing since I got my first pay check, a good 30 years ago. I am now enjoying the compounding effect of my investment returns and can see my networth increasing steadily. With a few more years of working and reinvesting my returns, I am confident that not only will we not be dependent on our children, we could also leave behind quite a decent bequest to them.



Quote:
Originally Posted by Unregistered View Post
May I ask how much do you expect your kids to contribute? In relation to what they earn? I'm currently contributing 25% of my salary to my parent, and another 25% for clearing off debt from bad investment decisions, and I'm struggling quite a bit. Don't think I would be able to start a family as long as I am supporting my parent. Just wondered what is the norm?
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