[WINii] End of Life Lessons

Hi WINers!

As we grow older, so do our parents. Helping them plan for the future isn't always easy, but it's a necessary part of family life. 

In this newsletter, you'll hear how Mary helped her father plan for the end of his life and the lessons she learned along the way. Plus tips to plan your own conversations with aging loved ones.

Stay tuned for our upcoming monthly money meetup.

Let's get into it! 👇

😇 End of Life Lessons

Perhaps one of the most difficult, but inevitable conversations we'll ever have is how to support our parents as they pass. As an only child, I tear up even thinking about this topic. 

The talk I had with my own parents was one of the toughest conversations I've had in my life. However, talking with them about how they wish to be treated post-life ultimately was a positive thing.

In a recent episode of MoneyBites, Mary shares her experience in dealing with her brilliant father's mental illness towards the end of his life. She also shared some of the last parting lessons he gave on how to prepare for death.

Mary's career story is also super-inspiring! We talked about her quitting a job to become a waitress in New York, and how she's proactively building her dream career at Meta.

Watch my entire conversation with Mary here 👇 

🎧 Listen on Spotify

👨‍👩‍👧‍👦 Supporting Our Parents

When it comes to money, it's important to support our aging parents while they're alive so we're prepared for when they pass on. As our parents grow older, us children often take on the role of caretaker.

A recent New York Times article highlighted an important study on how dementia and Alzheimer's disease can impact a person's finances long before an official diagnosis. 

Here are some of the findings:

👉 Among those who went on to develop dementia, credit scores fell sharply long before an official diagnosis. 

👉 A year prior to diagnosis, these individuals were 17.2% more likely to fall behind on mortgage payments.

👉 The study found evidence of people falling behind on their debts as far as five years before a dementia diagnosis.

Because Alzheimer’s and dementia significantly impact financial decision-making, it's important to pay close attention to our loved ones. Missed payments or out-of-character spending patterns are a red flag. It's never too early to put a plan in place or designate a power of attorney to handle their important financial matters.

If you're helping your parents plan for their golden years, here are some more points to consider:

• 🩺 Become familiar with your parents healthcare plan. Out-of-pocket medical expenses can be a major financial shock, so it's important to know what their plan does and does not cover. Also, ensure they're keeping up with all of their preventative care and medications to avoid surprise health issues down the road.
  

• 🏡 If your parents plan on staying in their current home, they may need to make renovations to support them as they age (i.e. ramps, railings). If they plan on moving to a nursing home, it's helpful for you to understand their mortgage (if they have one) or what they plan to do with their home once they leave. Additionally, you'll need to understand their living expenses and how they may change as they age.

• 💵 Nursing homes and in-home care are huge expenses. If either is part of your parents' aging plan, it's important to understand their financial strategy to cover the costs for the rest of their lives. If they have long term care insurance, make sure you're familiar with their policy and what it covers.

If money is a taboo topic in your household, your parents may be hesitant to talk to you about their financial situation. They may also feel shame about needing any help. 

The best thing to do is approach these tough conversations with compassion and love. Chip away at the topic a little at a time to allow parents to get more comfortable. 😌

💰 WINii’s Monthly Money Meetup for Women in Tech

🎉 Join us for WINii's Monthly Money Meetup on August 17th for a private conversation about all things money. 🎉 

Whether you're just starting your money journey, or well on your wealth building track, connect with like-minded women who are goaled on reaching financial independence while working in tech.

Grab your favorite drink/tea, get comfy, and log in from wherever you are—because this money party is happening online! Let's break down barriers, build each other up, and have some fun while we're at it. Can't wait to see you there! 💪💰

Date: August 17th (Saturday) @ 1PM ET | 10am PT

Sign up here!

Have you helped your aging loved ones plan for their financial future? 

Hit reply and let us know how you broached the conversation. We'd love to hear from you.

Have a wonderful week ahead!

Minki
Founder, WINii
Making wealth building actionable for women in tech. Empowering a million women to become millionaires!