One of the perks of growing old is that we look forward to a comfortable retirement. For most people they work their entire life in order to be financially independent in their golden years, and enjoy the fruits of their labor. Some people, such as my father, enjoy a lifestyle that is much better than my own because he was such a hard worker. But I still find myself helping him, despite the fact that his is better off than I could ever hope to be.
My Father
My dad was never an A+ student, but he was never a D- student either. He was perfectly average. The difference between him and many other people is the fact that he is determined, and would not back down. In fact, after struggling in one of his college courses his professor told him that he should drop out, get a skilled labor job, and not worry about furthering his education. He saw that as a challenge, and persevered through not only undergraduate work, but also grad school.
After attaining his master’s degree, my dad worked for a while before landing a government job. This provided not only a steady paycheck, but also great room for growth and a nice pension plan. After putting in 28 years, he called it quits, and has been living off his pension for the last 10 years or so. That pension takes care of more than his needs, so he helps out grandkids with education costs, donates a significant amount of time and money to various charities, and will never have to worry about money the rest of his life. Yet I still find myself helping him.
How I Help
Despite being financially savvy, having a great job, and enjoying a pension, my dad still does not know a whole lot about the world of investments and insurances. I have spent the past 8 years systematically teaching him the merits of investments (despite having a pension and an IRA), how Long Term Care insurance works (I have no desire to physically take care of him when he is unable), and the benefits of starting whole life policies for young children.
But teaching him is not all that I do. For reasons beyond my comprehension technology is hard for old people. And even though buying online is a great way to save money on just about everything, he still struggles with the concept.
For instance, last year his truck needed new hydraulic arms to lift the door on the topper. He found them on Ebay for a good price, and ordered a set. Since he doesn’t understand that not every button instantaneously works, he clicked “order” twice and ended up ordering 2 sets. While checking out with PayPal he was persuaded to use the “pay later” option which ended up causing even more problems. Through a series of emails (both my own and his) the seller sent one set of hydraulic arms, yet charged him for two. I don’t think he ever was refunded the difference. My dad is no longer allowed to use PayPal (my rule).
This has happened more than just once. In fact, he recently ordered a new computer. Unsure if the order went through, he ended up ordering a second computer which was delivered a few days after the first was delivered. The result was that he had to pay $50 for return shipping. My new rule is that anything over $100 he needs to have my help ordering to make sure duplicate orders aren’t placed.
Wrapping it Up
I look forward to the day that I no longer have to earn money, and instead can live off the dividends and returns my investments make. I envision those days as they are today, but instead of spending many of my days toiling, I can spend them gardening, building, and relaxing. But if my dad has taught me anything, I am going to need a lot of help keeping up with the changing world.
I love my dad, and I don’t mind helping with his finances. But sometimes I just don’t understand how someone who has taught me so much can understand so little.
Do you help your parents financially? What does your help entail?
