Put Your Own Mask on Before Helping Others?
Does that sound familiar? Flight attendants have been saying that for years and I believe it rings true when it comes to your finances (at least to a certain extent). I am a big believer in philanthropy and giving money to organizations and causes I care about. More than just believing in it, I donate regularly. However, I would not give money to the extent that it disrupts my own financial goals.
Ive read on some message boards about young people sending money home to support parents. Lucikly, I am not expected to send money home, but then again, my mother is still working. If my mother needed help on a regular basis, I would send as much as I could without derailing my own financial plans. By still ensuring I have money to go for my own goals, I hope to make certain the cycle doesnt repeat itself. Id love to hear from others who either send money home or dont but are expected to do so. Do you voluntarily send money home, or do you do it because you are asked? Do you feel like you do this because of your upbringing? Or, do you out-earn your parent(s) and just want to help because you can? Trusty MSN Money has a whole section of articles on caring for parents.
This is also posted at Financial Freedom Trek.
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