Move Toward Multigenerational Living
Suze Orman
Bestselling Author | Host of the Women & Money Podcast | Co-Founder of SecureSave
Welcome to Money Monday with Suze, a weekly newsletter designed to inspire your financial life and give you actionable insights from the World’s Personal Finance Expert. Like what you’re reading? Subscribe and share with your friends. Let’s dive in…
Even before this crisis upended our lives, building financial security was something many of you struggled with. The bills get paid, maybe a little gets saved, but you feel like you can never really get ahead and save a lot for retirement. Or worse, the unpaid credit card balances keep growing.
As we all are rocked by the current health and economic crisis it can lead us to think long and deeply about our goals, our hopes, our fears. For us, for our family.
I want to share a possible step you and your family should consider.
Move in together.
You move in with a kid, or they and their family move in with you. Or you all decide to hunt for a place where you all can move in together.
I am not suggesting you make a move ASAP. What I want is for you to start talking about whether this might be a win-win for your family. Financially, maintaining a home—whether you own or rent—is likely your single biggest monthly expense. How would your finances look if you shared that cost?
Moreover, as I explain in my new book, The Ultimate Retirement Guide for 50+, as we age, it is wise to live in a home that works for us emotionally. I think you may all benefit from being closer as you age. And for those of you with young grandchildren, my guess is you may enjoy more together time, and their parents would be thrilled to have you available for some caregiving (to be clearly negotiated!).
Again, this is not something you decide over one weekend chat. It is something you slowly and carefully consider and discuss openly. The longer you plan ahead, the more options you may have. Maybe the detached garage is converted into a nice studio apartment for you. You’re near, but also have truly private space. (Of course, local zoning laws need to be followed). Or you start house hunting as a multi-generational family, looking for a neighborhood and a layout that works for everyone. Will tradeoffs need to be made? Of course! But if all parties have a clear picture of what tradeoffs they won’t mind, then you all may find moving in together can work financially and emotionally.
Learn More Money Strategies
To help guide you through these difficult times, I want to give you FREE access to the audiobook of my newest bestseller, The Ultimate Retirement Guide for 50+: Winning Strategies to Last a Lifetime. The advice and insights within these 12+ hours of audio will not only help lead you through these trying times, but will also guide you to Ultimate Retirement.
The Future of the Unknown
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I am ecstatic to announce that I have been picked up by Alamo World Travel Leisure Travel Consultant at Alamo World Travel & Tours
4 年Hi Suzi, thank you so much for your newsletters here on LinkedIn. I loved watching you on TV when you had your show on CNBC. Back at the beginning of this pandemic, you suggested that people impacted and lost their jobs should look into seeing if their mortgage holder was offering a forebearance program. I did look into it with my bank, USBank, and decided to do the forebearance. I did receive all the letters and acknowledgements from the bank that everything was fine with me in the program. Then I received this past Saturday (and put a real dampener on my holiday weekend), a letter from the bank saying I was past due and could be subject to late penalties. Obviously, I had to wait all the way to today to call due to the holiday. I was told that everything was still fine. But the letters have to be sent out to the home owner on the program due to bank legal requirements. And eventually, those letters will even include foreclosure notices! I am just supposed to ignore them. I don't know if this is the norm for all banks or is just the situation with this bank. Either way it pretty much defeats part of the purpose of the forebearance program in as much as giving the homeowner peace of mind. Fortunately, I was suspicious the whole time and so I made sure I kept writing the amounts due in my checkbook so that the money would always be there and ready at a moments notice. I frankly did not wish to harassed like this, and I DO consider it harassment, had them remove me from their program and immediately got my account up-to-date. So you might want to warn the readers to question their bank VERY closely in this regard, especially if they CAN still pay their mortgage while they are out of work. Just wanted to give you a heads up on this.
INDEPENDENT CONTRACTOR
4 年Glad to hear that. Thanks Suze. Beautiful article
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4 年President
4 年Examining other cultures this is not uncommon, in fact centennials are generally are included in an environment like that. Respect and personal space must be a part of the equation. I lived with a Thai family for a while in Los Angeles and family members contributed what they could to the household. What was wonderful was that I did not notice judgement about all contributing equally but what they could. The home seemed peaceful.