The Best Way to Financially Support a Loved One, Ep #17

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November 15, 2024 • 31 mins

If you have a family member whose expenses you plan to cover every month, how do you go about it? This listener wants to give a parent a few thousand dollars a month to help them cover expenses and have spending money.

Many physicians are the highest income earners in their families. They often try to support their loved ones. How do you do this responsibly? How do you give generously without hurting yourself or the ones you’re trying to help?

We’ll help you find the right answer for yourself—using a values-based approach—in this episode of Physician Cents.

Looking for help with Disability Insurance, Physician Banking, Student Loan Refinancing, Physician Mortgages, Contract Reviews, and more? Check out our "Best of the Best" sponsors page to find a list of the professionals Chad & Tyler team up with for their clients.

You will want to hear this episode if you are interested in...

Should you financially support a loved one? [2:38]
Step #1: Create your own financial plan [7:11]
Step #2: Consider the ramifications of gifting [13:56]
Step #3: Talk to your loved ones about their finances [16:34]
Step #4: Determine the best way to give [22:25]

The best of the best list is a paid sponsorship, but these are professionals/companies that Tyler and Chad collaborate with within their own practices or have been vetted to earn a spot on this list. By supporting our sponsors, it allows Chad & Tyler to dedicate more time to you and the Physician Cents community. If you ever have a question (or not a great experience, which we don’t expect!) about a sponsor, please let us know. We call it the “best of the best” for a reason, and we will maintain that standard for our listeners & viewers.