How much for my parents to retire?
My parents are paying for almost all of my undergrad and I want to make enough money to let them retire. They were immigrants with no college degree and pretty much achieved the American Dream. They make around $90k a year total and used their savings to pay for my undergrad which totals to around $150k. I attend a US News rank 20-25 school and have an IB position secured. I want to eventually pay back the $150k and also make enough money for them to retire. If I stay in IB or move to PE, how much will I need to make in NYC to be able to achieve this? My parents also live in the northeast but in a suburban neighborhood not in NY. Has anyone here been able to achieve this? Will it be possible once I'm at the associate level clearing $300k?
I think it depends on how much you plan to help them out. Maybe you can help pay off their mortgage or give them a stipend that way your parents can find something more chill to do and still have the same lifestyle. I have similar goals to you when it comes to my parents, basically the same story. My brother and I do plan on buying them a house in the next 5-7 years. My dad also works a very demanding job for not much money and I want to help him find something more chill to do and I can make up the rest for him every month. In time, I hope to help him fully retire. This is sort of my plan for the next five years or so and then hopefully I can do more.
I feel this is a good balance between helping my parents and not slowing down my own progress when it comes to business school, building my own wealth, and being financially independent so I won't have to depend on my kids.
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