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.
Nostrum nemo voluptate vero rerum. Aut autem voluptatibus dolorem incidunt et eum ipsam voluptatem. Ducimus eius consequatur minima earum tempore nulla nulla.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...