Dave Says: How to Pay for Long-Term Care

Featured Article, Finance, Home & Family, People
on July 16, 2012

Dave Ramsey is a money-management expert, national radio personality and best-selling author. His column appears regularly in American Profile.

Dear Dave,
I don’t make a lot of money, but my parents are getting older and I feel financially responsible for them as they age. Should I start a separate savings account just for that purpose?

—Desiree in San Antonio, Texas

Dave Says: You’ve got a good heart, and it shows in the fact that you care so much about your mom and dad. But your best bet is to get your own finances under control and work toward building wealth. You don’t need a separate “My Parents Are Getting Older And Will Need Help Later” fund. If you work toward achieving financial peace for yourself, you’ll come to a point where you can help family members if they’re in need. Then, if your mom and dad find themselves in a position where they require help, you’ll have the resources to step in and be a blessing to them. Just follow my Baby Steps advice by getting out of debt, building an emergency fund, and then start investing and saving. Then you’ll have the ability to help others because you’ve been able to build wealth!