economy
February 3, 2026
I became a millionaire at age 27—here are 7 ways to help your parents ‘without literally giving them money’
"As great as it would be to give your nearest and dearest infinite help, you also can't set yourself on fire to keep others warm," says Your Rich BFF founder Vivian Tu.
TL;DR
- Help parents with budgeting and negotiating bills.
- Assist them in setting up catch-up contributions for retirement accounts.
- Research and help them apply for assistance programs and grants.
- Educate them about common financial scams to prevent them from becoming targets.
- Offer practical help with downsizing, selling assets, or managing property.
- Consider a Family Opportunity Mortgage to help parents with housing while building equity.
- Create opportunities for parents to earn extra income by hiring them for services.
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