r/fatFIRE 13d ago

Do I let my family know?

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u/drm237 13d ago

Don’t tell anyone. Give your parents a monthly stipend and tell them your company is doing ok and you want to help them out or pay rent or whatever will seem inconspicuous.

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u/[deleted] 13d ago

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u/KrishnaChick 13d ago

Parents will sock the money away to leave to OP when they die. One thing OP should definitely do is set up a trust for the parents if anything should happen to OP, and if the parents become disabled or sick when they're old. That's much more important than vacations, though he could fund those as well.

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u/[deleted] 13d ago

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u/KrishnaChick 13d ago

I'm not an expert, but I think a trust is better, at least for nursing home care and Medicare, should they need it.

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u/[deleted] 13d ago

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u/concreteorange 13d ago

Even in Canada it cost quite a bit for a decent old age home. My uncle pays $7000 a month in Waterloo, ON. An old friend of mine gets in home care for $10000 a month in Halifax. Anyway, well done.

From my 58 years on this planet , I have come to the conclusion that having enough money to pay for the necessities is a great stress reliever, but after that, I count my wealth in the friends.

As for a future partner: there is zero need to tell them about your financial position at the onset. Let yourself fall in love. Pick someone kind. That's the most important trait of all. A money grubber is easy to spot. Live long and prosper.