Once You’re Rich Do This for Your Parents (Cheap to Expensive)

Did you know that by the time you've reached 19 years old, you would have already spent 95% of the time you'll get with your parents in your lifetime? It doesn't sound right, but it is true. You get your own life, your own family, your work, your passions, your friends, and you end up only seeing them a couple of times a year. Although any sensible parent will tell you their kids don't owe them anything, every sensible kid wants to make sure their parents are taken care of. We're just wired that way.

So, let us help you do that. Here's a list of things you can do for your parents that start from cheap or even free to aspirational things that you'll get to do for them once you become rich yourself. Here are 15 things you can do for your parents to make their lives easier.

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Starting off at number one: go be successful and happy. Okay, so there are levels to this.

A) You don't want to be a burden for your parents. Don't be their reason to worry. Figure your life out. Stop relying on them for money. Get sober. Do whatever you have to do at the stage you're in life right now to either not be dependent on them or give them a reason to worry. No matter what, you have to outlive them.

B) Be reliable and predictable. They lived longer than you, so they hope that one day they'll see you find your rhythm, find a good partner that you love and who loves you back, and build a good life together.

C) If you have it in you, be successful and happy. Give them a reason to be proud of who their child has become and the knowledge that they played a role in that early development. Seeing your kid do well is probably the greatest gift there is. Make them proud. Once they know you're okay and will be okay, all they really want from you is your time.

Number two: check in on them regularly and keep them updated on your life. They won't bother you with their problems; they're too proud for it, and it's easy to let them leave their own lives in the background.

Here's a reality check: you won't change that much in the next 10 years, but they will. Meet them in person. Give them your time. Call twice as much as you do now and keep them posted on what's happening. When you tell your mom or dad what you're working on, they feel like they're important because you allow them to look in.

Although they might not get exactly what you're doing for a living, it's still something they want to be a part of. Take this moment to ask yourself: how many Christmases do you think you still have with your parents? Assume that life expectancy is around 80, maybe 85 if you lived a healthy life, which honestly isn't that common for their generation.

So, 80 minus whatever age you think they are equals the number of Christmases left before they die. If you see them three times a year, multiply that by three.

Here's where the secret Arbitrage of Happiness kicks in: if you see them an extra two more times, you just increase the time you'll spend with them before they die by 66%. Low effort, high reward. This is one of those few asymmetric returns we've talked to you about in the past.

Number three: $50 a month regular gifts and subscriptions. Pay for their Netflix, HBO Max, Amazon Prime, Disney+, whatever. Give them the little comforts. If they're into a particular magazine, get them a yearly subscription. If Mom likes to read romance books, buy her two books a month or get a flower subscription for her. Get Dad the pay-per-view to watch the boxing match he mentioned.

Buy them theater or movie tickets. Give them a reason to feel like their life isn't stagnant, and you're one of the reasons why there's more joy in their lives. This doesn't cost much, and you spend more on dumb stuff with less happiness in return.

Number four: make peace with the other parent or broker peace within the family. Everyone's got a favorite parent. You know, the one who gets you more, the one you talk to more often, and who's played a bigger role in your development. The relationship with the other parent might be less than ideal, depending on your circumstances.

Now that you've become a full adult yourself, you can put all that behind both of you and craft a different kind of future. Shoot for forgiveness and understanding, but at least move on from whatever has happened. If you're not the party affected, be the peacemaker. Maybe your dad doesn't talk to your sibling, and both of them are too proud to admit they were wrong.

Here's the reality, though: when this happens, all parties are in a lose-lose-lose relationship. You're all smarter than this, okay? The long-term positives should always outweigh personal pride. In some cases, your parents might not be in touch with their siblings for the most childish of reasons or the way the land was split up when your grandparents passed away. Don't let them grow old and bitter.

Now, everything on this list until now required more emotional intelligence on your part than money. So, if you want to have a positive impact at this point, it's a matter of choice. But now let's see what a little bit of money can do.

Number five: upgrade their infrastructure to alleviate pain. Now, this goes from fixing their car, putting in new AC units, paying for solar panels, or putting in a pool or at least a hot tub or sauna. Get them better hardware, a new phone, a nicer TV. It doesn't have to be crazy if you can't afford it, but every time you meet them, there's that one thing that has been bugging you for years. Maybe it's the stove. Maybe they don't have a washer-dryer combo, or the fridge is too small.

Or maybe they've been wanting a home security system, but because they're not as technical as you, they couldn't do it. Do that for them. It's one of those things that has a much greater impact than getting them some small kitchen appliance like a juicer type of thing they'll never use.

You've got some money now, and they have a couple of low-hanging fruit that you can tackle.

Number six: pay for that medical intervention that they've been postponing. If they need to wear glasses, get them LASIK surgery. Get them new teeth, like good ones. You've got no idea the kind of impact this has on their self-esteem and overall well-being. Get that mole removed, functional rhinoplasty so they can finally breathe right.

And if you really want to give them a new lease on life, take them to Turkey and get them one of those full-face makeovers that are trending everywhere online these days. But don't take them to this guy, okay? Because the doctor is currently getting sued because the pictures were fake, so make sure to check references.

Number seven: give them a once-in-a-lifetime holiday and spoil them. We want you to think about your mom and how much she sacrificed for you. She never really went on holiday the way you think of holidays right now. There's this innate desire to show her what life could be, and same for your dad. When they were young, it was a completely different time with different circumstances.

What if they got to see the pyramids or the other great wonders of the world? What if you put them on an all-inclusive world cruise while their health still holds up? Some parents haven't really had a real holiday in decades, and you can give them that. You can take them to a really nice restaurant, the kind where they would never go on their own.

You could take them shopping to stores they would never set foot into. You could pay for all of those little pleasures that they've been denying themselves to conserve the little capital they have. You don't have to be stupid with money, but you can show them there's more to life than they know. And trust us, they'll talk about that trip for the rest of their lives.

Personally, we're doing this once a year, and it includes everyone in our family. Think 12 to 15 people, plus kids. We like to find a great Airbnb in a beautiful location and fly everyone there for at least a week. It gives us the opportunity to spend more time with everyone in our familial circle, and you get to make those memories while you're still lucky enough to have everyone around. Everyone loves it, and it's been a massive net positive for us. That's why we decided to do it on a yearly basis.

Number eight: paying off their debt. If you're in the fortunate position to lift some of the weight they carry off their shoulders, do it. Debt is the thief of freedom. People sacrifice freedom to continue paying off old debts. Buy back their freedom.

You can't imagine what it feels like waking up in the morning not carrying that burden on your shoulders after years of struggling with it. You might not know this about your parents, but they have secret hobbies or interests that they put on hold for years because they no longer had the time or resources to enjoy them—be it dancing, painting, hiking, fishing. They've got something that they were deeply passionate about. When you pay off their debt, not only are you buying back their freedom, but you're giving them an opportunity to find their way back to what makes them happy.

Number nine: get them that always-wanted gift. This is incredibly specific to each person, okay? You know your mom and dad better than anyone else, and chances are you've heard about this one wish over and over again for decades.

It might be visiting a specific country, buying a boat, a classic car, or seeing the World Cup live in person. There's always something that they've desired for their entire lives, hoping that one day they might be able to grasp it. So give it to them if you believe they're worth it.

Okay, so we've covered experiences, memories, and material things that make their lives easier. Now it's time to move on to purpose.

Number ten: give them grandkids. Grandparents who are involved in the lives of their grandkids live up to five years longer than the rest. You're giving them purpose and a reason to maintain health and mental acuity. For them, it's a second chance at experiencing a child grow up, but this time with a wealth of experience and without the other societal pressures that they had to deal with while caring for you.

Nothing pains them more than being cut out of your life, and this is like the exact opposite of that. You don't want them to parent your child; you are the parent, but they do get to go along for the ride with you.

Number eleven: make sure their legacy lives on. So, legacy is made up of three parts. Part one is biological, right? It's the bloodline continuing. And look, okay, we know we're not in medieval times; your family is not the House Targaryen, but it is genetically programmed into us to want to see your offspring flourish. So, this is the first kind of legacy.

Part two is individual: their thoughts, their ideas, their art, their views on the world, the lessons they've learned, their creative contribution. They want to feel like they were able to create something that will outlive them or at least keep their memory alive. There is a saying that goes like this: you die twice—first when they bury you in the grave, and the second time is the last time somebody mentions your name.

That's Melmore, by the way. So, sit them down and record a podcast together, record everyday life with them, have them answer some questions in a journal, help them publish a book about their life. This way, all of your family builds heritage.

And part three is environmental. Take them back to their birthplace and do something that betters the community there. Help rehabilitate a school, a church, or at least add some benches in a park. Leave the place better than when you found it. They have in themselves this desire to know that they gave something back. All three are proper contributions to humankind.

Number twelve: extend their life with money. Technology is moving fast, so use it to your advantage. Are they overweight? Get them a nutritionist, get them a private chef, get them a weight loss specialist. Money can't buy time, but it can delay the inevitable outcomes if you use it right. Better doctors, better tests, better treatments earlier will do wonders for them. Help them learn this stuff. Have them learn what a modern healthy lifestyle is, and see how you can make it fit into their reality.

Number thirteen: settle everything there is to settle before you have to. Wills, successions. Assure them of a dignified death. We know we made you uncomfortable with this one, but look, okay, this is life. Your parents will not live forever, and solving everything before you have to simply gives them enough peace of mind that everything will be okay, and they can focus on the present.

It is much better to draw clear lines while everyone is still in their mental faculties and knowing that you have at least a couple of decades still ahead in your life. Historically, these situations have given spark to a lot of bad blood between siblings, so bring it all into the light and make sure everyone knows what will happen.

There might be a couple of items of emotional value that you really care a lot about. There's a common saying in Eastern Europe and in South America that goes like this: your parents' home, meaning the house you grew up in, is not for sale. It should stay in the family. You have to revisit your roots so you don't lose yourself in the process. It's a puzzle piece of your identity.

Number fourteen: buy them a better home. Told you we were increasing the budget through the video! So picture yourself gifting your parents their dream home. You holding the keys and seeing them process what is actually happening in real time.

A better house doesn't necessarily mean a bigger house. It could mean living closer to you or in a better state or country. It could mean more comfort, safer and closer to their interests. It could mean them moving out of an apartment and into a home with a garden where they could enjoy getting old. Maybe they want to raise cattle, chickens, and grow their own food. Give them this luxury of seeing it become a reality.

And number fifteen: retire them ahead of time comfortably. They struggled enough; they worked enough. It's time to take life easier. If you have enough money, you could retire your parents tomorrow. You don't have to wait for them to reach 65 or whatever the retirement age is in your country.

Most retirees live with the fear that the money they have amassed in their lifetime will not last them until they die. They end up being financially scared for the remaining years of their lives, so fix that for them. Here's how you do it: figure out what their cost of living is on a yearly basis, with medical bills included.

At number fifteen, we're assuming that you've got the financial means to do it, that you've bought enough income-generating assets dedicated to supporting their retirement indefinitely. Think an apartment building, multi-family, or commercial real estate that cash flows incredibly well. These assets pay for their retirement. When your parents are no longer with you, that cash flow can be redirected to your account, and you would have still earned appreciation on everything.

And look, okay, due to inflation, most of your parents' generation will not be able to rely on a pension or their savings to support themselves. The grocery basket has doubled in the last five years, and it's not slowing down. They'll need your brains to pull through.

Now looking at this, which one do you think your parents deserve the most? What's the goal that you're shooting for? Let us know in the comments, and since it's a Sunday, of course, there's a bonus waiting for you at the end of every video.

Your role in your inner circle changes as you expand. There's this really smart quote from Nim TB that lives rent-free in our minds when we think about our friends, family, and community in general. It goes like this: with my family, I'm a communist; with my close friends, I'm a socialist; at the state level of politics, I'm a Democrat; at higher levels, I'm a Republican; at the federal levels, I'm a Libertarian.

Figure out what role you wish to play in the circle you're in and then live like that. If you want to learn what it takes to be able to achieve the things later mentioned on this list, like retiring your parents, paying off their debt, and actually giving them and yourself the life you really deserve, we recommend you start taking your financial education seriously.

Over 200,000 people use our app to do just that, and the feedback is amazing. We pay the smartest people in the world a lot of money to teach you the same lessons top CEOs and executives learn for a fraction of the cost. You can go to alux.com/app to download it, or since you're a true Aluxer watching these until the very end, scan the QR code on screen right now, and you'll get 50% off the yearly plan.

Hopefully, most of you will make your parents proud. If this is something you'll go after, write which of your parents deserves it more: Mom or Dad, in the comments. We're curious to see the split.