MtoM #245: Physician Aids Her Parents in Buying a Car with Cash for the First Time and Finance 101: Helping Your Parents with Their Finances

Summary

White Coat Investor Podcast – Milestones to Millionaire #245

Physician Aids Her Parents in Buying a Car with Cash for the First Time and Finance 101: Helping Your Parents with Their Finances
Host: Dr. Jim Dahle
Guest: Dr. Rebecca
Date: October 20, 2025

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Episode Overview

In this episode, Dr. Jim Dahle celebrates a unique financial milestone: Dr. Rebecca, a physician, shares how she guided her parents—who'd never made a large purchase with cash—to buy their first car without financing at ages 75 and 76. Their story illustrates both the challenges and fulfillment of helping parents achieve financial independence late in life. The episode then transitions into actionable advice from Dr. Dahle on helping parents with their finances, sharing both his personal and professional insights.

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Key Discussion Points and Insights

1. Introducing Dr. Rebecca and Her Background

• Location & Career:

  • Rebecca lives in San Diego, CA—a high cost-of-living area.
  • She works half-time in research, half-time in maternal-fetal medicine and clinical genetics.
  • Finished training in 2022.
  • (02:17)

• Upbringing:

  • Family was not immigrant, but low income with little financial education.
  • Parents were high school graduates and made many financial mistakes, e.g., whole life insurance, overspending windfalls, lack of retirement planning.
  • “My family is like the poster children for under accumulators of wealth.” — Rebecca (03:23)

2. Rebecca's Own Financial Journey

• First-generation college student; full-ride at UCLA.
• Chose medicine through hospital work and mentorship.
• Attended expensive medical school funded entirely by loans.
• Incurred consumer debt and relocation loan during residency. Totaled over $500,000 debt.
• Turning point: Reading the White Coat Investor book, getting a financial planner, then using a small inheritance to clear consumer debt and start “slowly taking the right steps.”
• (04:53–06:58)

3. Helping Her Parents—From Observation to Action

• Moved back to San Diego for her children to be near grandparents.

• Noted her parents' financial habits and slowly started making behavioral finance changes for them:

  • Opened a Vanguard account in their name.
  • Each Social Security increase, transferred excess funds into savings.
  • Helped shift small spending habits (e.g., more home cooking, fewer meals out).
  • Over two years, those changes accumulated into significant savings.

• Quote:

  • "Just small changes that really over the last two years have added up significantly so that when the time came and they needed something, they had the money to do it." — Rebecca (07:17)

4. The Car Purchase Milestone

• Parents' 2012 Mazda died due to transmission failure.

• Initial plan was to finance a new car: "It's only going to be $200 or $300 a month."

• Rebecca calculated the true cost: $33,000 over the loan term.

• Introduced the idea of paying cash, revealing they had $25,000 saved—an entirely new approach for her parents, who'd never bought anything for more than $1,000 in cash.

• Car shopping resulted in a used Toyota Corolla for ~$18,000.

• Rebecca set reminders for maintenance, acting as an ongoing advocate.

• Emotional outcome: Initially uncomfortable, but her parents took pride and felt relief at not having a car payment.

• (08:43–10:23)

• Memorable Quote:

  • “They’re driving around the city with the windows down, feeling like they’re, you know, fancy. So they’re very excited.” — Rebecca (10:23)

5. Changing the Family Tree—Upwards

• Discussion that “changing your family tree” can mean helping your parents, not just your children.

• Rebecca’s motivation: gratitude for her parents; long-term view that their welfare is ultimately her responsibility and affects her financial life as well.

• Sought to increase their autonomy, preserve their independence, and avoid distress.

• Quote:

  • “Their financial welfare is ultimately my financial welfare, too, because I love them and care about them, and I’m going to make sure they have anything that they need, and I don’t necessarily trust their judgment in all things.” — Rebecca (11:09)

6. Navigating the "Sandwich Generation"

• Rebecca balances helping her parents without undermining their independence or financial pride.
• Has not set aside a specific “parent care” account but has made other long-term plans (e.g., designated first-floor room at her home should they need to live with her).
• Self-insures for future long-term care via lifestyle and real estate decisions.
• (12:24–13:53)

7. Rebecca's Next Steps

• On track for financial independence within 10 years.

• Automates finances—multiple bank accounts and “behavioral finance process” to keep on plan with minimal effort.

• Regularly checks in but relies heavily on written plan and automation.

• Quote:

  • “We’re just chugging along, it’s all automated. I don’t have to pay attention to it. I check into it once in a while and make sure that we’re in accordance with our written financial plan. And it’s pretty easy.” — Rebecca (14:42)

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Dr. Dahle’s Segment: Finance 101—Helping Your Parents

(15:51–24:24)

1. Recognizing the Challenge

• Many high-earning professionals are the first generation in their family to be both financially comfortable and financially literate.
• Natural to want to help parents, but it may come with emotional and logistical challenges, especially if others (siblings) are involved.

2. Dr. Dahle’s Experience Assisting His Parents

• Discovered his parents were overpaying a financial advisor (2% AUM fee, poor asset selection).

• Educated parents about index funds, eventually shifted portfolio management to himself and Vanguard.

• Results: Lower expenses, more wealth, greater peace of mind for family.

• Describes his annual process: rebalance and take RMDs (Required Minimum Distributions) in under 20 minutes.

• Notable Quote:

  • “It has made a significant difference not only in how much wealth they have, but in how much comfort they feel. Because not only do they have somebody they know cares about them watching over this stuff, but they know that they're not doing anything stupid with their money.” — Jim Dahle (19:30)

3. Practical Cautions and Tips

• Be transparent with siblings/other heirs to avoid conflicts or accusations.

• If uncomfortable, hire a professional advisor for parents, so you’re not in the line of fire if investments underperform.

• Other ways to help parents:

  • Car purchase
  • Reviewing/clarifying insurance policies
  • Discussing topics like when to stop driving/flying, long-term care
  • Proactive planning for moments of diminished capacity

• Dr. Dahle’s Principle:

  • “It is far easier to help from a position of strength…way easier to pull somebody up onto a ledge than it is to push them up onto a ledge.” (22:06)

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Notable Quotes & Memorable Moments

• Rebecca:

  • "My family is like the poster children for under accumulators of wealth." (03:23)
  • "They like to see a certain amount in their accounts and they will change their behaviors so that they have that amount…every time they were above that amount, I just take it out and move it." (07:17)
  • "They're having a great time. They're driving around the city with the windows down, feeling like they're, you know, fancy." (10:23)
  • "I'm going to make sure they have anything that they need, and I don't necessarily trust their judgment in all things." (11:09)

• Dr. Dahle:

  • “When I first became financially literate, the first people I started thinking about was my parents.” (16:50)
  • "Be very careful doing this right when you are inserting yourself into your parents finances. Not only is there a certain level of responsibility there to make sure you're doing it right, but your siblings better be okay with it or any other heirs to this estate better be okay with it..." (20:44)
  • “It is far easier to help from a position of strength, right? It's way easier to pull somebody up onto a ledge than it is to push them up onto a ledge.” (22:06)

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Timestamps for Key Segments

• 00:00–02:12: Intro & sponsor (skip)
• 02:12–04:37: Introducing Rebecca & parental background
• 04:37–06:58: Rebecca’s personal financial journey
• 07:17–08:43: Behavioral changes for her parents
• 08:43–10:23: The car purchase story
• 10:23–11:09: Emotional impact on her parents
• 11:09–13:53: Motivations, balancing independence, long-term plans
• 13:53–14:42: Long-term care planning
• 14:42–15:47: Rebecca’s future plans, automation
• 15:51–16:50: Dahle’s reflections and finance 101 transition
• 16:50–19:30: Dahle’s own experience assisting his parents
• 19:30–22:06: Practical advice, transparency
• 22:06–24:24: Final tips, sponsor & wrap-up

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Takeaways

• Helping parents financially can be as important as planning for your children’s future.
• Behavioral finance strategies and small, sustained changes are powerful.
• Automating good habits lays a foundation for both your own and your family’s financial security.
• Supporting aging parents requires a balance—respect their autonomy, but be ready to step in.
• Transparency and communication with family about finances are critical to avoid misunderstandings or conflicts.

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Transcript

[Rebecca]

This is the White Coat Investor Podcast, Milestones to Millionaire celebrating stories of success along the journey to financial freedom.

[Jim Dahle]

This is Milestones to Millionaire podcast number 245. Physician aids her parents in buying their first car with cash. This podcast is sponsored by Bob Bayani at Protuity. He's an independent provider of disability insurance planning solutions to the medical community in every state and and a longtime White Coat Investor sponsor. He specializes in working with residents and fellows early in their careers to set up sound financial and insurance strategies. If you need to review your disability insurance coverage or to get this critical insurance in place, contact [e-mail] gratuity today you can email infoetuity.com, you can also call 973-771-9100. All right, all of you out there getting new jobs this fall, right? All you PGY3s or PGIY or PGY17s, whatever. You're going out into the real world or maybe you're changing jobs. Get your contracts reviewed. Okay. I can't believe how many docs sign dumb contracts without actually knowing what they're signing. It does not cost very much to have your contract reviewed. Go to whitecoatinvestor.com ContractReview We've got a number of providers there. They're all great. They'll all tell you what you're signing, answer your questions, help you negotiate. They'll even negotiate for you. They might charge you a little more to do that. They'll tell you what you're worth. They'll show you what other contracts they been reviewing for people in your area and your specialty and give you an idea of what you're worth, what a fair price is. This is not doing this as being penny wise and pound foolish. Please get your contracts reviewed. All right. We have got a great interview today. I'm looking forward to this one. I think you're going to love it. And we're going to talk a little bit afterward about helping your parents with their finances. We're going to get kind of personal today, so let's have some fun. Our guest today on the Milestones to Millionaire podcast is Rebecca. Rebecca, welcome to the podcast.

[Rebecca]

Thank you so much for having me. Excited to be here.

[Jim Dahle]

Tell us about the where you live in the country, what you do for a living, how far you are out of training, et cetera.

[Rebecca]

Sure, I live in San Diego, California, which is a beautiful place to live, but definitely high cost of living. I graduated from training in 2022 and I do halftime research and then half Time. Maternal fetal medicine and clinical genetics.

[Jim Dahle]

Okay, very cool. All right, well, we have a unique milestone today I don't think we've ever celebrated in 244 prior episodes. Tell us what milestone we're celebrating today.

[Rebecca]

Sure. So I helped my parents actually save enough money that when their car died, they were able to with their own money, buy a car with cash. And their 75 and 76 years have never purchased anything larger than I'd say 500 to $1,000 with cash.

[Jim Dahle]

Wow. Pretty awesome. All right, we need some background information. Tell us about your parents. Are they immigrants? They grow up in relatively lower class circumstances. Tell us about your upbringing and tell us the story. This is a super interesting story.

[Rebecca]

So I think most of your listeners will probably have read the Millionaire Next Door book or something associated in that family. And when I first read that, you know, the thing that stood out to me is that my family is like the poster children for under accumulators of wealth. I think my parents have made almost every kind of big financial mistake that you can make. My dad definitely had a whole life insurance policy. They were relatively high earners and had their own company, but I don't think really took advantage of most of the tax benefits and really didn't have thoughtful retirement savings. They had a trust from like the sale of grandparents houses and kind of used all of that. And whenever they got money in, they would spend it very quickly. And so I think I would say I didn't have a very good financial background in education. They were not immigrants. They I think came from families that were very low income and just didn't really have good financial education themselves and didn't have the support or education. They didn't go to college. They're both high school graduates so they really didn't have that good background.

[Jim Dahle]

Okay, let's turn the page now and tell us a little bit about your story. Because coming out of this kind of upbringing, you're a doc. So at some point something changed there education wise in your family. Tell us about that.

[Rebecca]

Yeah, you know, I'm actually a very grateful kind of first generation college student. I went to UCLA and I was very fortunate to have a full ride scholarship there. So I didn't have educational debt coming out. And my whole goal was to go to college. I didn't have any other goal because that was something that was never previously attained in my family. And then after college I was in this weird spot where I was like, well I, I did the thing and now what do I do? And I got It I loved genetics, and I got a job in a hospital cytogenetics lab and of just followed different people around and really loved what the pediatric geneticist did. And I had really wonderful mentors. And so I decided to go to med school and went to med school without any plan to have my. Have any help in terms of finances. I went to a relatively expensive medical school and had to fund the whole thing on student loans. And then, you know, I think medical school, particularly when you're living on your own in a new place, is very expensive. And I actually wound up kind of getting consumer credit card debt, having a personal loan that I needed because of the need to, you know, I took out like a residency relocation loan. I had a stupidly high interest rate, and then I was in residency and not making very much, and I had this consumer debt and this residency relocation loan. And I was living in Boston, which is a really high cost of living area. And you're so busy as a resident and a fellow. I was just kind of playing an ostrich and getting worse and worse as opposed to better. And now with $500,000 of educational debt. So at some point I read your book and I met with a financial planner and started to take some small steps and then had a small windfall of money from a relative dying in Covid in a terrible way that helped us wipe out what was ultimately a small amount of consumer debt and then just started to slowly kind of take the right steps.

[Jim Dahle]

So you started becoming financially literate, financially disciplined, really. It sounds like after coming out of training and at some point you turned your mind back toward your upbringing, toward your parents, and you decided, I got to share these blessings with people I care about. Tell us about that process.

[Rebecca]

Yeah, absolutely. I moved back to San Diego so that my three children could grow up with their grandparents who are, you know, despite their maybe not having the best financial background, the most wonderful, loving, phenomenal people who, you know, part of, I think part of their problem is if they had 2 cents and they saw somebody who needed it, they would give it away. So they're just wonderful people. And I, as somebody who now knows more about finances, I kind of observed how they live their lives and just started to make small changes for them. I opened a separate Vanguard account, and when their Social Security, you know, wage increase happened, but their cost of living didn't really rise that appreciably, I just, you know, asked their permission and created an account in their name and started transferring $200. And they. They're the Kind of people that, like, they like to see a certain amount in their accounts and they will change their behaviors so that they have that amount in their accounts. So I just, every time they were above that amount, I just take it out and move it. And then they would slightly adjust their behavior, not in meaningful ways, but in like a. They wouldn't go out and get Thai food. They would eat at home and little things like I started buying them some groceries that they would eat food at home more instead of going out. Because there were things that were made, like just, just small changes that really over the last two years have added up significantly so that when the, when the time came and they needed something, they had the money to do it.

[Jim Dahle]

Awesome. So tell us about the car. The old car died or what happened.

[Rebecca]

Yes, they had a. It wasn't even that old. It was like a 2012 Mazda. And my dad was a mechanic, so I don't really know how this happened, but I think he never really got it serviced. I think he got oil changes, but didn't actually like have the transmission serviced. And so the transmission failed.

[Jim Dahle]

And in 2012, when the transmission fails, it's totaled.

[Rebecca]

Yeah, yeah. And a 2012 Hyundai, when the transmission fails, you're done. So, you know, he had looked around and his neighbor got a new Hyundai and wanted to go get that car. That. And I, I pulled out a, you know, calculator and was like. Because his thought was it's only going to be two or $300 a month. And I said, well, you know, if you actually calculate that out over the life of the car, you're paying like $33,000 for that car. And I think that that's probably not worthwhile. So that kind of broke his brain. And he didn't even think of ever paying with a car for cash. And then I was like, well, you have $25,000 in this account, so let's go find you the right car.

[Jim Dahle]

So you. Did you go car shopping with him or how'd that go?

[Rebecca]

I went car shopping with him. I learned a lot about my dad's unique behavior preferences, but ultimately they got a used to Toyota Corolla that they're very happy with. And I have a calendar invite in my calendar to remember when they're going to need to go get their car serviced.

[Jim Dahle]

Did they spend the whole $25,000 or how much did they end up spending?

[Rebecca]

No, I think they, they wound up spending about $18,000.

[Jim Dahle]

Okay. How did they feel having a car that was paid for? It sounds like maybe for the first time, at least the car right after.

[Rebecca]

They bought it, I think very uncomfortable. They're still trying to get used to it. I mean, they're in their late. They're in their mid to late 70s. They're just, you know, they're creatures of habit. And I think my mom is very grateful because she was worried about having a new payment every month. But, you know, they're having a great time. They're driving around the city with the windows down, feeling like they're, you know, fancy. So they're very excited.

[Jim Dahle]

All right. Very cool. So, you know, we talk a lot about changing your family tree, and I think most people think about that, and they think about, you know, their kids, the next generation, not the last generation. What inspired you to, you know, take a look at the last generation and see what you could do to help?

[Rebecca]

I'm very grateful to my parents for so many things. I think they've. They've worked very hard for their entire lives. You know, they're getting older, and their health and welfare, in terms of both physical health and financial health, like, ultimately, I'm going to take responsibility for that because there's no way in the world that I would let them be in any sort of distress or need. Like, ultimately, I'm going to pay for whatever is needed for them. So I suppose you could say it's selfish in a way that, as I think about it, their financial welfare is ultimately my financial welfare, too, because I love them and care about them, and I'm going to make sure they have anything that they need, and I don't necessarily trust their judgment in all things. So moving to San Diego is also helpful to make sure that I can, you know, help them do things that they need to do that are the best for them. And, yeah, I suppose that's what I would think of with that. And, you know, your. Your kids, you hope that they grow up and make good choices, but they're kind of unknown entities. You have lots of hope, but you don't have lots of data. And for my parents, I actually have lots of data, and I know exactly what they're going to do in most situations. So it makes them far more predictable than my kids.

[Jim Dahle]

Well, the interesting thing about this is you're at a place where you're having to balance, right? You're balancing your own financial life with their financial life. You know, the classic sandwich generation kind of situation. So how have you found balance in how much you're using your financial resources, your income, et cetera, to help them versus getting yourself into a position where you can help more from a position of strength.

[Rebecca]

You know, the interesting thing is they have a lot of pride and don't want for me to pay for things or do things for them, but they will get to the point that they need it. So I see taking small measures kind of after talking to them about it and advising it on them, advising things for them really as increasing their autonomy and kind of respecting their ability to take care of themselves as incredibly independent people that, you know, both of them were on their own and didn't have any help from their parents from very early ages. So it's something that they're very used to. And I think they don't ask for help, have never asked for help and probably won't ask for help. So I'm just trying to preserve their independence as long as I can.

[Jim Dahle]

Yeah, very cool. You haven't gone to the point where you have a dedicated savings account? This is my helping parents account or anything like that, or you haven't gone and bought them a, you know, long term care insurance policy or anything like that?

[Rebecca]

You know, I think moving to San Diego and kind of being very close to them and buying a house with a room on the first floor that is kind of just dedicated as currently it's an office, but it'll eventually be a grandparent room. I'd say we're kind of self insuring for long term care insurance where we made lifestyle choices that will allow us to be there for them. And if at some point somebody has an illness and needs additional care, they probably will live with us and get that care as a part of our kind of day to day lives, you know, with a hired nurse or something. I, I have money saved, but I don't have a dedicated account for that.

[Jim Dahle]

All right, well, what's next for you? I mean, you've, you've accomplished something pretty cool here. What, what are you working on next in your life?

[Rebecca]

Yeah, you know, we have a projection for financial independence within the next 10 years. And so I'm just tracking to make sure we're on track for that. And as illustrated with my parents, I automate a lot of things like our bank accounts, really our paychecks get split up into six different bank accounts so that we live in that same kind of behavioral finance process that my parents do actually. And we're just chugging along, it's all automated. I don't have to pay attention to it. I check into it once in a while and make sure that we're in accordance with our written financial plan. And it's pretty easy.

[Jim Dahle]

Awesome. Preach it. I love it. I love it. Okay, Rebecca, you have done something incredible. You've got. Not only have you helped your parents in a significant way, but you have managed after 244 prior milestone to Millionaire episodes, to come up with a new milestone. We have never celebrated. Thank you so much for being willing to come on, be so vulnerable, talk about you and your family, and inspire others to maybe look a little bit at the last generation and see what they can do to help. Thank you so much.

[Rebecca]

Thank you so much. Thanks for all you do.

[Jim Dahle]

All right. Great interview with Rebecca. That was a lot of fun. I love doing new milestones. You know, I've got a set list of questions for each of the popular milestones. I had none for that one, so it ends up just being completely conversational, and that's always a lot of fun for me. So we don't mind new milestones. We'll celebrate whatever milestone you have and we'll pitch it and format it in some way that we can use it to help others to get closer to their own financial goals. But I promised you at the top of this podcast that we would talk about helping parents. Okay? Now, some of us are estranged from our parents. I get that maybe there was abuse or relationship broke down. You feel no need whatsoever to help your parents, that's fine. But recognize that there is a significant portion, large percentage of the audience out there that we feel at least some amount of love and concern and care for our parents. And our parents sometimes are very good at finances, they're financially literate, et cetera. But I would say it's more common that we're the first ones in our generation, not only with our income, but with our level of financial literacy. So it doesn't take much to be able to provide a lot of help when you're not only in the financial position that most white coat investors are in, but you have a level of financial literacy that most white coat investors have. When I first became financially literate, the first people I started thinking about was my parents. And it turned out as we dove into it that they were overpaying for terrible financial advice. I can't remember what the asset under management fee was. My recollection is it was 2% or something like that. And what was this financial advisor doing? He was dumping my parents into individual stocks and high expense ratio mutual funds and all this bizarre stuff. And it was interesting because the conversations I had with my parents were, well, what if you Just bought all the stocks. What if you just dumped it into index funds? How much would you have now instead of what you have? And investing was relatively new to them. And my dad worked primarily for a pension throughout his career. It wasn't until he was kind of retiring from his public job and doing similar work as an independent contractor that he really started getting paid more and putting money away for retirement. So they're still mostly retired on that pension and Social Security, but they were able to build a nest egg in those last few years of his career, which has continued to compound since. But I kind of came along at the very beginning of this nest egg building process. He was still making contributions at that point. I was in residency. I just become financially literate and I'm like, what is going on here? And so we talked about it, we did some financial education, and over the course of two or three years, they decided, okay, we're going to quit paying this guy 2% or whatever a year to underperform the market. And we're just going to get the market returns and not, you know, pay anything. And so, you know, I helped with that process, helped them to manage money using a pretty simple, even simpler than my asset allocation investment plan. You know, all at Vanguard. And they've followed that since. It's been more than 20 years now. They've been following this investment plan. Their money has continued to grow. They're paying almost nothing in investment expenses and frankly is super easy to manage their portfolio. Right. I go in there once a year, literally for less than 20 minutes, and we rebalance the account and take their RMD. That's it. In fact, usually they just reinvest the RMD in the taxable account. That was started when they started taking RMDs. This year. I've finally managed to talk them into spending some of it. They're doing a renovation, which I think is great, and they're doing well from that perspective. But it has made a significant difference not only in how much wealth they have, but in how much comfort they feel. Because not only do they have somebody they know cares about them watching over this stuff, but they know that they're not doing anything stupid with their money, which I think hangs over a lot of our heads until we become financially literate. Now, do they love this stuff like I do? No. I got them to read like one financial book. That was it. Are they capable of being DIY investors? Probably not. Are they capable of understanding what we're doing and staying the course of the plan? Absolutely. And in fact I had a conversation with them recently, they turned 80 this year. Conversation with them recently, and they're like, you know what? We had that fraud issue with the bank account a couple of years ago. We don't even really want to be directly accessing our investment account. We want to make sure we're going through you. Anytime we're pulling money out. I'm like, well, that's a real vote of confidence that they feel that way about me. And I don't mind doing that. It's super easy for me to help them transfer money back. In fact, we had to relink a bank account. It turned out they hadn't taken any money out of their investing account in a couple of years. And so we had to relink the bank account to their investment account. But it's something that we can do for our parents. Now. Be very careful doing this right when you are inserting yourself into your parents finances. Not only is there a certain level of responsibility there to make sure you're doing it right, but your siblings better be okay with it or any other heirs to this estate better be okay with it, right? You gotta better have a good relationship there and some trust there. Sometimes the best money spent is to hire them a real professional financial planner and investment manager. So you're not getting into trouble with your siblings that they think you're doing something underhanded or worse. They're blaming you for terrible investment performance your parents had because you decided to put it all in Nvidia and Nvidia crashed or something. Who knows, right? Be a little bit conservative, you know, don't take a payment for what you're doing. If this is the sort of thing you're comfortable doing with your family and make sure everybody else knows what's going on, that this isn't some sort of, you know, the thing being done in the back room behind everybody's back. Other ways you can help your parents, right? Maybe you can help them to buy a car like in Rebecca's situation. Maybe you can help them to sort through their various insurance policies. Maybe there's a long term care insurance policy or there's a health insurance policy or something that you can help them to sort through. Maybe you can help them decide when they need to stop driving, when they need to stop flying. In the case of my dad, these sorts of issues that you run into as you get older. Because for all of us there's these questions, what do we do when we're not competent to manage our own financial or physical or whatever affairs? Who's going to be helping us with that. And there's a lot of ways you can help your parents to prepare for those moments. And if you recognize that they're not prepared at all, maybe this can be one of your financial goals that you're working toward. Maybe you can put a little bit of money aside knowing that of course you're going to help your parents and now you have the means to do so. It is far easier to help from a position of strength, right? It's way easier to pull somebody up onto a ledge than it is to push them up onto a ledge. And so keep that in mind as you go through your own financial life and it intertwines with those of not only your children, but of your parents. Hope that's helpful to you. This podcast was sponsored by Bob Baiani at Protuity. One listener sent us this review. Bob's been absolutely terrific to work with. He always quickly and clearly communicates with me by both email and or telephone, with responses to my inquiries usually coming the same day. I have somewhat of a unique situation. Bob has been able to help explain the implications and underwriting process in a clear and professional manner. Contact [e-mail] Protuity. You can email infoortuity.com or you can call 973-771-9100. But however you do it, if you need your disability insurance to be reviewed or you just need to get it in place, do it today. Don't put it off. Worst case scenario, you might not be able to get it at all if you wait any longer. But getting it sooner keeps the price down. Thanks for everything you do out there. It is not easy work you're doing. We recognize that. We're grateful for you. We're grateful for your work. We're grateful for what you're doing for your family members and friends and colleagues and trainees with regards to financial education. We appreciate it you're helping us to fulfill our mission here at the White Coat Investor to help you get a fair shake on Wall Street. We'll see you next time on the podcast.

[Rebecca]

The hosts of the White Coat Investor are not licensed accountants, attorneys or financial advisors. This podcast is for your entertainment and information only. It should not be considered professional or personalized financial advice. You should consult the appropriate professional for specific advice relating to your situation.