This is basically just me thinking out loud, but I’ve been thinking about my parents lately and what they are going to do with their later years.Both my parents are in their 60s and work on-site in physical labor type jobs. They don’t make great money for the city they live in, have some credit card debt, and blew most of their retirement savings when I was in my teens so I worry about what’s going to happen to them. My mom has always been the creative, entrepreneurial salesperson type and my dad is decent with business, legal and technical stuff, so perhaps they could open up a little brick-and-mortar business selling clothes, gifts, household items, artwork, etc., or a cafe or simple restaurant.I can’t afford to support them in their later years but I could invest in a business like this, if it had a viable sounding business plan and would make them happy. Is there a certain number I should be aiming for to get them started? 5k, 10k? This would be my own savings with no strings attached, and I would want it to be enough to get them started but not enough to create a false sense of security. I would want to pay for the initial overhead/inventory directly rather than giving it to them so it doesn’t get accidentally spent on bills or stuff.Thoughts? Anyone else have elderly parents with their own businesses? see hubwealthy.com/wealthy
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