The Steps becoming happy sandwich generation

I like sandwiches because they taste great, especially with beef, cheese, and vegetables. But including the word generation, the sandwich is not a good thing anymore.

First of all, taking care of parents is not a burden. But the sandwich generation is taking care of their parents when they face many financial challenges.

The financial challenges of sandwich generation vary from the allocation of income for parents and other personal needs.

This natural friend of mine had to buy a house because her parents didn’t have one yet. In addition, his parents also did not have a mature retirement fund preparation. He did this when he got married. Luckily this couple both make money.

What if only one partner makes money?

Although challenging, some solutions come to them.

Looking for Big Salary

Ideally, the sandwich generation should earn twice the average salary of an employee in an area.

Why? Because half of the compensation is to support parents and the rest for personal needs.

Imagine the average salary in the US is $1000 a month, then the ideal compensation for these kids is $2000 a month. The opportunity to earn a salary of this size is quite large in several industries, such as startups for certain positions.

However, the next solution is to double the income of the general society at least. The answer is to find another source of finance.

Additional Income

The sandwich generation should prepare for a financial future by the additional income. It can be by working freelance or by doing a side hustle.

In my experience, freelance work does make pretty good money, especially when you get two projects in a year.

But it’s not sustainable because, in my experience, the user could evaluate the contract. It’s the same as office workers; only this is very temporary.

But creating a side hustle can be fun, especially when the project is successful. The problem is that a side hustle project can last a long time to exceed the monthly salary if it goes well.

If that hasn’t happened, the best choice is to stay with your job.

Side hustle in the clubhouse platform, telegram, and professions such as freelancer can be the option.

Side hustle means developing your brand and capabilities with absolute personal authority.

Avoiding New Car Installments

Buying a new car with this condition can be done with the first and second conditions are met. But if not, then the option of purchasing a used car is also not in a hurry.

Instead of buying a new car, it is better to use the cash for a used car.

Many used cars have attractive features at low prices. Amid the COVID-19 pandemic, many people need money to pay off debts or fill their daily lives.

Limiting Mortgage Risk

Taking a Home Ownership Loan is also a challenge when dealing with the sandwich generation.

When in this condition, make sure the amount of installments in the mortgage does not exceed the 30 percent limit of income.

The 30 percent limit is the normal limit for taking installments. Whatever that is. Even though people say that a mortgage can be an asset, you still must pay it.

Money Management

Money management becomes important in this situation. You have to be smart in managing your finances and making short-term investments.

In stock instruments, you can do this by selling stocks within three or six months for a profit and rotating supplies to sectors that can go up fast.

Why not long-term?

Honestly, no one knows what will happen in the long term, like during this COVID-19 pandemic.

Many unexpected events, especially when the world prophet Bill Gates has started blaring threats in the next few years.

Assume you can invest in risky investments like cryptocurrencies.

But risky investments should be 10 percent of your portfolio because there will be funds prepared for urgent needs.

It takes experience and knowledge. But nothing is impossible.

Avoiding High-Interest Loans

Okay, who doesn’t owe? The debt is okay; you have to make sure your debt is within normal limits — debt with reasonable interest rates and needs.

For example, buying a new cellphone, shoes, or other necessities of life still does not exceed the credit installment limit of 30 percent of income.

Exercising Routine

Regular exercise is also a solution for the Sandwich generation because it can relieve stress and improve body health. Regular exercise can also prevent disease in the body.

Sports such as cycling, running, or playing basketball can be done. Even if you want to exercise independently, cardio can be a solution because it’s easy to do.

Even though it is full of challenges, being the Sandwich Generation can be an art in itself that can have a positive impact.