Is your young adult taking too long to become financially independent?
Did you know one-third of adults between the ages of 18-34 live with their parents? Children are relying on their parents for far longer than did previous generations. At their age, many of us couldn’t wait to get out of our parents homes and be independent.
Of course you want to help your adult children get on their feet. When done right, this support translates into better educated people with more successful careers. The problem is, your help can hurt the rest of your family and can threaten your financial security. So, here are some tips to help you to launch your child to financial independence:
- Demand a plan. Are they sending out resumes? Are they setting a budget? Are they helping you with chores?
- Be specific and explicit. Write out what everyone is responsible for. Put down not just what you’ll pay for but also how long you’ll cover it and under what conditions. This doesn’t need to be a legal document, but an accountability document.
- Set your limits. Helping your kids shouldn’t get in the way of your own financial security and well-being. Don’t be afraid to draw the line. The best gift you can give your child is your own financial independence.
Things can get particularly sticky in blended families, where a parent and step-parent may feel disparate levels of responsibility toward the same child. Form a united front and trust your gut. Make sure to prepare for problems and enforce the rules. For more help on this subject, pick up your copy of “The 4-1-1 on Step Parenting” today.