| As the dad of two adult children, I wanted to share some insight with all those parents out there who are still financially supporting their grown kids.
Let's remember when you were teaching your child to ride a bicycle. Do you recall that scary day when you had to remove the training wheels? Your kid fell off, skinned a knee and cried a bit, but hopped back on and tried again. Eventually, your kid was able to ride without your assistance and you were so proud. You need to do the same when it comes to financial support.
A recent study found that about 40% of empty nesters are still financially supporting their adult children in some form. Granted, there's a big difference between lending your adult child a helping hand when needed and feeding an unhealthy dependence on your generosity.
It's time to stop the madness, people. You must cut those purse strings. I did so with both my kids when they finished college. They are both confident, independent adults who pay their own way in life. They know they can always reach out to me if they need help, and there will be times when I will provide assistance for special expenses that may pop up. However, I don't pay for their groceries, rent, cable bill or cell phone. By doing so, you are hurting them and you are hurting yourself, and until you realize it's not money that they need, everyone involved will feel the pain.
Any assistance you offer your adult kids should help foster independence, not the opposite. I believe the key to raising financially independent adults is by setting an example and mentoring them with age-appropriate experiences to demonstrate how to manage money.
Just like riding a bike, show them how they can do it on their own.
For more cool stuff like this, please follow me on Twitter @jimpavia and check out CNBC's Financial Advisor Hub and CNBC + Acorns Invest in You: Ready. Set. Grow. |
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