While giving money to adult kids is a taboo subject nobody wants to talk about, it’s actually a lot more common than people think. According to a 2015 study from Pew Social Trends, approximately 61% of parents with adult children in the US admitted to helping them financially within the previous 12 months.
Helping adult kids may not have been a big deal when you were working, but it can make a huge difference to your bottom line once you’re on a fixed income. This is why you need to have the “money talk” right away, said North Dakota financial adviser Benjamin Brandt.
“If you are nearing retirement and financially supporting adult children, now would be the time to have some conversations about money,” noted Brandt. “Adult children need to know that continued financial support could jeopardize your golden years.”
If you set expectations early, your adult kids will have time to learn how to fend for themselves and break the cycle of living paycheck to paycheck.
Shopping at Costco can be a great way to save money, but you might not…
Not too many years ago, cutting expenses by buying a generic brand brought with it…
No matter what type of budget you’re working with, there’s a chance you’re overspending on…
Online shopping means customers all over the world have greater access to everything from rare…
If the lyrics to the Dolly Parton song “9 to 5” could be your autobiography,…
If you think you’re the only one hurting for money, think again: Making more money…