Should you let your kids move back home? Refer them to your friends and colleagues in an effort to help them land a job? And what about the inevitable downtime between interviews? Having a 20-something laying on the sofa all day is enough to drive any mom or dad up the wall — especially after paying college tuition for four years, if not longer.
I was fortunate enough to be featured on the Jim Bohannon show out of Washington D.C., where we discussed this topic in-depth. Have a listen to our discussion by clicking here: Jim Bohannon Audio Highlights.
It’s been reported that 60% of parents provide financial assistance to their grown children — up to the age of 39! This is a growing trend that, if left unchecked, can jeopardize parents’ ability to retire comfortably. We all love our children, but if their presence at home continues to cost us money — funds that should be used to pay down debt, contribute to retirement plans and build emergency liquidity — we have a problem on our hands.
To help boomerang kids get ahead in life, parents have a number of options. For starters, they can work with their child to create a plan that will have them working in their field of choice, with the end goal being getting their own apartment. By creating a plan that offers a hand up rather than a hand out, families can help their kids leave the nest intact and allow them to embrace a newfound sense of independence.
When clients come to me with questions or concerns regarding boomerang kids, I always ask the following:
- Does your son or daughter have a plan to look for work after moving back home?
- Before landing that full-time position, will they seek part-time work to pay their own bills?
- Where are you now in terms of your own retirement? Will having a child move in jeopardize that?
- Are you sure your child needs help, or are they just hoping to coast for a bit after graduation?