Helping Boomerang Kids

Helping boomerang kids is a very popular of discussion these days.

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?
As uncomfortable as it may be, parents need to ask themselves these questions. It very well may be your son or daughter just needs to regroup a bit after graduation — which is fine! Still, do not let this period continue for too long. After all, the last thing parents ever want to do is find themselves asking their children for financial assistance down the road!