As parents, we all want what is best for our children.
You may often hear parents boast, “I want my kids to have what I didn’t have.” We want the next generation to be more successful than we are.
Yet, more and more that’s not happening.
“Johnny” is a 54 year old man who still lives with his parents. He moved out briefly when he married and had two children, but 8 years into the marriage, he and his wife divorced, and he moved back home with his parents. That was 20 years ago. He is unemployed and has been for over a decade. His parents pay his living expenses.
“Renee” is a 27 year old college graduate. She went to college at an expensive school to get an art history degree. She is now paying back over $40,000 in student loan debt. She’s working at the local coffee shop while she looks for a job in her field, though in her small town, such jobs are nearly non-existent.
Unfortunately, these types of situations are more and more common. As parents, we want to do everything we can for our kids, but often that turns into enabling, which can lead to the situations above.
A far better response is to teach our children to be financially independent at a young age.
Remember, the earlier you start, the more adaptable your children are. Consider these strategies below…