Cutting off the Kids
September 04, 2013
According to a study conducted by the Pew Research Center, only 54% of Americans aged 28-24 have a full-time job. Of course, some of the less-thankfully-employed young adults are still working part-time and/or attending some institutions for higher learning.
But the less work (and income) and more classes (and expenses) the kids have, the more likely it is that they are still relying on their parents for financial support. Precisely when moms and dads would rather be channeling any extra cash toward more urgent needs and preparing for their looming retirement. Here are a few ways to delicately help nudge, shove and kick the offspring out of the proverbial nest:
- Show them the (lack of) money - Explain to your kids and be honest of how much you have saved so far and how much you will be able to help them financially.
- Cap College Costs - Set a maximum that you will contribute to their college expenses, let the kids know and stick with that amount.
- Clamp down on Credit - Help your kids run their credit report at www.annualcreditreport.com.