When Should You Cut Off Adult Children Financially?
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- Опубликовано: 15 июн 2024
- We’ve talked about the cost of college, and how it can hamper parents saving for their own retirement. But what about supporting adult children post-college age? Clark shares some concerning stats. What’s your take? We have a popular thread on our free Clark.com Community on this topic linked here, and we invite you to share thoughts on financially supporting adult children.
community.clark.com/t/what-is...
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Parents should be a safety net for their children, not a hammock!
AMAN!😊
A parent’s job is to make sure your kids, who have the capability to be self-sufficient, become self-sufficient. Dependency on a parent’s income will never make them independent.
I have paid for school and college for our children and helped them till 21 and the bank of mom and dad is cut off live within your means I don’t pay their bills after 21
I'm retired and in my mid 60s and have enough for my lifetime. After reading Die With Zero I changed from leaving my money to my 30, 30, 32 yr old kids when I die to helping fund their Roth accounts now when they can't afford that expense. None of my kids work for corporations so they have no match or 401K plans. They know if they touch the money early I will stop funding it. I feel good knowing that I am providing a chance of them being able to retire because I funded their retirement snowball early when it makes the biggest difference. They will still get my money when I'm gone, but this way much of it will be in their Roth, not mine. Does this make sense to others?
That’s a good idea and I am going to consider doing something like that
I just did the same for my son - funded his Roth.
I think it’s wonderful and teaches them to be responsible for their futures instead of enabling their poor financial decisions.
Financial abuse of elderly parents is the most common form of elder abuse. Unfortunately it is the least prosecuted.
Educate them on financial health as they are starting to make money in the teen years…. You won’t ever need to cut them off. They will actually be responsible when it’s time to take on bills.😊
Mine basically were cut off when they got a ft job after graduation. But “cutting off” doesn’t mean you can’t help a little IF you can afford it.
Example … helped move daughter to NC for new job this weekend, I paid for the gas for rental truck, and meals while we there unpacking and putting furniture together. Bought her some tools. She offered to pay for the gas FOR OUR CAR! It was only 250/300 bucks but helps her out.
My 3 adult children all still on my cell phone plan. But they pay, they get $25 discount if pay 3 months at a time in advance, which they have never missed ! It’s little I know , but they appreciate it, saves them a little, I can afford it
How old are your adult children?
@@tonylevine2716 23, 25, 27
All ft real jobs
Only the youngest, who just graduated in December lives at home, I don’t expect him to be here a year from now.
Student loans paid off in full within 2.5 years of graduation all of them (youngest, had a full scholarship and had a very small amount which he paid off in three months)
Teach responsability 💵 from an early age. Teach children the world doesn’t owe them anything. The sooner they learn this the better. You won’t be around forever.
Many full time jobs don't pay a living wage; those workers are short exactly $1,300 for rent. Jobs don't pay enough for shelter, so until a young person can work their way up to jobs that do pay enough to afford rent, they will have to have additional support. Yes, they can work two jobs and/or share with a roommate or two or three. Or live in a run-down, dangerous apartment that is too risky for any female. I hear young people complain that the boomers have hogged all the wealth and nobody helps them; then older people complain that the parents help them too much. Full time jobs need to pay a living wage!
Full time unskilled jobs do not pay a living wage. People need to acquire skills that employers are willing to pay a decent wage for and not complain that they don't make enough when they have little to offer.
@@KevinInPhoenix I would normally agree with you very much, but I'm thinking of those who simply are born without much to work with intellectually or maybe suffering from depression/lack of motivation or other mental health issues. Maybe they are just not quite right but they can do menial jobs reliably; they should be paid a living wage so they can just live or we taxpayers should support them. Which would you prefer? Or should they just disappear?
Thank you for sharing. Financial education is crucial today to show incredible resilience and discipline in the volatile market, masterfully balancing strategy and insight for success. This dedication to continuous learning is inspiring...managed to grow a nest egg of around 2.1BTC to a decent 15B TC in the space of a few weeks... I'm especially grateful to Linda Wilburn, whose deep expertise and traditional trading acumen have been invaluable in this challenging, ever-evolving financial landscape..
Linda Wilburn program is widely available online.
My parents stop giving me money at the age of eleven years old. I enlisted in the Army a week after high school graduation and started sending money to my parents immediately 😉. My children worked and studied hard throughout their K-12 years of education and both received full academic scholarships to a major university. They too went on to serve in the military after graduating from college. Neither one of them requested that I support them financially after graduating from high school 😉. It's not the parents responsibility to take care of their able bodied adult children 😉.
I agree but this new generation of kids and parents are different.
@@tonylevine2716 I think it's more like, children are a reflection of their parents 😉...
Happy Father's Day to Clark and followers.
I pay for a family cell phone plan that includes my parents, brother and my son. It is a much better deal and doesn’t make financial sense to each have our own plans. I give money to my son/family. He doesn’t “need” it, but I already have my nest egg built. I still work and make good money. My parents and grandparents helped along the way too.
You're doing this comfortably and without duress. Good for you. Suggest that your son use your monetary gift for building his emergency savings account. If I were a grandparent, I would have no issue "paying for" or "helping to pay for a portion" of daycare for my grands. People who are very rich and wealthy can do this with ease.
Same here. All of my kids are out of the college and have good jobs. We helped its down payments on homes, still pay cell phone bills, and car insurance for the youngest. We can afford it, but I did not have those same expectations from my parents.
@@Maxrotor1Let’s hope your kids do the same for you when you are elderly and need them. 🙏🏾
I’m just thankful we are able to help the children if they are in need.
My sister takes advantage of my parents and they pay all her bills. She does have a learning disability, which makes life a bit more difficult for her and holding a job, but she is completely irresponsible and I feel she is manipulating them to a point of bleeding them dry. She has tried to get on disability but keeps getting denied. My dad now has cancer and this has created an even greater strain. I don't know what to do. I help pay some of her bills, just to help take the pressure of them, but i don't really have the means to continue.
What do i do? I don't know if this is due to her mental/learning disabilty or if she is fully just taking advantage. Please advise!!!
Look these up: "Guy's success story stage 4 cancer", "Dr Berg cancer", and "Dr Jason Fung the Cancer Code"
Look these up: "Guy's success story stage 4 cancer", "Dr Berg cancer", and "Dr Jason Fung the Cancer Code"
RUclips won't let me post...
Can't post longer
This doesn't want to be posted.
Look these up: "Guy's success story stage 4 cancer", "Dr Berg cancer", and "Dr Jason Fung the Cancer Code"
i think its ridiculous to take $ from a parent, when you"re an adult get an extra job, and be a grownup! stop being a leech
I agree and Gen Z and Millennials have no qualms asking for and taking the $$ either. 🤦🏾♂️
True. But guess what, the elderly don't mind expecting financial, physical, and social support from their children. Age does not matter; humans are weak, needy, selfish creatures.@tonylevine2716
Happy father's day Clark
Love it
I gave my 2 oldest children free homes. They are mad at me because I told them if they can't afford life, move back home so i can get rental income to help them. I told them I've given up early retirement to help them and now I'm going to focus on saving for retirement.
Once the child is an adult, hopefully being trained as they grow up by two parents it is no longer the parents issue ..
Every adult child i know who is living with their parent is doing so because the parent can't take care of themselves, either financially or physically or both. Trust fund kids living with their middle class parents aren't the problem, it's elderly people who didn't save properly for retirement leaning on their kids as a retirement plan.
I say, once they get a job, they will be given some responsibility. Once they’re done with High school, the responsibility will increase, but won’t be overbearing. It’s only to give them a taste of the real world. Once they start working full time, they’re gonna help with rent and the light bill.
As soon as you get that great idea of making a person to walk the earth, you are responsible for what happens for ever. You can talk and talk but the responsibility for this decision is yours. Don't make that thoughtless mistake and you dont have to make up ideas for how to get rid of them.
When do you cut off adult children financially...when they choose protesting at colleges and universities instead of attending classes.
My 46-yr-old son hasn't had a job for years. My elderly husband used to pay him for working around the house. That enabled our son to get by, instead of getting a job. My husband died 3 years ago. My son still lives in the RV in the driveway, and he's never paid anything. My son got a large inheritance. I shouldn't have to pay all of the huge monthly utility bills, etc. I feel used. Recently, I finally got him to pay me $300 a month, which helps me some.
STOP whining old lady.
Key word: enabled!! Need to kick him out the RV and make him leave or he will be there forever!!
It does not happen because of their age. They become resilient and can take care of themselves in learning to do this. No kids should have a job to buy whatever they want with no consequences.
18 months???? Does the electric company, phone company, or mortgage company give you 18 months?'Get real. Give them 2 months, tops. The term Adult Child is like the term Honest Politician: complete BS.
Opposite for me, Mom can not manage money
Why is clark trying to create wars between parents and their children. It sounds like clark who has issues with his 3 kids.
He isn't doing that at all.
All clark Howie is doing is bringing up what's WRONG. But ZERO real solutions.