Parents and their children should always have a plan for the support that’s being provided. What’s the end goal? When the child has X amount of money saved or when they can afford to pay for renting their own apartment etc. It’s also best to understand what the plan is to achieve that end goal. Is that plan sound or does it require adjustments? Support with no strings and accountability will just slow down the young adults ability to gain their own footing. If I’m providing financial assistance, we’re going to have regular meetings to track the progress towards the goal. I know it’s family, but I tend to have a business mentality about it. I’m investing in you and my return on investment is my ultimate goal. For me that return on investment is your ability to sufficiently take care of yourself and sustain a comfortable lifestyle.
As Mike said, letting adult children live at home for a while may help them find financial footing. Adult children should contribute to the household if they’re living at home. At a minimum, they should be doing an adult’s share of maintenance (cooking, cleaning, yard work). They should also contribute financially, from salary or unemployment benefits, because that builds bill-paying habits needed to move out eventually.
Some years ago, friends realized their adult son was developing bad financial habits while living at home and earning a decent salary. For example, he was building a pack of hunting dogs, which aren’t cheap to house if you move away from your parents’ country home. One parent wanted to charge rent, while the other felt strongly that they didn’t need the money and shouldn’t make son feel unwelcome. They compromised by charging rent, which was deposited into a joint savings account, to help their son develop the habit of paying his living expenses while also building a fund for him to buy land and build his own home. When they discussed it with their son, he agreed it was a reasonable request and set the rent amount higher than they had proposed. He eventually moved to land he purchased near them, taking the dog pack with him.
Parents and their children should always have a plan for the support that’s being provided. What’s the end goal? When the child has X amount of money saved or when they can afford to pay for renting their own apartment etc. It’s also best to understand what the plan is to achieve that end goal. Is that plan sound or does it require adjustments? Support with no strings and accountability will just slow down the young adults ability to gain their own footing. If I’m providing financial assistance, we’re going to have regular meetings to track the progress towards the goal. I know it’s family, but I tend to have a business mentality about it. I’m investing in you and my return on investment is my ultimate goal. For me that return on investment is your ability to sufficiently take care of yourself and sustain a comfortable lifestyle.
When they’re ready.
Each individual and family is different.
Depends on how “support” is used. Support in terms of crisis or emergency has no ending point IMO.
I agree with that.
As Mike said, letting adult children live at home for a while may help them find financial footing. Adult children should contribute to the household if they’re living at home. At a minimum, they should be doing an adult’s share of maintenance (cooking, cleaning, yard work). They should also contribute financially, from salary or unemployment benefits, because that builds bill-paying habits needed to move out eventually.
Some years ago, friends realized their adult son was developing bad financial habits while living at home and earning a decent salary. For example, he was building a pack of hunting dogs, which aren’t cheap to house if you move away from your parents’ country home. One parent wanted to charge rent, while the other felt strongly that they didn’t need the money and shouldn’t make son feel unwelcome. They compromised by charging rent, which was deposited into a joint savings account, to help their son develop the habit of paying his living expenses while also building a fund for him to buy land and build his own home. When they discussed it with their son, he agreed it was a reasonable request and set the rent amount higher than they had proposed. He eventually moved to land he purchased near them, taking the dog pack with him.