I found this Bulletin Today article really interesting, and one that applies to many more people than we think. The title, "Are Your Risking You Own Retirement If You Give Financial Help to an Adult Child?"
While some parents may think that they must always support their children no matter what, but this piece may give you some questions to think about. A couple of example:
- Was it a situation that your child couldn't control? Or are you paying to help him recover faster from financial carelessness? The most valuable help you could give toward becoming financially responsible may be not to help.
- Is it an investment that will pay off eventually in financial independence for your child? As they say: That's priceless.
And if you're a parent with a younger child, I find it incredibly important to teach your children about finance and how to manage your money, it could be an enormous tool for them as they grow up. Not to mention, the current state of our economy is all the more reason to do it!