Cutting the money cord can be difficult, but if you’re risking your own financial security, it’s crucial. - NBCNewsBETTER
? You might want to have a look at how much you’re spending on your kids — not the little ones, but the adults.from Merrill Lynch and Age Wave found that parents are spending a combined $500 billion on their grown kids — double what they’re putting towards their own retirement.
“I have found in my practice that parents have been somewhat to blame in enabling adult children to remain financially dependent,” says, a certified financial planner with RegentAtlantic. “Often it starts right out of college and continues to a point where the adult children are even 10 to 15 years away from their own retirement.
When we refuse to let go, we prevent our children from learning the skills needed to be successful in life. We are hurting, not helping. "Before you have a formal conversation with your adult kid, spend some time thinking through and talking with your partner [if you’re co-parenting] about when you want to officially cut the cord,” says, MFT, BCC, therapist and life coach. “No matter how much money you're giving your child, you're going to want to give them some lead time to prepare for this change. The length of time will really depend on how much you're giving them each month.
Once you have your game plan mapped out, it’s time to have the big talk with your kids. As Brigham points out, you know your kid best, so come up with an approach that they’ll ideally respond to .
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