Give Adult Kids Financial Hand Up, Not Handout | Financial Awakenings

Financial Hand Up, Not Handout, For Adult Children

(I thought that this article by Rick Kahler about how to deal with adult children who are returning home to be right on).

“Boomerang kids.” It sounds like a TV reality show: kids grow up, kids move out, kids get into financial trouble, kids move back in with Mom and Dad.

In real life, there’s nothing particularly entertaining about adult children moving in with their parents. The situation is often a response to a financial or life crisis, and it can result in family tension and conflict that is anything but funny. For anyone considering this option, here are some important points to think about and discuss ahead of time.

1. Have a clear end in sight. Don’t allow a child who is in financial trouble to move in “just until she gets back on her feet.” This vague arrangement is asking for trouble. Instead, assess the child’s circumstances together. Agree   …..

Read the complete story here:  Rick Kahler: Give Adult Kids Financial Hand Up, Not Handout | Financial Awakenings.