Posted on 04/24/2019 11:19:44 AM PDT by EdnaMode
Financial independence, once a hallmark of adulthood, has gone by the wayside as adult children increasingly depend on their parents to help them cover the cost of rent, student loans, health insurance and more. But parents' desire to give their children a financial assist could be misguided -- and even backfire in the long run.
Half of American parents are unable to save as much as they'd like to for retirement, and their grown offspring -- whom they still count as dependents -- are to blame, according to a new Bankrate.com study.
While they likely mean well, parents who support children into young adulthood often end up encumbered when they reach retirement age. They can inadvertently hamstring their kids, too.
Instead of bankrolling their grown kids' lifestyles, parents would do well to keep an eye on their own finances while teaching their children financial independence, experts say.
(Excerpt) Read more at cbsnews.com ...
Agreed.
Double whammy.
ain't that the truth, no work ethic whatsoever. Some of these millennials at 30 have only colleges listed on their resume, no work experience.
“When asked why they are doing it both of them reply “because its the only way to save my grandkids”. Doing anything else would leave them at the mercy of their schmuck-brained bad attitude moms.”
I know exactly where they are coming from because my wife is there now. She drained her savings and sends about half her net income to support her 30yo daughter, who dropped out of high school and has never had a job, and family.
Exactly! The headline is wrong. It’s the parents’ fault.
Most of the parents who are in this situation sent their kids to public schools, so they deserve it.
Those parents raised their children to be leeches and were not smart enough to cut them off. I would rather the enablers rather than the taxpayers foot the bill for their leeches.
I guess this generation won’t be funding the baby boomer Social Security ponzu scheme.
They didn’t spend the time to teach their children to be self sufficient.
They assumed that would just somehow happen.
They didn’t put in the effort to do things right the first time, so they earned the opportunity to do it over.
Wow,,,,
That Is Awesome!
I told my daughter I’m gonna try and make sure there’s nothing left but the house. And yes I go to the casino. And I have 3 trips planned this summer.
I stressed to my kids that it would be better to develop skills that someone would pay cash for, no matter how bad the overall economy. Skills that don’t go out of style. Medical, Math, Engineering, Accounting, Logic, etc. No Gender Studies, e.g. They did and I sleep better at night knowing they can handle themselves in any economy.
I.m mostly paying my retirement to put my kids through college, constantly scolding them to resist the ideological status quo. It’s working with one, but not so much with the other.
I tell them that at least if they can read and right, or read a chart, that they will be better off.
Hard to say.
I can’t wait to die, actually. (Probably worth more dead than alive)
I’ve had enough of this shit.
It’s for sure that the casinos need your money.
What retirement I had built up was a casualty of the wun.
May he and his enablers rot.
Spot on.
Spanking was around for a lonnnnnng time. Dr. Spock didn’t help anybody. Blue ribbons for showing up is unbelievably stupid. Nothing is free. Self-esteem is earned.
“The best thing we could do for young people is to end ALL immigration for 30 years.”
If it helps ONE American Millenial get a job...
“I’ve had enough of this shit.“
AMEN
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