Posted on 03/21/2008 12:05:34 PM PDT by Sub-Driver
Adults Forced Back Into Parents' Homes Middle-Aged Children Starting Over With Mom, Dad
UPDATED: 2:45 pm EDT March 21, 2008 MILWAUKEE -- After being laid off from her job as an events planner at an upscale resort, Jo Ann Bauer struggled financially. She worked at several lower-paying jobs, relocated to a new city and even declared bankruptcy.
Then in December, she finally accepted her parents' invitation to move into their home -- at age 52. "I'm back living in the bedroom that I grew up in," she said.
Taking shelter with parents isn't uncommon for young people in their 20s, especially when the job market is poor. But now the slumping economy and the credit crunch are forcing some children to do so later in life -- even in middle age.
Financial planners report receiving many calls from parents seeking advice about taking in their grown children following divorces and layoffs.
Kim Foss Erickson, a financial planner in Roseville, Calif., north of Sacramento, said she has never seen older children, even those in their 50s, depending so much on their parents as in the last six months.
"This is not like, 'OK, my son just graduated from college and needs to move back in' type of thing," she said. "These are 40- and 50-year-old children of my clients that they're helping out."
Parents "jeopardize their financial freedom by continuing to subsidize their children," said Karin Maloney Stifler, a financial planner in Hudson, Ohio, and a board member of the Financial Planning Association. "We have a hard time saying no as a culture to our children, and they keep asking for more."
Bauer's parents won't take rent money or let her help much with groceries.
(Excerpt) Read more at wnbc.com ...
We have been telling our two children since they were in Kindergarten that they are going to graduate from college, get a good career, get married and have kids. (In that order!) They can come back to visit, but not to stay.....AND THEY BETTER FOLLOW THROUGH WITH OUR PLANS!
Sadly, I have seen numerous examples of this: Parents who can't say No and adult children who think they're entitled to raid mom & dad's wallet. It doesn't end until the parents both die. If these "adult-children" have siblings who work and are responsible there is huge amounts of resentment and anger, as well there should be. It's bad bad bad....
Ping list for the discussion of the politics and social (and sometimes nostalgic) aspects that directly effects Generation Reagan / Generation-X (Those born from 1965-1981) including all the spending previous generations are doing that Gen-X and Y will end up paying for.
Freep mail me to be added or dropped. See my home page for details and previous articles.
My husband LOVES “the Waltons” and just TiVoed
They must live close by, many of us whose kids have moved away would love to have them back as long as they came as a family.
There is some of this happening. It might be the retired old folks moving into their child’s house and getting a job to help with the mortgage payments. I know one like that.
btt
We’ve got three kids, two 38 & 40, a third 28 serving in the US Army (for 10 years now) and the standing tongue-in-cheek joke was,”With Dad it was Graduation, a wake up and then ‘ou’re outta here!’” LOL!
they’re still out there, they know the rules...
I fell into that category myself. Was in my 30’s made bad decision cost me credit card debt, almost lost my job,lost my fathers respect.
Decided was time to grow up, took all hours I could get at job. Payed off credit cards, payed off debt to my father, got my house in order.
Within 3 yrs, was debt free, bought a place.
Started saving money.
My job is in jeopardy now, however I am in position that I can weather storm if needed.
Judging by your post you are younger than I, and learned lesson earlier than I did.
I say good for you and continue on a conservative path, serve you well in long run.
Don’t forget your towel. Want to get high?
My 23 year old graduated with his degree, got a good job, was still here 6 months later. We sat him down and explained this is his CHILDHOOD home. He’s doing quite well on his own. And we have a better relationship because of it. I told him I couldn’t relate to him as an adult as long as he was under my roof. Buh-bye!
The only way I will move back with my parents is if I am on the other side of the dirt.
“Bauer was caught by surprise when her job at a resort in Kohler, Wis., was cut four years ago, one year after she got divorced. The single mother bounced around to several lesser-paying jobs, declared bankruptcy and even moved 60 miles south to Milwaukee.”
The author left out the part about Bauer hooking up her dogsled and renting a trailer for her pet polar bear...
About your tagline...do you mean every time?
I would never, ever, ever go back to my parents house. I love them, but I would live in a rat hole before I put that burden back on them again. Prepare for disaster and have some pride people!
yup, every time.
My two 50-something sisters and my 30-something niece live with my Mom. They contribute to the household, have a safe place to get their lives back together, and take care of Mom.
In their case, it works out well for all concerned.
Sic transit gloria
Good night, JohnBoy.
kind of cumbersome.
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