| As parent's you want to give the world to your | | | | other bills. Even if your objective is to help them pay |
| children, and do everything in your power to do so. | | | | for schooling or pay off their schooling as quickly as |
| Unfortunately those precedents that are set when | | | | possible, having them pay rent too will be a good |
| they're children can carry on well into adulthood, | | | | lesson that you don't always have a nice easy |
| except the $20 toys turn into $20,000 cars, the braces | | | | selection of things to pay. They'll be faced with multiple |
| turn into wedding dresses, the family vacations into | | | | bills throughout their lives, and may have some tough |
| lavish weddings. As much as you may be willing to | | | | decisions. You also should not be required to pay for |
| continue to shoulder their financial load, you have to | | | | and feed a working adult, especially if they're spending |
| take your own survival and retirement plan into | | | | a good deal of money buying unnecessary items or |
| consideration. So how can you break out of this cycle | | | | partying. |
| of giving? Just say no. | | | | You should also stress to them the importance of |
| We know it's not quite as easy as that, but this is really | | | | careful financial planning, and also the risks associated |
| what it boils down to. You can gradually try and | | | | with credit cards and over indulgence along with how it |
| expose them to the financial world and the things they'll | | | | can effect future credit reports. Young adults are |
| need to do to take care of themselves, but as long as | | | | bound to feel unstoppable when they get that shiny |
| you keep providing for them, that sense of ever | | | | new credit card give them big buying power, and with |
| present danger that everyone should have when | | | | only small monthly fees to pay. Sure, they understand |
| dealing with their finances will not exist. They'll always | | | | the concept that they'll have to pay it all back |
| have that failsafe to fall back on, that being your bank | | | | eventually, but until they hit the end of their credit limit |
| account. | | | | and realize the buying power's gone and they're now |
| If they've grown up in nothing but a life of privilege it | | | | going to be stuck making monthly payments for the |
| can sometimes be understandable that they won't | | | | next 5 years to get it back, they likely won't fully |
| have a true appreciation for the difficulties that could | | | | appreciate it. |
| arise through mismanagement of money. This lesson | | | | The hardest decisions you'll be forced to make are |
| can often only be learned the hard way, while they're | | | | when your children are at a real financial risk of either |
| young are things are not as tenuous as they would be | | | | being evicted, going without food, not having gas |
| later in life. Only be experiencing the lows will they ever | | | | money to get around, etc. Certainly you should do |
| truly appreciate and respect the highs. You have to | | | | what you can to help them, but if it was their own poor |
| consider this a valuable life lesson and not a | | | | discretion that put them in that situation, you run a real |
| punishment. | | | | risk of them never learning by constantly bailing them |
| With children that are still living at home, it's important | | | | out. |
| that they start paying rent to you, and helping out with | | | | |