More and more adult-aged children and grandchildren are moving back to their parents or grandparents’ homes. They don’t have jobs, and their job prospects aren’t good. Adults used to need help on how to deal with the empty nest. Now, they need help on the best ways to handle their adult offspring who aren’t moving out, or as a movie of a few years ago put it “Failure to Launch.”
Wealth management firm Brinton Eaton offers 6 tips to parents and grandparents for dealing with the situation. The keys are that you have to take care of your future before theirs. If the kids can’t get jobs now, they probably aren’t going to be able to help you in your later years. You also have to be do what you can to be sure they won’t continue to live like teenagers.
Make it clear that your child is expected to work—either at a job, finding a job, or educating herself to get a job. Even if your child can’t get her dream job now, she should look for some kind of job to pay for her own expenses including gas, entertainment, etc. If your child is employed, but wants to live at home because she has student loans, help her make a savings plan, as well as a payment plan, for the debt. Giving the gift of a financial plan will save you money in the long run.