Olde Hornet
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https://www.usatoday.com/story/mone...-how-stop-paying-chirldrens-bills/2471038002/
How to wean grown kids off your payroll, freeing up more retirement cash
When it comes to money, Dana Anspach got the tough-love treatment from her parents when she was growing up and living under their roof.
“It forced me to figure it out,” says Anspach, founder and CEO of Sensible Money, an investment advisory firm in Scottsdale, Arizona.
And what worked for her, the financial planner says, provides a good road map for empty nest parents who are looking to free up cash by cutting the financial cord with their kids once they head out on their own.
“I am a fan of tough love,” she says.
Just because your kids have moved out of the house doesn’t mean they’re out of your financial life. Six out of 10 (61 percent) parents with at least one adult child over 18 said they provided them financial help, according to a Pew Research Center survey.
But, eventually, empty nesters face the delicate job of shifting the bill-paying burden to their grown children. Covering your kids’ cellphone bill, car payments, credit cards and other monthly costs can’t last forever. Doing away with those bills, if possible, is a budget-friendly move.
How to wean grown kids off your payroll, freeing up more retirement cash
When it comes to money, Dana Anspach got the tough-love treatment from her parents when she was growing up and living under their roof.
“It forced me to figure it out,” says Anspach, founder and CEO of Sensible Money, an investment advisory firm in Scottsdale, Arizona.
And what worked for her, the financial planner says, provides a good road map for empty nest parents who are looking to free up cash by cutting the financial cord with their kids once they head out on their own.
“I am a fan of tough love,” she says.
Just because your kids have moved out of the house doesn’t mean they’re out of your financial life. Six out of 10 (61 percent) parents with at least one adult child over 18 said they provided them financial help, according to a Pew Research Center survey.
But, eventually, empty nesters face the delicate job of shifting the bill-paying burden to their grown children. Covering your kids’ cellphone bill, car payments, credit cards and other monthly costs can’t last forever. Doing away with those bills, if possible, is a budget-friendly move.