Reliable facts and recent reports show that parents are spending billions on adult children. It’s getting very expensive for American parents to support their adult child.
Parents are spending $500 billion per year to support their adult children. That number represents twice the amount parents are spending on their own retirements. More alarmingly, one in four people living in a household are not working or going to school.
Here are some suggestions for parents to move in the right direction:
1. Teach them money skills and how to manage money.
2. Understand the difference between helping and hurting your children.
3. Help your children in preparing their resume and then encourage them to get out and get any kind of job so that they can support themselves.
4. Never, ever co-sign on a private student loan or take out a Parent Plus Loan. Never!
There are plenty of ways to pay for school without getting into debt: Work at night, go to school during the day; Work during the day and go to school at night. There are jobs that can be done – the single biggest complaint of most (if not all) employers is that employees simply won’t show up for work. Provide a good example. Don’t forfeit your own financial security to support your adult children.