Invisible Gold

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Integrity. Experience. Commitment.

Kids and Financial Independence

8/23/2017 |

We understand that it can be tricky navigating the world of personal finance. Everyone seems to have an opinion, and it can be hard to know what to believe. We created this series as a way to present and debunk some of the most common financial myths.

Fiction: By letting my adult kids live with me, I’m helping them become financially independent.

Fact: There’s a fine line between providing temporary support to grown children and enabling bad habits. In offering free or cheap housing, are you setting the expectation that you'll continue to fund a lifestyle that your children may not be able to afford on their own? To foster financial independence, consider some compromises: Charge rent or ask them to cover at least one expense (such as groceries for the household) on a consistent basis. Set boundaries and keep track of how your children spend their money—you want to help relieve the stress from crushing student loan debt, but you don't need to finance their vacations or spa visits.

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