Weekend Reading: Parenting Your Boomerang Kids Edition
This message is brought to you by BMO Wealth Management
Are your kids moving back home because of high debt, a tough job market or maybe they’re just not ready to break out on their own? It’s a situation many parents face. The ‘boomerang generation’, so called for returning home after only a brief time away, is a phenomenon that’s becoming more common than just a few decades ago.
Having a child boomerang back home can be difficult for parents to handle. You understand the challenges your adult children face and want to help, but you also have to think about your own future and the goals you have set for yourself.
How do you manage your own plans and goals while setting your boomerang kid up for success? Here are some insights:
- Help them develop a game plan – Help your kids stay on track by working with them to outline specific actions they can take to reach their goals.
- Teach good money management – Work with them to create a budget that includes savings goals, credit management and debt repayment.
- Guide their career search – When it comes to your child’s career search, internships and volunteer positions may not be their ideal, but can lead to full time opportunities. Encourage your child to join professional associations related to their chosen field and to get out there and start networking.
Get money management pointers, resume writing tips and much more.
Download your Free Article Now
This week’s recap:
On Monday I wrote about the battle between your present and future self.
On Wednesday Marie explained 5 myths about insurance.
And on Friday I looked back at some tough choices I made that led me down a new career path.
Over on Rewards Cards Canada I reviewed a new rewards credit card from BMO that pays 1.75% cash back on every purchase.
Weekend Reading:
Speaking of boomerang kids, this divorced 39-year-old moved back in with her parents to tackle her debt-load.
Meanwhile, a new study from the Fraser Institute says the concern about Canadian household debt levels is overblown.
Get Smarter About Money launched a new tool to help you create an Investment Policy Statement.
Something you might want to add to your IPS: Investing in IPO’s won’t help you get rich quick.
Portfolio manager Justin Bender explains how to calculate your portfolio’s rate of return.
Read why this Vanguard total stock market ETF is almost perfect.
Ellen Roseman shares how new disclosure rules will give mutual fund investors a clear look at the cost of advice.
Nelson Smith, author of the Financial Uproar blog, reached a milestone with his 1000th article and celebrated by sharing his top 10 posts of all time.
More than 1 million Canadians get their TV over the air. If you’re about to join them, there’s more to it than an antenna.
Stephen Weyman wrote an in-depth guide on how to erase your debt fast by lowering your interest rates.
Dan Wesley saved big on vehicle maintenance by switching mechanics.
And finally, if you’re heading south this winter now may be the best time to buy U.S. funds.
Have a great weekend, everyone!
There’s no good excuse, other than maybe losing a leg, to go back home. You’re an adult now. Solve your own problems. Time to grow up. Stop relying on you’re parents to change your diaper. It’s embarrassing. The “Guide their career search” is stuff you should have told them when they left the first time…
I had a bad injury when I was starting my career, does that count? 😉 I’m incredibly grateful for my parents’ support when I was underemployed despite having done everything right (living frugally, graduating debt free into a career where there supposedly lots of jobs.)
Yes, some people take advantage of the situation but that’s not the case with all boomerangs. Some of us genuinely needed some help and worked our butts off to not be a burden. We didn’t need other people’s criticisms — we felt pretty awful on our own.
IMHO, there’s a difference between helping and enabling.
IMHO, some of BMO’s advice is just further helicopter parenting. Having been through this, what worked for us was clear expectations. This is how long the arrangement is going to last, this is what you are expected to do to improve your financial situation, and this is what you are going to do as a member of this household (house work, yard work, errands, rent, bills, etc.)
It’s not supposed to be easy and comfy.
Emma – Injury, clear expectations, etc… You pretty much summed up a good reason for getting help and a great use of that help. I’m not completely cold hearted, I just know that even on minimum wage you can survive. Sure you have to have multiple roommates, maybe you can’t afford cable or vacations, but that’s exactly what motivates people to work harder and further themselves. A lot of kids I see move home do it because it’s easy. That speaks volumes about your character, integrity, and ability to be a useful employee… Weak, none, and not at all…