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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.
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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!
