{"id":772,"date":"2013-09-01T13:49:54","date_gmt":"2013-09-01T17:49:54","guid":{"rendered":"https:\/\/www.cashflownavigator.com\/blog\/?p=772"},"modified":"2018-08-13T19:20:09","modified_gmt":"2018-08-13T23:20:09","slug":"how-to-raise-your-kids-to-be-financially-independent","status":"publish","type":"post","link":"https:\/\/www.cashflownavigator.com\/blog\/2013\/09\/how-to-raise-your-kids-to-be-financially-independent\/","title":{"rendered":"How to Raise Your Kids to Be Financially Independent"},"content":{"rendered":"

This article,\u00a0written by Keith Whelan, was recently posted on Wise Bread\u2019s personal\u00a0finance site.<\/span><\/b><\/p>\n

A recent Pew Research study* confirms what most of us already know:\u00a0 A growing number of adult children are either delaying their departure from home or are moving back after a false start.<\/p>\n

In all fairness to this generation of young adults, they just happened to enter adulthood during a deep, prolonged recession.\u00a0 To make matters worse, this recession has also been accompanied by a fundamental restructuring of our economy; so unfortunately things don\u2019t look much better for the generation that follows either.<\/p>\n

That\u2019s something the children can\u2019t control.\u00a0 But what can be controlled is how well prepared they are to deal with it.\u00a0 And their success or failure on that score will impact not only their own financial future but also yours \u2013 for the longer your children remain financially dependent on you the more it can delay or even jeopardize your retirement.<\/p>\n

So, what can you as a parent do to reduce the “boomerang” risk?<\/p>\n

First, set expectations:\u00a0Share the bigger goal<\/strong><\/p>\n

When raising our two boys we established and tried to achieve three broad goals.\u00a0 We communicated these goals to them early and often.\u00a0 The hope was that if they had a clear understanding of what was expected of them it would help to anchor them and give them focus.<\/p>\n

We summarized our goals as “IRC”:<\/p>\n

– I<\/strong><\/span>ndependent (learn to live independently)<\/p>\n

– R<\/strong><\/span>esponsible (take responsibility and be accountable for your actions)<\/p>\n

– C<\/strong><\/span>aring (care for and respect others…and yourself)<\/p>\n

An important part of achieving the first goal – of becoming Independent – meant learning how to manage their own finances.\u00a0 For help with this we were fortunate to receive some well-timed advice… Read the full article at: <\/strong>http:\/\/www.wisebread.com\/how-to-raise-your-kids-to-be-financially-independent<\/a><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

This article,\u00a0written by Keith Whelan, was recently posted on Wise Bread\u2019s personal\u00a0finance site. A recent Pew Research study* confirms what most of us already know:\u00a0 A growing number of adult children are either delaying their departure from home or are moving back after a false start. In all fairness to this generation of young adults, […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-772","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.cashflownavigator.com\/blog\/wp-json\/wp\/v2\/posts\/772","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cashflownavigator.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cashflownavigator.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cashflownavigator.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cashflownavigator.com\/blog\/wp-json\/wp\/v2\/comments?post=772"}],"version-history":[{"count":14,"href":"https:\/\/www.cashflownavigator.com\/blog\/wp-json\/wp\/v2\/posts\/772\/revisions"}],"predecessor-version":[{"id":942,"href":"https:\/\/www.cashflownavigator.com\/blog\/wp-json\/wp\/v2\/posts\/772\/revisions\/942"}],"wp:attachment":[{"href":"https:\/\/www.cashflownavigator.com\/blog\/wp-json\/wp\/v2\/media?parent=772"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cashflownavigator.com\/blog\/wp-json\/wp\/v2\/categories?post=772"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cashflownavigator.com\/blog\/wp-json\/wp\/v2\/tags?post=772"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}