Don't jeopardize your own retirement savings. Here's how teach your kids to be financially independent |
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WED, MAR 20, 2019
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Many parents continue to provide financial support to their children, even once they've grown. But that generosity could cost them big time. As a parent, I do get it. Helping your adult children at any age is an honorable thing to do. But, there's a huge risk in being so generous.
The obvious problem with forgoing your own retirement savings to help an adult child is that while your child still has many more years to earn money, your working years are actually numbered. Therefore, if you don't focus on saving for your own retirement, you risk running out of money at a vulnerable time in your own life.
It's one thing to support adult children if you have the means, but the reality is that many parents use some, if not all, of their savings (money they simply cannot afford to sacrifice) to provide assistance for their kids.
As parents, we’re wired to love and support our kids. But that doesn’t mean sacrificing our own financial goals and well-being to support kids who should learn to support themselves. Putting our financial goals first doesn’t make any of us selfish parents.
For more cool stuff like this, please follow me on Twitter @jimpavia and check out CNBC's Financial Advisor Hub.
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