It is estimated that Baby-Boomers provide $59,000 in monetary help to their grown children over a typical 5 year period. If you’re a Boomer, you want a money saving tip? Stop enabling your children by supplementing their income and either cut them off completely or cut your “gifts” down by 75%-85%!
This is one of the most ridiculous things going on in our society right now. I cannot believe that Boomers are giving so much to their grown, totally able to work (even if that job is “beneath them”) adult children. I mean, come on…so what if the job doesn’t pay $100,000 a year with nice perks etc. There is value in being able to say you are making it on your own. Let’s break down that number above…$59.000 in 5 years is roughly $12,000 a year, or $1,000 a month! That is a part time job! You want that lifestyle? Don’t get it from your parents, who would like to retire soon!
The bottom line is this: If you’re a Boomer and are looking at your retirement nest-egg, realizing that retirement is going to be tough (if possible at all now or in the future), then you need to evaluate where your money is going. If, that money is going to your children, it is time to cut them off! They can have what’s left when you’re gone (if anything) and do what they want with it at that time. Why would you risk your livelihood on their new car/home improvement etc.? Teach them the hard lesson that sometimes you have to take care of yourself. They will have to learn that lesson when you’re gone anyway, and it will be easier if they have your shoulder to cry on when they learn that lesson.
Are you the child of a Baby-Boomer? Do you “borrow” money from them that you never pay back? Perhaps it’s time for you to realize that you’re draining their retirement money, and that you need to grow up and pay your own way. Nowhere in the “how to be a parent” handbook does it say that your parents are responsible for paying your way from birth to YOUR retirement! Cut them a little slack! If you can’t live without all of those nice things that you’re buying with their money, get a part time job…otherwise, perhaps it’s time you learned to live within your means!
Tags: accountability, Budgeting, Emergency Fund, Extra Job, Personal responsibility
