Setting your kids up for financial success is arguably one of the hardest things to do as a parent. But it’s also one of the most important to help avoid failure to launch.
Read below to find some great strategies to make sure your children have a smooth financial transition into adulthood.
Teach your kids how being lazy can be a good thing when it comes to investing.
Feel like you need to learn some basics before you start passing anything down? Here is a 101 guide on how to start investing in index funds today!
This post was written in partnership with Brian from Debt Discipline and The Money Mix.
Have you heard the phrase Failure to Launch before? I’m sure you have, there was a $100 million-grossing movie, starring Matthew McConaughey and Sarah Jessica Parker of the same name. If you are a parent, you might be thinking about how it relates to your kids. No parent wants their child to experience the failure to launch and end up living in their basement until they’re thirty-five. Failure to Launch is a common way to describe a young adult who is struggling with the transition to adulthood. It’s often defined as an inability to leave home and support oneself. One of the common reasons a young adult fails to launch is because of money. Lack of it or not knowing how to manage it. Many parents want to soften their child’s entry into the real world, but at what cost? Do they work more, delay retirement, skimp on savings? Parents want the best for their kids, but not by sacrificing their own futures. The phenomenon of failure to launch is so rampant that several treatment programs have been developed to help address it. I’m not sure if a costly program is needed unless you are genuinely dealing with a medical condition. Let’s breakdown some of the ways you can prevent the failure to launch syndrome from occurring.
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Thanks! Glad you’re liking it.