Consider cutting off your kids in order to save your retirement.
Time to Cut the Cord
A growing question these days, how to stop enabling your grown child. There are some harsh truths about younger generations today that are largely new to us. Your offspring, that are now grown adults, continuing to financially feed off of you well after they should be weaned off.
The older generations, many of who grew up with nothing and lived through tough times managed to strive and survive, while building healthy savings and investment accounts.
Its natural to want to help out our kids but in many cases now it has gone a touch too far.
Many younger people were never really schooled on how to fend for themselves and still just make the call back for some extra cash from Mom or Dad, or whoever the guardian happens to be.
Retirement is in Jeopardy
Sadly it is more common now that people are surrendering their retirement savings and investments just to keep their kid’s wallets padded.
Retirement can easily be lost for some people that get caught in this terrible cycle. Instead of keeping money in savings and investments to grow and assist in old age it is taken out and spent on the kid’s car payments, rent, utility bills, etc.
Obviously some emergency situations can be put aside, such as natural disasters devastating someone’s life or something to that effect.
Everyone needs a hand up when these things happen and that is understandable.
But sacrificing retirement savings to pay for a grown child’s rent that is able to work is ludicrous.
Enabling hurts Everyone
This type of enabling is extremely harmful to both parties involved. On one side, health, comfort, and well being in old age for the parent is compromised. The parent loses not only the money given but also possibly the compounding power that goes with it as well as it leaves profitable investments.
Meanwhile the child, although fully grown, never really learns how to stand on their own two feet. This can be detrimental to their future as they may struggle with their careers and relationships if not exposed to situations where critical action is needed and sound solutions need to be formed.
If a person always has a crutch to lean on, they will never learn to stand on their own and become fully responsible and dependable. This can be as an employee, a friend, a mentor, a spouse, parents themselves, or simple a functioning member of society.
This trend is not uncommon and will likely only grow in the near future until we recognize as a group that spoiling kids and then following up with enabling this behavior in their adult lives is in no way productive for anyone.
If you struggle with a cycle such as this, you aren’t alone! There is lots of information online covering these scenarios and how to deal with them.
There is also real world help such as psychologists that study these cycles and their effects.
At the end of the day, the parent’s retirement has to come first. If the cycle continues your chi will never be able to take care of you in old age because they never even learned how to take care of themselves. This is a dangerous combination that does have a “point of no return” threshold, when the parent runs out of money and the kid still can’t get it together.