Setting Financial Boundaries with Adult Children
Setting Financial Boundaries with Adult Children
A recent survey found that three in five parents have made financial sacrifices to support their adult children, including dipping into emergency savings, forgoing debt repayment, or drawing from retirement funds. While these acts of generosity may be done out of love, they can also strain family relationships, disrupt retirement plans, and harm your overall financial well-being.1
If you find yourself struggling to start a difficult conversation about financial boundaries, consider involving a neutral third party that can help ease tension and improve communication. Over the years, I’ve helped clients explain why certain estate decisions were made, how they align with their long-term goals, and why specific retirement and investment strategies are essential for ensuring their financial stability.
Discussing finances can be challenging, especially with your adult children. However, with proper planning, clear communication, and a lot of compassion, it can make all the difference for everyone involved.
If I can assist you in facilitating these conversations or serve as a sounding board to address your concerns, please don’t hesitate to reach out. Together, we can work toward a solution that can help you support your family without compromising your own financial wellness.
1InvestmentNews.com, May 31, 2024.
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