Letting your adult children live at home rent free may not help them in the long run. My husband and I are in very good shape financially.
We have two adult children living at home who have graduated from university, are very early in Free adult live careers and are not earning a lot of money. Most of our friends with adult children living at home are charging their kids rent.
Some parents will help their kids out financially by allowing them to live at home rent-free while they are attending college or university or while they are transitioning into the workforce. In other households, adult children Free adult live rent to their parents as if they were renting their own space elsewhere.
Eventually, there comes a time though, when young adult children need to become responsible for their own living costs.
Parents often underestimate how much it impacts their own ability to save for retirement when they allow their adult children to live at home rent-free. Even if you are on track with your retirement savings today, an unexpected life event or a big correction in the stock markets could set you back by a number of years. To help your children transition to paying full rent at your house or somewhere else, discuss a transition plan with them. Explain your expectations and discuss a time line to achieve this.
Working with them will make it easier for them to transition from not paying any rent to paying full rent. Learning how to developing money management skills and determining how best to save and plan for their own futures comes with practice. Cleaning Up and Organizing Free adult live Finances. Scott Hannah is president of the Credit Counselling Society, a non-profit organization.
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Scott Hannah More from Scott Hannah. June 22, Updated: June 22, 4: How Adult Children Living at Home Rent-Free Impacts Parents Eventually, there comes a time though, when young adult children need to become responsible for their own living costs.