Many A recent Economist article says a "perfect storm" of the poor economy of the past few years, resulting in fewer job prospects for college grads and other young adults has more kids than ever living at home well into adulthood.
Many believe, however, that it has a lot more to do with the fact that college simply isn't preparing kids for today's workforce and little to do with a "poor" economy. A new economy yes. But, it doesn't seem that poor to me. Anyway, that'll be a topic for another article.
Regardless of the reason, more than one-third of Americans aged 18-31 still live at home with their parents. And it's probably not because the kids just love their parents so much they can't leave.
If you are one of these parents harboring young-adults who won't grow up and move out (and you want them to go), here are three tips to either get them contributing to or out of the house:
1. Teach your kid to be work-worthy online. Employers are going online to check out the social networking profiles of many job applicants and if what they see is decidedly unprofessional, they don't go any further. Encourage your son or daughter to clean up his/her online presence, deleting party photos and filling those profiles with updated information on their skills and qualifications for real work.
2. Charge your kid rent or require a work trade. If your adult child has a job but is still living at home, s/he may be saving for a deposit on his/her own place. But don't let that lead you to giving a free ride. Charge a nominal rent that will still allow for saving, but will reinforce the idea that there's no such thing as a free lunch (or breakfast or dinner). Or, instead of rent, get your kid working around the house doing all the things you no longer want to (or can) do.
3. Make your kid more attractive to a dating partner. Young men who live at home are often considered unmarriageable, according to a sociologist from the University of Texas. Plus, having mom and dad in the next room can be a relationship killer from the get-go. Open their eyes to the fact that living at home may be hazardous to his or her love life.
If you would like to talk to us about ensuring your kids grow up to be great adults, no matter what age they are, call our office today to schedule a time for us to sit down and talk. Many of these issues are a reflection of a lack of family wealth planning, the practice of how you'll pass on what really matters.
We normally charge $500 for a Family Wealth Planning Session, but because this planning is so important, We've made space for entire month of October for new clients who mention this article to have a complete planning session at no charge. Call today and mention this article.