Category: bank of mom and dad
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Housing’s a bear for our kids who aren’t homeowners yet. If we offered a little help with the down payment, that might make a mortgage possible. It’s not just housing that’s causing angst. If we helped to pay off a car loan or covered their health insurance, that might ease their anxiety levels. When we…
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Retirement looms for many of us as a signifier of our status as a mature person with wisdom to share and time to spare. Or it’s a tantalizing adventure we look forward to. But if we give up our day jobs and our kids need financial help–to, say, buy a house, pay for groceries or…
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Okay. So Gen Z kids are living under the parental roof again and in greater numbers and percentages than our generation did at their age. I wrote about that in my previous post. The reasons are mostly economic–housing costs are high; they're saving money for their future. The good news from a Pew Research survey…
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A letter to a financial expert asking for advice about an inheritance was not your usual request. The question came from a woman whose father-in-law left her 29-year-old daughter—his granddaughter–a sizeable fortune in a trust that was currently being managed by her daughter's father. When the daughter reaches 30, however, she is eligible to manage…
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Many of us take great pleasure in helping out our children financially. If we have the wherewithal we're likely to help them with a downpayment to buy a house. (Roughly 20 percent of U.S. homeowners received gifts or loans to help them buy a home, according to Money Magazine, and most of that money came…
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Scratch someone who doesn't have children and they'll probably tell you: Too much. That would be in answer to the question: Do parents do more than they should for their adult children. I had a single co-worker who dubbed my husband "Daddy Indulgence" for such "crimes" as paying for our children's college tuition. (We had…
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As we welcomed in the new year of 2020, our adult kids were on a steady financial path: working, paying their rent, fiscally independent. Or they might have been in mid-struggle but showing promise. Then along came the coronavirus pandemic and its devastating effect on the economy. Our adult kids may now be in financial…
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You've heard it–I've said it–over and over: It's a tricky and emotional business lending money to adult children. We want to be helpful–if we can afford it, and sometimes even if we can't. But we worry about why they are unable to manage on their own. That said, financial advisers speak as one in saying…
