Is Paying the Bills for Your Adult Children Help or Harm? - Money Boundaries

Can 'help' actually harm? Where do you draw the line when supporting your grown children? Today's episode of the HopeFilled Financial Podcast reviews an article from The Hill citing statistics about how many millennials receive financial support from their parents. You may be surprised by Jay's reaction!

Fred's character from the widely criticized TV show 'Velma' is nothing short of sad. Fred is portrayed as an overly dependent high schooler who cannot cut his own pancakes. While comically overblown, Jay highlights that we want to raise children who are not needlessly dependent on us in their adult lives. In today's story, Jay shares how he plans on incentivizing his son Oliver to become a good, thoughtful, frugal saver. 401Kid is the name of the game! Does today's story change the way you plan on teaching your child about money?

The budget tip is to not put off your budget meeting. If your month starts and you still don't have a plan, your spending can control you instead of you controlling your spending! If this rings true for you, leave us a comment!

Many people want to understand their retirement accounts better. 401Ks on their own generate a lot of questions. Today's listener question digs into the differences between Roth and Traditional retirement accounts. What is a rollover and what do you need to know about it? What should you know before rolling over Traditional money to ROTH money. How are employer contributions invested? Does that impact your rollover plan? Will any rollover you make create an undue tax burden? If you want someone to sit down with you and help you understand your retirement accounts better, that is what HopeFilled Financial is all about!

For the main topic, Jay reviews and article from The Hill called "Parents Pay at Least One Monthly Bill for 40 Percent of Millennials" (see link below). These surprising statistics should awaken millennials and parents of millennials alike to employ better boundaries with money. Dependency is the core problem at the heart of this article. Dependency in adult family relationships can become very unhealthy. How can you become more independent financially? How can you encourage adult children to become financially healthy. What do YOU think of these statistics? Is this topic a problem of major concern?

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Article Reviewed: https://thehill.com/business/3840020-parents-pay-at-least-one-monthly-bill-for-40-percent-of-millennials/

Disclaimer: This podcast serves as educational entertainment only. Any and all opinions relating to real estate, law, taxes, insurance, and/or securities investing that may be contained within this podcast should not be interpreted or implemented as recommendations nor advice. The opinions related to these topics – especially those regulated by state and/or federal entities – should never be taken as replacement for advice from a competent, licensed professional. HopeFilled Financial Coaching is not liable for any individual acting on any understanding of topics directly or indirectly related to real estate, legal practice, taxes, insurance, or investing even if an individual in question changed their understanding after listening to this podcast. All listeners are entirely responsible for seeking advice from licensed professionals before taking any action of their own.

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Music: "Take Me Higher" by Jahzzar

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