I thought our kids would be under our roof forever. It seemed like a never-ending stream of carpools, homework, playdates, drivers’ ed, college prep and then……a huge void. What happened? Who knew it would feel so empty! But, if we did our jobs, they leave and venture out on their own. They are always in our hearts, if not under our roofs!
There are a few things to think about when this happens, and we have just the questionnaire to share with you.
When They Leave Temporarily
If the kids are heading off to college, it is reasonable to expect they will be back and forth between home and school for a few years. The issues that generally pop up during this phase include:
When They Leave for Good
Eventually the time comes when they establish their own financial households. How does that impact your financial household? How well are they prepared to make decisions about
The Impact to your Household
It is odd to think about the impact to our own financial situations, as it often seems to happen organically. But when I think about it, a large part of the impact is shifting financial risk from us to them. I’m pretty sure they don’t see it that way, but it is not a bad thing for adult children to think about financial risk. This is all part of the “independence” process.
It is unlikely that our high school students are receiving much financial education. Most of the parents I meet with try to provide guidance to their own children. We also meet with adult children as they set up their own investment portfolios, desire financial planning and/or become involved in their parent’s estate planning.
For those younger adults there are some very good digital resources to explore. We have included a short list. Please let us know if we can provide additional information.
Digital Financial Resources
You Need a Budget