A recent survey reported that 68% of parents had made financial sacrifices to support their adult children. It's often a difficult decision that can stress relationships, impact retirement strategies, and harm overall financial wellness.1
That doesn't mean you shouldn't do it. You want to or you may feel you must.
If you find yourself struggling to start a difficult conversation, please let me know. Perhaps I can help. There may be more than one way to get there.
Over the years, I have helped clients explain why certain estate decisions have been made. I've also helped clients explain why certain retirement and investment strategies are critical and why those strategies were selected in this situation.
On a few occasions, I have been asked to meet with the younger generation to help them better manage their assets or employ some disciplines heretofore ignored.
Financial conversations can be challenging, especially with your adult children. However, with a little bit of planning (and a large amount of care), they can make all the difference.
If I can help facilitate those difficult conversations, or just act as a sounding board, please feel free to reach out.
1. CNBC.com, April 10, 2023