Parents are often faced with the predicament of when to stop financially supporting their adult children. In fact, no generation has faced greater scrutiny for elongating their parental dependence than millennials. While recent graduates can benefit from financial assistance while they search for professional positions or widdle down their college debt, parents often continue their monetary generosity long after it is needed.
Sam Tabar, a New York-based attorney and chief financial officer, offers parents of adult children a bit of advice when it comes to navigating this type sticky situation. First, Tabar suggests that parents take a thorough look at both their children’s and their own financial situation. All too often, adult children are able to establish generous savings and retirement funds while receiving help from their parents. Meanwhile, parents often neglect their own accounts. If parents’ generosity is costing them their own financial security, it is time to call it quits.
Transitioning to financial independence can be difficult for some young adults. Parents can make the passage more comfortable by talking with their adult children. For some, the reality of living off their own income may mean making cuts. Parents should discuss what is a necessity versus a luxury. Adult children may struggle at first, but such experience is both necessary and beneficial. They may even find that they are more financially prepared than they had predicted.
Tabar’s article, “When Should A Parent Stop Supporting Their Adult Children?,” is viewable on the Huffington Post’s website. It offers parents a simple dose of advice on an issue so many people struggle to navigate.
Tabar has been providing financial guidance for years. In fact, he has worked for notable financial institutions, including the Bank of America. Prior to his career in finance, he attended Columbia Univerity and received a degree in law. Today, he serves as the CEO and Chief Financial Officer of Awearable Apparel, a New York-based company. He currently lives in New York City.
While Sam Tabar usually deals with major international accounts, his financial guidance should not be ignored. A parents decision to help out their adult child financially is determined by many factors. However, parents often apply different standards when giving to their children. Tabar wants to assure that parents do not allow themselves to take on their children’s burdens. While assisting an adult child can give a parent a sense of purpose and need, they can often put stress on their own finances and fail to aid their child’s progress. While each family’s situation is unique, Sam Tabar suggests that parents talk openly about finances with their children. A platform for discussion can result in financial independence and help fill in unknowns about personal finance.