If your kids are living in your house, this one’s for you. Learn why allowing your kids to live at home after college does way more harm than good.
(Click the featured times below to jump forward in the episode)
Puzzle Of The Week:
- [2:30] – Adults (millennials) are still living with their parents, and that’s problematic for your retirement.
[5:22] – Dan Does Not Think Adults Should Live In Their Parents’ House.
- Hear us out on this. If your children are perfectly capable adults with all of their faculties intact, there’s no reason they should live at home. In fact, it’s healthier for both parties if your children move out. It’s estimated right now that one and four of the Millennial Generation are still living at home. Now, if your kid graduated from college and can’t find a job, we totally understand that you want to take care of them. The problem arises when it becomes the norm for them to live at home.
- Set clear expectations up front so as to avoid having a permanent roommate. If your kid is 25 and living at home, well, you’re already in a rut. However, let’s examine some ways to prepare your child before you’re in the moment.
[3:47] – Reasons You’re Letting Your Kids Live At Home: Debt.
- Perhaps your child has a lot of college debt. You probably think, “they need to live at home while they pay off their debt.” You can avoid this scenario entirely if you think through where you’re sending your child to school.
- Think “what’s the right academic and economic fit for my child?” If you’re going to a $50,000 a year school, and you’re going to major in Anthropology, I’m sorry, but that’s probably not going to work out well for you. It sounds harsh, but I just don’t believe those degrees will grant you a large job market.
- If you insist on getting that liberal arts degree, then get it as cheaply as possible. As a parent, be prepared to counsel your child on that matter.
[10:49] – Reasons You’re Letting Your Kids Live At Home: Rent.
- You might say “Oh I don’t like the idea of rent. I want to build equity.” Oh that is grade A boloney (See Below).
- If you’re going to buy a home, and you’re going to put ten percent down, you’re going to be paying rent. You’re just going to be renting from the bank. In fact, you don’t own anything, but you do have a gargantuan loan. Instead, consider renting. It’s not as heinous as the real estate industry has made it out to be, and renting will help you to grow into an independent adult. If you’re a parent, equip your kids to become contributing citizens of society. If you’re a kid, take pride in becoming an adult. There’s freedom to be found in that.
- [5:05] – Parents Sue To Get Child Out Of House.
- [1:07] – The Backstory.
- [8:54] – Reasons You’re Letting Your Kids Live At Home: Housing Costs.
Puzzle Solver Assignment:
- [14:44] – Homework time! If you have a child between the ages of…let’s say ten and twenty, you need to have a conversation with them. Inspire them to become independent. Encourage them to get an education that will lend itself toward preparing them for life after college.
The Full Picture:
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The host: Dan Cuprill – Schedule A Time To Meet – Or Call: (513) 563 – 7526
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