One of the casualties of The Great Recession has been parents' much-anticipated empty nest. "Susie can't get a job after graduation and she's coming back home until she gets on her feet." It's a refrain that is becoming all too familiar across the U.S. "Reoccupy Elm Street" is in full swing, and it's up to you and your spouse to shore up your defenses. On the line? Your own financial security and long-awaited plans for retirement.
Establish Firm Ground Rules
On one hand, you want to help your child. On the other, you need to keep an eye on your own wallet. You also want to empower your child and not contribute to his helplessness. If your child is over 18 and comes back home once he's done with his education, try to dispassionately assess his situation and your own, which can be difficult. However, if you want to reclaim your empty nest, it's critical to lay down some important guidelines sooner rather than later:
It's Time to Think about Your Future!
It may not be easy enforcing all the rules, but it's necessary. Naturally, you want to help your child, but remember not to lose sight of your own needs, especially in this stressed economy.
You and your spouse have put your children ahead of yourselves for years; it's not a good idea to do this any longer. It could put a strain on your current budget, or worse, postpone the retirement that you and your spouse have been looking forward to for so long.
Marina Goodman, CFP and investment strategist with Brinton Eaton. Based in Madison, NJ, Brinton Eaton is a national wealth advisory firm with a long history of serving individuals and their families across multiple generations. The firm helps its clients protect, grow, administer, and ultimately transfer their legacy of wealth through a full range of integrated services, including lifetime cash flow projections, financial/tax/estate/retirement planning, investment management, charitable giving, and business succession planning. Brinton Eaton's clients tend to be corporate executives, professionals, entrepreneurs, retirees, and multi-generational families. For more information, visit www.brintoneaton.com
Share your thoughts about this article with the editor: Click Here
Sign up for our free weekly eNewsletter Surviving Tough Times.
Looking for an answer to a frugal living question? Click here to ask a
Dollar Stretcher Stretchpert!
Copyright 1996 - 2013 "The Dollar Stretcher, Inc." All rights reserved unless specifically noted.
Contact the Dollar Stretcher at:
PO Box 14160
Bradenton FL 34280
"The Dollar Stretcher, Inc." does not assume responsibility for advice given. All advice should be weighed against your own abilities and circumstances and applied accordingly. It is up to the reader to determine if advice is safe and suitable for their own situation.