{"id":3126,"date":"2024-05-02T16:10:48","date_gmt":"2024-05-02T21:10:48","guid":{"rendered":"https:\/\/www.connerash.com\/blog\/?p=3126"},"modified":"2024-05-17T16:12:55","modified_gmt":"2024-05-17T21:12:55","slug":"cutting-the-financial-cord","status":"publish","type":"post","link":"https:\/\/www.connerash.com\/blog\/cutting-the-financial-cord\/","title":{"rendered":"Cutting the Financial Cord"},"content":{"rendered":"
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In a 2023 Credit Karma survey, nearly a third of parents with children over 18 reported currently providing them with financial support. 64% of those parents said they provide support by allowing their kids to live at home, and another 49% pay monthly bills for them.* Both sides have good reasons. Most adult children are trying to save money and get student loans under control. The adjacent graph lists parents\u2019 various reasons for continuing support.<\/p>\n\n\n\n

FIRST: YOUR FINANCIAL WELL-BEING<\/h3>\n\n\n\n

While there are times when help is necessary, parents need to think of their financial health and overall well-being first. If you have an adult child who is still under your financial wing, you need to establish boundaries for your assistance.<\/p>\n\n\n\n

SET EXIT GOALS<\/h3>\n\n\n\n

The best plan is to establish financial goals for when the child will become financially self sufficient up front. Or, if you\u2019re already helping, the time is now.<\/p>\n\n\n\n

Assistance might be provided until they save enough for housing, they can afford their student loan or car payments, their divorce settlement is worked out, or a similar financial milestone.<\/p>\n\n\n\n

For a child with a health issue or addiction, consider talking with your legal advisor about a special needs trust, with funds going directly to the child\u2019s treatment and recovery. And there\u2019s nothing wrong with asking kids to contribute an affordable amount for their stay.<\/p>\n\n\n\n

*Survey by Qualtrics for Credit Karma, November 2023<\/sub><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

In a 2023 Credit Karma survey, nearly a third of parents with children over 18 reported currently providing them with financial support. 64% of those parents said they provide support by allowing their kids to live at home, and another 49% pay monthly bills for them.* Both sides have good reasons. Most adult children are … <\/p>\n

Continue reading “Cutting the Financial Cord”<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[270,39],"tags":[],"class_list":["post-3126","post","type-post","status-publish","format-standard","hentry","category-financial-independence","category-newletters"],"yoast_head":"\nCutting the Financial Cord - Conner Ash<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.connerash.com\/blog\/cutting-the-financial-cord\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cutting the Financial Cord - Conner Ash\" \/>\n<meta property=\"og:description\" content=\"In a 2023 Credit Karma survey, nearly a third of parents with children over 18 reported currently providing them with financial support. 64% of those parents said they provide support by allowing their kids to live at home, and another 49% pay monthly bills for them.* Both sides have good reasons. 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