There are times when it makes sense for parents (who can afford it) to lend money to their adult children to help with post secondary education, a down payment on a home, etc. However, this isn’t always the best idea and it’s important to really discuss things thoroughly before making a decision.
Every parent wants to be able to help their children, no matter what their age, however, at a certain point it is important for children to become financially independent. If parents continuously bail their kids out when they overspend, they are not helping their children at all. Why? Because their kids need to learn that there are consequences for being irresponsible with their money. Kids will never learn this if Mommy and Daddy always foot the bill when they make a mistake.
This concept also applies to anyone who has a friend or family member who always depends on them for financial support when they get themselves into trouble. If this is happening to you, it will take some guts, but you need to learn to say no. It’s only a two letter word but it is so very powerful.
By saying no you will actually be helping this person a lot more than if you always give in. They will never learn to be independent if they know they can always depend on you.
I am not trying to be harsh here, but I have witnessed what people are like who always have someone to fall back on. They seldom, if ever, become responsible for their own actions. You don’t want your kids to become like that, so be wise when it comes to these kinds of decisions. Although it will be tempting to provide assistance, just remember that the best assistance you can give sometimes is to give none at all.
No Comments