by
Carl Hampton
12/01/2006
Somewhere, back in time were the years
that we lovingly referred to as the empty
nest years. But now, there is no such thing
as the empty nest. This generation of
children are known as the boomerang
generation. The boomerang generation is
exactly what it sounds like. Your children
go off to college or move out of the house
to become adults on their own, but then just
after you have got use to the idea of having
the house to yourself they return home. You
let them go and they come right back. They
are boomerangs.
It comes to no real surprise that the
younger generation is moving back home in
ever increasing numbers. By the time they
leave college they are normally thousands of
dollars in debt, they start off with a job
that pay low salaries and soon find that
they cannot make ends meet. Sometimes this
living arrangement is temporary and only
lasts until they get a better paying job.
For many others living at home becomes a
lifestyle they soon enjoy. Living at home
for many is rent free. It's a bit like
living in a hotel, you go out in the morning
and when you return the cleaning is done and
the food is ready. It really is the perfect
situation. All of the fun and none of the
pain.
For whatever reason your child returns home,
the worse thing you can do is not expect any
kind of financial support. If your child
expects everything to be free, then their
idea of responsibility and independence is
really skewed. The most important trait a
parent must teach a child is to be
responsible. But do not, by any means let
that affect your relationship because
sometimes money and family do not mix.
When your child moves back in, your goal is
to help them save up enough money to move
out again. You should not let that define
your relationship with your child. Charge
rent, not a lot but at least something. Make
it a low enough percentage of their salary
that they have enough money to pay for their
personal expenses as well as any loan
payments they may need to make. Something
like 25 percent is reasonable, especially
when you know your child is spending money
on mall splurges or nice vacations. If that
sounds too harsh, then charge them
theoretically. Have them open a savings
account that would become a housing account
so that you aren't pocketing their money.
It's a good idea to set up some kind of
timeline with your child. Go over some
financial goals so that they can set a date
to move out. You do not want to push them to
their breaking point and have them move out
under bad circumstances. If that sounds too
unreasonable, have them pay for other things
like the cable, Internet, and groceries so
they begin to build up a sense of
responsibility.
Have an opinion or a question you would like
me to answer, then write me!
http://www.CarlHampton.com
