There are adult children who are slackers still living at home on their parents dime. And then there are adult children who out of real need depend on their parents’ help for food and shelter. I think it’s important to distinguish between the two types of hangers on, especially nowadays as more and more young adults fail to launch early for independence.
According to some studies, nearly a quarter of 25 to 34-year-olds in Canada and the U.S. remain under the wing – and roofs – of parents or grandparents. For a lot of elders, that’s bringing an unwelcome outlook to household budgeting and financial planning. What can mom and dad or grandpa and grandma do to help improve matters, not only for their children’s sake, but for their own budgeting needs and financial peace of mind? [click to continue…]
Every age has a corresponding token of status. We recognize wealth and privilege by the stuff that we crave and from cradle to grave, those symbols change. For the elderly, look for the high end Buick and jewelry. For people of status in middle age think Lexus or BMW, big house or boat. The young seek high end gaming consoles or the 65 inch flat panel screen. Teenagers show off the iPhone 6 with all its large screen glory. But for the very young, status comes with sugar. Each acquisition maintains the same basic principle of great financial planning and requires planning and saving.
When I was a child, we had Halloween night planned, analysed and rehearsed to the last detail. Every aspect of the evening, from the route we took to the neighbourhoods we chose was planned. Pity the child who carried a plastic pumpkin to collect candy. We were armed with extra large pillow cases. Nothing compared with the joy of dumping the fourth and final load of candy onto the living room floor and scooping the heaping pile of treats into your arms…a confectionary treasure…all mine. [click to continue…]