Emerging Adults and Aging Parents
DOW is DOWN 300 points! Is that what I read yesterday? Did you read the same? Did it scare you? It's ok...we are friends. Let me tell you, that scary 300 divided by roughly 20,000 is a percentage that makes for a far less dramatic headline. It's been a long time since we've had a decline. I believe time will cure this very brief decline. And time will cure the very brief scare this might cause as well. Now let's talk about an important topic that affects many of our lives.
More millennials live with their parents than with a spouse. More millennials are not working than working. Researchers have joined the phrase "Emerging Adulthood" to describe the new trends.
Helping our youth get their feet underneath them is difficult because we want to see them succeed. However, shouldering too much of the burden and setting aside our own financial needs is worse for us and in the long-term, it is worse for them too.
If you think it's a challenge to care for the emerging adults, think twice. On the other end of the spectrum, many of us care for aging relatives. Some are considering moving mom and/or dad back home to live with them. There are a lot of costs to consider with that move, and the following article gives you something to talk about with your financial planner.
How are we going to support our "emerging adults" and our aging parents in the same home?
Sounds like we need financial planners more than ever before!