Refusing to Fly From the Coop: 4 Tips for Teaching Your Children Self-Sufficiency

According to recent numbers, nearly 40% of young adults live with their parents, grandparents, step-parents, or other relatives. This is the highest th level has been for the last 75 years. The only time that the rate was higher was in the 1940s, when the U.S. was still working toward recovery from the Great Depression.

Children are a considerable siphon on their parents’ wealth, and the effect dramatically increases if the child is still living with their parent as an adult. Thankfully, however, parents can take steps to teach children about self-sufficiency when they are young. Teaching children how to care for themselves at an early age will help them be more self-reliant adults.

Even if you have not started the process early, you can still use the following tips and information to give your dependent children the nudge they need.

  1.     Learn to say no.

It is far easier to help your children financially than teach them to support themselves. However, it critical that they do not lean on you when they could be doing things on their own. Learning to say no to a child who is having a hard time keeping a job or managing their money is difficult, but it teaches valuable life lessons.

  1.     Set out clear expectations.

If your child is struggling financially because of an unexpected change of events, you can certainly help for a short time. But, you should be clear about how you will support and when your assistance will stop.

Providing deadlines or a specific amount of money over which you will not spend can be incredibly motivational for young adults. Be sure to give your child a warning about your expectations if they are new. Be clear about the effect of their financial drain on your current living situation or retirement.

  1.     Don’t be afraid of failure.

It is very, very tempting to bail out a child who has made the wrong choices, but your children, especially as young adults, can learn valuable lessons from their failures. It is better for them to learn these lessons as early as possible—while the stakes are lower.

  1.     Teach and allow children to do things on their own.

You will begin to realize what your child can and cannot do with regard to their financial independence. If your child can do something, always allow him or her to do it, even if it takes them longer. However, you can also step in and teach your child how to do things more efficiently as well. Teach where necessary but err on the side of letting your child do things on his or her own—that is the best way to learn.

Written by Legacy Planning Law Group

Legacy Planning Law Group is dedicated to working with individuals and families to help protect the assets they have built throughout their life, and make everything simpler for families who have lost a loved one. We help thoughtful people achieve the peace of mind that comes with planning their personal legacy and passing on family harmony.

Written by Legacy Planning Law Group

Legacy Planning Law Group is dedicated to working with individuals and families to help protect the assets they have built throughout their life, and make everything simpler for families who have lost a loved one. We help thoughtful people achieve the peace of mind that comes with planning their personal legacy and passing on family harmony.