Sam Tabar, COO of Full Circle Energy Fund and CFO of Awearable Apparel Inc, recently wrote his musings on when a parent should cease supporting their adult children. In his article, “When Should A Parent Stop Supporting Their Adult Children?,” for the Huffington Post, Tabar provided some useful tips for parents of millennials who are struggling to find the right time to cut their adult children off.
For parents, the decision to stop financially supporting their children is a difficult one. After all, they have a profound desire their children to thrive and be successful. Therefore, helping out with living expenses and bills is often a no-brainer for parents looking to assure their adult children’s future.
However, millennials have been known to accept longer and more expansive monetary handouts than any generation before them. Therefore, parents are often faced with the dilemma of when and how to cut their children from support. For those struggling to answer these difficult questions, Tabar’s article offers a wealth of perspective.
According to Huffington Post, Sam Tabar has spent significant time in both the financial and legal sectors. Previously, he worked as an associate attorney and received an extensive legal education from both Oxford University and Columbia School of Law.
He went on to manage several major hedge funds and now works as a capital strategist which has allowed him to use his legal and financial to help others. If there is anything Tabar understands well, it is money and how to manage it. This is why Tabar has offered his perspective to help tackle one of the most commonly faced dilemmas of today’s parents.
The following 5 tips were gathered from Tabar’s article.
- Consider their savings. Tabar suggests that parents take into consideration their children’s savings. If they have thousands of savings piling up they can most likely handle their own burden.
- Consider your savings. Parents of adult children are most likely on the verge of retirement. Sam Tabar suggests that if you are helping your children but not contributing enough to your own 401K, it might be time to put an end to your generosity.
- Help them adjust. Parents often help their children financially but fail to provide them with crucial financial guidance. While paying their own bills may be a bit of an adjustment for young millennials, it is a necessary skill.
- Help them control their spending. Millenials receiving money from their parents might have difficulty deciphering what is a necessity from what is a luxury. Parents should sit down with their children and discuss the differences between the two.
- Remember: financial independence is the goal for both parents and their adult children. Neither should loose track of this!