Sunday, May 13, 2012

Top 3 Ways to Help Your Adult Children Become Financially Independent

The Millennials (or Generation Y, as they’re sometimes called) have arguably been hit the hardest by the recession. In fact, some research estimates that only around 50% of recent college graduates find full-time jobs within a year of their graduation date. Because of how the economy has affected the Millennials, a considerable number of them rely on their Baby Boomer parents for financial support, often not out of choice but out of necessity. If your adult child is struggling to leave the nest and gain financial freedom, you probably feel the strain. Fortunately, there are some things you can do to help your adult children become more financially independent. Here are some of them:

1. Network for them – Your kids probably didn’t do much worthwhile professional networking in college. The other young people they know are unemployed too, and aren’t much help when it comes to referring them to potential employers. You’ve had decades to build a solid professional network. So, talk to people you know, and see if you can get your foot in the door at a few companies for your kids.

2. Encourage them to take any paid work – Yes, it’s frustrating to realize that your children can’t even get a job at Starbucks, even though you spent an exorbitant amount of money helping them through college. However, you and your kids need to swallow your pride. Any job is better than no job. So, encourage your child to take any work he or she can find, even if it’s part-time work. Any job will allow your son or daughter to acquire new skills, meet new people, and hopefully move up the ladder at some point. Starting off part-time in the mailroom can actually pay off.

3. Teach them good financial habits – You probably stressed the importance of saving money to your children throughout their lives. Now that their adults, they may need some extra help sharpening their financial skills. Remind them that credit usually isn’t the answer and budgeting can be a lifesaver. Teaching your kids how to make good financial choices will help them weather the storm of the bad economy and job market. Thanks to your guidance, by the time they do get the full-time job of their dreams, they’ll know exactly how to achieve financial success and security.

You can’t change the job market, but you can help your kids beat the system and become financially independent. You’ll be glad you put forth some extra effort when they’re out on their own and you’re able to save more for your retirement.

Author’s Bio: Carolyn is a guest blogger on the subjects of personal finance, small business finance, and ecommerce tools like order management systems, Shopify, 3dcart, and BigCommerce.

Enhanced by Zemanta

No comments:

Post a Comment

Join 1000's of People Following 50 Plus Finance
Real Time Web Analytics