In the Merging Life and Money podcast, Marie-Jo Caesar and Emily Rassam discuss the topic of parental support for adult children. Rassam emphasizes the importance of having a comprehensive financial plan that considers long-term goals and how supporting adult children may impact those goals. She recommends having open communication and setting healthy boundaries to maintain financial balance, as well as using financial tools to ensure that children have the necessary skills and knowledge for financial independence. The conversation highlights the key themes of clear communication and careful planning to ensure that supporting adult children doesn't compromise parents' financial security in the long run. Rassam stresses the need for parents to communicate their own financial constraints and limit support duration to avoid long-term financial implications.
Tune in to:
The key moments in this episode are:
00:26 Parental Support or Independence? Expert Insights
06:19 Financial Support for Kids: How Much?
09:35 Blindly supporting adult children: A warning!
10:07 Teaching Adult Children Budgeting 101: Boundaries and Support
12:51 Collaboration is Key: Involving Third Parties Can Ease Conversations
16:35 Parents' support during COVID leads to success
18:50 Unlock Financial Freedom: Master Budget Creation
21:51 Marie Kondo Your Money: Learn Budgeting
22:33 Sipping Wine, Talking Finance: Building Communication
26:22 From Ramen Noodles to Riches: Lessons in Financial Sacrifice
28:39 College Consultants: Launchpad for Debt-Free Degrees.
30:48 When Should Parents Stop Supporting Adult Children?
33:15 Money Talk Taboo? Cultural, Generational Divide
34:05 Supporting Adult Children: 3 Critical Aspects
37:02 Quote of the show
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