Thoughts on $

Kids 15-25? What to cover and stop covering and how to do it WSG 87

Thanksgiving has come and gone. So has your family! Now it’s time to scramble for a month before they all come back again for presents and more food.

I am reposting last week’s interview with Emily Burnett. If you have kids in the 15-25 age spread, how do you handle what you help your kids with or cover for them (like phones, car insurance, hair cuts and high lights :)? When they have jobs, what does that income cover? Or, is it saved? How? Do you give Monday for birthdays and Holidays? Emily spells out what we all need to think about and how we need to discuss money with our spouse and kids. The clearer the expectations are, the happier everyone will be regardless of the outcome (sort of).

Spending. I found that during COVID we as parents allowed for spending in a looser fashion because well, COVID sucked and why not treat your family to a few extravagances. Sure, buy the whatever. Order the food. Rent the movie. Sign up for the thing that costs a lot a month. Get the pingpong table. Well, COVID is over but the attitude towards spending is not.

I felt the timing of Emily’s second interview couldn’t be better. Here we are nearly at the end of the year when family will be around, and there is time to “address” sensitive matters like spending and money with your young adults. Good Luck!

I interviewed Emily at the suggestion of a friend of mine. Hearing the story of a woman who, through her own experience, started a business at 40 to help women avoid the financial pitfalls she did was perfect for my readers at WSG. The part I didn’t know about until we did the interview (see here for last week’s video and WSG Emily Burnett) was her guide for parents and young adults called: THE FINANCIALLY FIT YOUNG ADULT: Your young adult child’s financial fitness has more to do with you than you realize. Here’s what not to do and what to do to help them leave home and thrive.

Below is the video of our conversation, but for my Premium readers Emily’s guide is included beyond the paywall. I will be signing up for her services as I tick every box of what not to do as a parent with young adults and money. I am betting a few of you out there are right there with me. Enjoy!

And Happy Thanksgiving!

Don’t forget Emily’s book! Great Stocking stuffah!