real estate
As young Americans in their 20s and 30s increasingly stay home and rely on moms and dads for financial support, parents and adult children reveal what it’s like to live together. I made it.
For financial planner Robert Persisitte, home is like family.
“My aunt is a successful professional with a family. She has a teenage son and has been married for 23 years, living at home. I was working,” he told FOX News Digital.
Perschitte has been saving money to buy an accessory unit to house her children, ages 7 and 9. He hopes they can live there in the near future.
“We’ll all say our basic principle: Renting is throwing money down the drain,” he said.
The biggest key to the family’s success, Persisitte said, was giving the children enough room to rest and focusing on long-term goals.
By implementing this idea, he was able to pay off his student loan debt with the rent he saved, and his aunt was able to afford to send her cousin to a better school.
“Parents want their children to have more opportunities and a better life. Feeling cramped at home is a relatively small sacrifice,” Perschitte added.
According to the Pew Research Center, About a third of young people aged 18 to 34 still live with their parents (more than in previous generations).
64% of these young people said the arrangement had a “positive impact” on their financial situation.
About 59% of parents in the Pew survey said they had provided financial help to their adult children in the past year.
Eve Smith, parent and co-founder of PrintKK (a print-on-demand dropshipping company) shares her personal story about supporting her adult children while balancing financial responsibilities on Fox told News Digital.
Her daughter Sarah graduated from college with dreams of starting her own business.
Despite her determination and passion, she faced financial hurdles in a competitive entrepreneurial environment.
Smith and her husband decided to allow their daughter to live at home while she worked on her business.
Since Sarah lives at home, Smith and her husband emphasized the importance of financial literacy and independence.
“Our approach aimed to strike a balance between providing support and promoting self-sufficiency,” Mr Smith said. “While there were moments of concern about enabling dependencies, watching Sarah grow, bounce back, and ultimately launch and succeed in her business confirmed the value of our support. Ta.”
The relationship between parents and children has given rise to the hashtag “Mom and Dad’s Bank.”
The term typically refers to parents and grandparents helping young family members with life-changing purchases and expenses.
Adult children have also taken to social media to reveal what it’s like to live with and remain financially dependent on parents in their 20s and 30s.
TikToker Kierstan Nicole I’m 29 years old and live at home. In his recent post, Nicole said he is “working hard to stay in this situation.” [her] Rather than comparing yourself to where you think you’re supposed to be in life, observe how her “timing unfolds.”
“The economy is at its worst and we are in a cost-of-living crisis, so all decisions need to be left in place,” she said.
Nicole admits that she wants a place to call her own, but the reality is that for her, living at home is “smart” and “comfortable” and that it’s a “blessing” that she will continue to use as long as it serves her well. ”.
“If you think about it, we’re still toddlers, we don’t know what we’re doing here, we’re in a different era, we’re in a different market, we’re in a different food market, so why not? The salary is still the same. It’s the same as it was 20 years ago.”
However, only a small percentage of people are satisfied with continuing to live in the home they grew up in.
“Living at home is literally like the most frustrating thing in the world.” TikTok creator Sabine I said through tears. “And I feel so ungrateful because I know I’m lucky that at least I have a home to go to after I quit my job.”
Sabine said living at home felt to some extent a “loss of identity,” loss of independence, and lack of privacy.
She also admitted that she feels her childhood town has changed. The people she used to have coffee with have moved on and moved on with their lives.
Additionally, Sabine believes dating is out of the question, given that she can’t bring someone back into her space.
As the economic situation remains uncertain in 2024; 1 credit karma investigation found We found that 59% of Millennials and 48% of Gen Z feel behind on their financial goals.
As part of her work as a board-certified clinical neuropsychologist, Mitchell Klionsky frequently meets parents in their 60s and 70s who still have adult children at home.
He said these children often fall into two different categories: “failure to launch” and “revolving door children.”
In the former case, parents need their children to stay at home in order to create a “love triangle” in their relationship. In some cases, these parents (usually mothers) are so “obsessed” with their children that they can’t imagine leaving them even remotely.
The latter typically involves adults who “launch” and then fall, returning home through a “rinse and repeat” process.
“These children often have substance abuse, failed marriages or relationships (sometimes with young children), or legal problems. They are unable to maintain work or financial independence and are unable to maintain basic They fail in adulthood. Mom and Dad couldn’t stand to see them fail, so they brought them back,” Klionsky told FOX News Digital.
He said the first step to improving this scenario is to make sure both parents are on the same page when it comes to finding ways to ensure their child’s success.
Dad and mom often do not find common ground and there is little change.
Parents want their children to buy a car, get a job, and save more money, but parents cannot reach a consensus among themselves and are unable to make demands.
Klionsky suggests that parents set their departure date a little further in the future, move the date forward if their children don’t respond to their advice, and set aside money for adults so they have the funds to leave the nest on their own. I recommend that.
He also encourages his children to pay rent.
“[Paying rent] Money is often scarce because parents rationalize that they don’t need it or that their children are struggling enough without additional financial obligations. ” he added. “But this is a big mistake, because it avoids children finding work that will support them as they live independently, and their failure to find work means that they This is why we have to stay.”
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