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Episode 2686:
J.D. Roth delves into the emotionally charged issue of whether or not to provide financial assistance to adult children, using a reader's personal dilemma as a springboard. Through insights from personal experiences and expert research, Roth explores the fine line between helping and enabling, offering thought-provoking perspectives on financial independence, responsibility, and the potential pitfalls of economic support.
Read along with the original article(s) here: https://www.getrichslowly.org/giving-money-to-adult-children/
Quotes to ponder:
"The more dollars adult children receive, the fewer they accumulate, while those who are given fewer dollars accumulate more."
"Giving adult children financial support is, generally speaking, a bad idea."
"What is the effect of cash gifts that are knowingly ear-marked for consumption and the propping up of a certain lifestyle? We find that the giving of such gifts is the single most significant factor that explains lack of productivity among the adult children of the affluent."
Episode references:
The Millionaire Next Door: https://www.amazon.com/Millionaire-Next-Door-Surprising-Americas/dp/1589795474
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Optimal Finance Daily - Financial Independence and Money Advice