Is your Child a Good Investment?
In today's podcast The Wilson Wealth Show talks about investing in your child past the age of 18 and what that means in our current economy.
Kids are having to stay at home longer and college is going up in price so what are parents to do? With the cost of raising a child at an all-time high, is it a worthy investment to continue to help your child past the age of eighteen? How do you save for retirement with the extra expenses of keeping your child into their twenties?
Maurice, Ciera and Ablavi answer all these questions and more in this week's installment of our April investment series: “Is Your Child Still a Good Investment?”.
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“We are keeping our children longer than 18, times have changed for a lot of parents” -Ciera
“The term boomerang kids means you throw out a kid at 18 and they have to come back four to five years later, that window of when a child comes back and leaves for good is getting longer.”- Maurice
“That Window of kids leaving used to be 18-25 but now it's more 18- 30, which means your expenses are definitely higher.” - Maurice
“Does the financial part of being a parent end at the age of 18? Traditionally, not really.”- Ciera
“I think what's really important is to be positioning yourself to help your child before they reach the age of 18 at the greatest capacity possible.” -Ablavi
“Don't invest in what you're not willing to lose.”-Ablavi
“When do you go from helping your child to enabling them?” -Ciera
“There's a fine line between doing everything you can to help you child and enabling them, there needs to be some tough love.”- Ablavi
“Parents have to protect themselves to, or your retirement will go down the drain and your kids won't be any farther in life.”-Ciera
“You don’t hope for any particular outcome, you plan for all possible outcomes”- Maurice
“It's important to have boundaries, even with your own children.”-Ciera
“Help you child in the way that helps them the most and not the way you wanted to help them.”-Ciera