Parenting Grown Children: What Dr. Spock Forgot to Tell Us

Bank of Mom and Dad: What to do and how to do it when it's time to close the helping hand

 

Some of us tap into our retirement accounts or we delay retirement: We need the money to keep up with the relentless press of supporting our grown kids. Or grandkids. It may not be full support--just help with the rent, the cell phone bill or car payments. Sometimes it's a monthly stipend to defray their cost of living. For one of my friends, it was to pay for a major expense--the cost of a surrogate mother so a daughter could start a family. (The ensuing twins, priceless.) Another couple played venture capitalist and put money into their son's daring new business--which has since attracted real-life, Silicon Valley venture capitalists.

Whatever it is we're doing--and with whatever rationale we have for doing it--there comes a time when we want to or have to close the bank of mom and dad. The tipping point is different for every family; let us not judge our neighbor.

That said, when Closing Time comes, here are some tips from financial experts on how to tighten the fiduciary fist.

Set boundaries: One end of that boundary is to Just Say No. Make it clear that you will not provide assistance anymore. But if that isn't going to work for you--if it's too harsh or doesn't fit your situation--set financial boundaries, such as how long this will continue and how much cash will be involved. In some situations, you're doing yourself and your kin a favor. When support continues into a grown child's 30s and 40s, you may be an enabler: preventing your kids or grandkids from becoming independent and living within their means.

Make it legal: If you decide to be the mortgage banker for your grown child's home purchase, act like a bank. Have a lawyer draw up a contract  complete with dates when payments are due. Of course, you don't have to be the banker--for a mortgage or other large loan. You can walk your grown child into a bank--and even co-sign the loan (if you're sure you don't need to be paid back). That way, the bank is the debt collector, not you. Financial experts note that people are less likely to repay family members than they are a bank. Many of us do help out with the first-home down payment--not because are kids have been spendthrifts but because of student debt. Student loan debt seems to be the biggest obstacle standing in the way of young people buying their own home.

Use it to educate: However much money you decide you can afford to shower on your kin--a grown child or a grandchild--it should be a gift with no strings attached. Yes, they may squander it, but even grown children need to fall down and scrape their knees. Gifting them money that they may use unwisely is better than using your credit card to bail them out.

Get a second opinion: If you're lending money for a new or on-going business, don't limit yourself to your and your child's take on the business plan. Get an opinion from someone not directly involved in the business. And agree to specific terms--how much and when it will be paid back (if you hope to be paid back).

 

 

 

 

The Book Beat: What we want to know about the gifts we give our Grand kids.

The complaint was about whether a book given as a birthday present to a young reader had been properly read and appreciated. The complainant, writing to Philip Galanes (NYTimes, Social Qs) was an aunt who had given her niece a copy of a book that had been a childhood favorite of hers. But the niece showed no sign of having read it. The letter writer asked whether or not she should call this slight to the attention of the young reader's parents.

Many of us--especially those of us who are long-distance grandparents--are wandering in the same wilderness as the letter-writing aunt. Not only do we want to know the book we sent was received (and be properly thanked for it) but also that it is now a beloved favorite of the recipient. Actually, some of us are like me and we want more: We'd like to talk about the book with our Grand on Skype or FaceTime or even by text. A book--its plot, its characters, its setting--can be a helpful conversation starter, especially when we live far from our children and are out of the loop of their daily lives. It can be a chance to bond over a mutual love. Or, equally delightful, agree to disagree.

No surprise to report that Galanes does not condone pressuring parents to pressure the child to read the birthday-present book. Let me use his exact words:

"There's a difference between a book report and a birthday present: Your niece may read the book when she likes, but she's not required to....We all have our childhood favorites, but I'd let this one slide. Let your niece discover the book in her own time."

Galanes knows whereof he speaks. And yet I understand the aunt's disappointment. I, too, have sent books to various Grands, and now that some of them are young teens, the range of favorites I want to share with them has expanded exponentially. I send the book. I hear no more. When I go visit, sometimes I tell them why I chose a particular set of books--what it was about them that I found so intriguing. But if I may pat myself on the back (and gain some Galanes approval points)--I don't go any further than that. They'll either find time to read the books or they won't. Maybe two years from now they'll pick one up. Maybe they'll even text with a belated thank you for introducing them to the writer or the story.

Maybe they will. More likely they won't. But they have the books, they came with my imprimatur. That'll have to do.

 

 

Refilled Nests: When Boomerangers come back, we don't like it.

 

No less an authority than the London School of Economics tells us that we suffer when our adult kids return home to live with us. There is, the newest research finds, a decline in parental quality of life and well being when our adult children return to live with us.

This is based on research and surveys in Europe--not here. That said, roughly a quarter of young adults in the UK and throughout Europe are living with their parents -- the highest number since records began in 1996. The move home is driven by the unaffordably high cost of housing and job insecurity on the part of our adult kids.

When these adults return home to an empty nest--that is, no other children are still at living at home--our brothers and sisters over there experience loss of ‘feelings of control, autonomy and pleasure in everyday life’--regardless of the reason the children returned home.

How deep do those feelings run? Pretty far down. The scale for quality of life measures ranges from 12 to 48. When a child returns home to a previously empty nest (and it's not for the purposes of parental support), researchers found that the parental score went down by an average of 0.8 points. That's a big enough drop, researchers said, to be similar to developing an age-related disability, such as difficulties with walking or getting dressed. Oooph.

Here's the bottom line from Dr. Marco Tosi, one of the authors of the study. :

"When children leave the parental home, marital relationships improve and parents find a new equilibrium. They enjoy this stage in life, finding new hobbies and activities. When adult children move back, it is a violation of that equilibrium."

And then there's this from British therapist and author Andrew Marshall:

‘Living with adult children can be destructive for trapped nesters’ relationships. Lack of privacy means the biggest casualty is the parents’ sex lives – just when they were beginning to recover from years concentrating on the family – and the children can also take a lot of the emotional focus a couple should be giving to each other again.’

To say nothing of single parents with an eye on dating and putting a little more zip into their social life.