Recently I had a former student in my office who was a proud new daddy. As we talked about the challenges of raising kids, including financial challenges, he told me he was going to start a college fund for his child and would begin funding it pretty heavily. To put in the money he wanted to contribute each month, he would need to cut back on funding to his 401(k) plan. While I admired his selfless parental instincts, I advised him against this and told him to be more selfish! Continue Reading…
The Family Bailout: When Your Kids Ask for Money
As the economy slows, it’s obvious that some of our grown children are going to be asking for financial help. Some folks are going to lose jobs while others may have working hours reduced, thus affecting their pay. Still others are just flat overextended. Regardless, some parents are going to be faced with the issue of kids asking for financial help. You may have already faced that with your kids. Continue Reading…