Summary:
Best selling author Kim Butler and co-host No B.S. Money Guy Todd Strobel talk about a recent article from AARP called The Bank of Mom and Dad. Together they discuss the different questions and scenarios when handling finances with adult children.
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AARP’s article from January 2017 called The Bank of Mom and Dad
Show Notes:
00:00 Introduction
00:29 Today’s topic: AARP’s article from January 2017 called The Bank of Mom and Dad
01:47 Question #1 – Will this investment add stability and security to my child’s life or is it simply a good to have purchase or investment?
05:22 When helping children in their 30’s and 40’s it may be causing their children problems
05:47 Question #2 – Is this a short-term or one time cash need, or is it something that could drag on for years?
06:26 Question #3 – Is there risk in the investment beyond the cash outlay, such as financial liability on a contract or damage to your credit?
8:04 Question #4 – Can you lend or give this money without fear of damaging your relationship with your child or will it cause tensions or resentments for the people involved?
12:58 The AARP scenarios
13:32 Scenario #1 – Dead Car
14:41 Scenario #2 – Fairy Tale Wedding
16:37 Scenario #3 – Apartment Lease
18:03 Scenario #4 – Home Down Payment
21:35 Scenario #5 – Divorce Bailout
23:39 Scenario #6 – Business Loans
25:05 Scenario #7 – Graduate School
Disclosure: Our content is meant for educational purposes only. While it’s our goal to help you learn about building a life of prosperity, we do not intend to provide financial advice. Please consult your financial, tax or legal advisor before making any investment or financial decisions.