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A Primer For Keeping Your Kids From Living in Your Basement

A Primer For Keeping Your Kids From Living in Your Basement

Samantha Cross, Personal Finance Coach for the Women’s Business Development Council

I have a 15 month old daughter whom I love to no end.  Since the day she was born we have been nurturing her, watching her develop and generally waiting on her hand and foot, with one goal in mind…. to get her out of the house one day.  No lie… you’re on the clock my dear babe!

I have many long term goals in life but my greatest one now is to keep my child from being a broke 30 year old living in my basement.  Now, let me say there are many many reasons why kids move back home, and I am in favor of the vast majority of those, especially when they are a means to an end.  “I want to go to grad school and need to save money on rent”, “we are getting married soon and saving for the wedding”, “I am starting a company and need to count every penny”.  She will be allowed back in for any of those reasons, and many more.  But I pray that “I’m in debt up to my eyeballs and am bad with money because I never learned about it” will NOT be one of them.

Personal Finance is the most under taught life skill EVER and I have never heard someone getting out of a debt by explaining to the loan provider that “they didn’t learn this stuff”.  So unfortunately in many instances it is up to parents to be the teacher.  Do you feel comfortable enough with money to teach your kids?

Studies have shown that parents are more apprehensive about talking to their kids about money than the “birds and the bees”… so I have provided you a few questions to get the conversation going.  Remember parents, you have to be open and honest to get the conversation going….

Good Luck!

Samantha Cross is the founder of Square One Financial Education, a company dedicated to teaching fundamental financial skills to all. Square One is founded on the belief that understanding how to manage the complex world of personal finance starts with gaining a knowledge of the concepts involved, and Samantha is dedicated to ensuring that these concepts are learned and understood by her clients.  When the foundation is strong, the possibilities are endless.  Samantha can be reached at SCross@ctwbdc.org.