When you think of the best gifts that you can give to your kids, what comes to mind for you?

The answer likely depends on what stage of life your children are in. 

The hottest new toy or video game system for a younger child would win you massive parenting points. 

For an older teenager? Their first car, a new phone, or maybe even a bunch of money to spend at the mall with their friends would be perfect.

But what about those with adult kids?

You might think that gifting them a down payment on a house, or new furniture, or keeping the grandkids for a week while they go on vacation would be the best gift ever. 

On the contrary! The best gift that you can give your children is your own financial independence and theirs. 

We love our children, so it’s natural for us to want to be as generous as possible with them – but, if you’re overly generous with your children, you can end up hurting yourself in the future and hurt them too. 

I’m not saying ‘don’t support or help your children’ (it’s getting harder and harder to get established these days), but you need to understand how this factors into your future plan. 

I say this not only because I care about how your retirement will play out but because I can’t help but worry about the next generation’s ability to grow up and take care of themselves. 

There are examples of people staying on their parent’s health and vehicle insurance until their late 20s – our job as parents is to raise our kids to be functioning adults. 

I mean, think of that World War II generation. You had people in their late teens leading battalions in France – the same thing in Vietnam. Even today, there are members of the military that are very young with huge responsibilities. 

Just remember that it’s not unusual to grow up early – and maybe even admirable to do so. 

Bottom line – be there for your children, but strike that balance between caring and coddling.

Don’t forget, if you overextend yourself helping your children now, you may put them in a position where they have to help you later – with even more expensive costs like healthcare.

If you’d like to have a chat about your financial situation to see if you can help your children as they leave the nest without hurting yourself in the process, book a no-cost 15-minute conversation with me. It’s as easy as calling 513-563-PLAN (7526) or booking online right here. 

Regards,
Nikki Earley, CFP®