{"id":1109875,"date":"2019-04-09T14:47:59","date_gmt":"2019-04-09T14:47:59","guid":{"rendered":"https:\/\/dailyreckoning.com\/?p=107139"},"modified":"2019-04-09T14:47:59","modified_gmt":"2019-04-09T14:47:59","slug":"5-steps-to-cutting-the-parental-welfare-cord","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1109875","title":{"rendered":"5 Steps to Cutting the Parental Welfare Cord"},"content":{"rendered":"

This post 5 Steps to Cutting the Parental Welfare Cord<\/a> appeared first on Daily Reckoning<\/a>.<\/p>\n

Are you among the almost 80% of parents who provide some financial support to adult children? The amount is a mind-blowing $500 BILLION a year, which is twice what parents put away for retirement. <\/span><\/p>\n

In other words, you may be placing your kids\u2019 interest ahead of your own. And that makes it one the biggest threats to your retirement. <\/span><\/p>\n

Plus it could rob them of the experience of learning what it means to struggle and become financially independent. <\/span><\/p>\n

So what\u2019s behind this trend of boomer and Gen X parents supporting their adult kids?<\/span><\/p>\n

Millennials Failing to Launch<\/b><\/span><\/h2>\n

Many millennials (those born 1981-1996) can\u2019t get their careers and lives off the ground. They\u2019re overwhelmed with lingering student loans, struggling with the high cost of rent and health care relative to income, and having difficulty finding decent-paying jobs in their chosen field. <\/span><\/p>\n

PNC\u2019s Millennials & Investing survey discovered that only 81% of millennials have full-time jobs.\u00a0 <\/span>And the amount of expenses parents are paying for adult children isn\u2019t exactly pocket change \u2026<\/span><\/p>\n

An average of $7,000 a year. <\/span><\/p>\n

Where Is That Money Going?<\/b><\/span><\/h2>\n

You might think that all this parental support goes towards student loan debt since the media has named it a national crisis. <\/span><\/p>\n

Not so. <\/span><\/p>\n

In fact: <\/span><\/p>\n