Do you have adult kids living at home at this moment? If you do, you are not alone. The impact of the 2008 recession, a tight job market, and rising student loan debt have created this dynamic of a “boomerang generation“.
Statistics from the Pew Research Center indicate that in recent years, almost 1 in 3 (29%) young adults (Ages 25-34) have returned to live with their parents.
Also, an article on Forbes also indicates that even finishing college is not leading to an immediate exit from the home: ‘There are only so many high-paying career choices available, and the growing income disparity and diminishing middle class makes it harder than ever to maintain a lifestyle on an entry-level salary.”
I believe that the sooner our kids can leave the nest and stand on their own the better it will be for them in the long run. Part of loving your kids well is to help them to make that transition. Thanks to my parents’ help and and a wise college choice, I was able to finish college without debt and was able to join the workforce right away.
Almost 20 years after later, my wife and I were able to help our son make the same gracious and productive exit from the home and entry into the workforce without debt. He is gainfully employed and doing very well on his own and we are very thankful for that.
But how do we help the rest of our kids reach financial maturity? Fortunately Jeff Ehrlich (from @debtfreesquad) has a new program designed to help you and your kid with this process. So watch this video below and visit the “Flying the Coop” project for more information.