What Happened To The Empty Nest?
Author: Carl Hampton

Somewhere, back in time were the years that we lovingly
referred to as the empty nest years. But now, there is no such
thing as the empty nest. This generation of children are known
as the boomerang generation. The boomerang generation is
exactly what it sounds like. Your children go off to college or
move out of the house to become adults on their own, but then
just after you have got use to the idea of having the house to
yourself they return home. You let them go and they come right
back. They are boomerangs.

It comes to no real surprise that the younger generation is
moving back home in ever increasing numbers. By the time they
leave college they are normally thousands of dollars in debt,
they start off with a job that pay low salaries and soon find
that they cannot make ends meet. Sometimes this living
arrangement is temporary and only lasts until they get a better
paying job. For many others living at home becomes a lifestyle
they soon enjoy. Living at home for many is rent free. It's a
bit like living in a hotel, you go out in the morning and when
you return the cleaning is done and the food is ready. It
really is the perfect situation. All of the fun and none of the
pain.

For whatever reason your child returns home, the worse thing
you can do is not expect any kind of financial support. If your
child expects everything to be free, then their idea of
responsibility and independence is really skewed. The most
important trait a parent must teach a child is to be
responsible. But do not, by any means let that affect your
relationship because sometimes money and family do not mix.

When your child moves back in, your goal is to help them save
up enough money to move out again.  You should not let that
define your relationship with your child. Charge rent, not a
lot but at least something. Make it a low enough percentage of
their salary that they have enough money to pay for their
personal expenses as well as any loan payments they may need to
make. Something like 25  percent is reasonable, especially when
you know your child is spending money on mall splurges or nice
vacations. If that sounds too harsh, then charge them
theoretically. Have them open a savings account that would
become a housing account so that you aren't pocketing their
money. It's a good idea to set up some kind of timeline with
your child. Go over some financial goals so that they can set a
date to move out. You do not want to push them to their breaking
point and have them move out under bad circumstances.  If that
sounds too unreasonable, have them pay for other things like
the cable, Internet, and groceries so they begin to build up a
sense of responsibility.


About The Author: "Your" Money Matters By Carl Hampton From the
Author of "From Credit Despair To Credit Millionaire"
http://www.CarlHampton.com http://www.fcdtcm.com