This piece is part of my 2016–2026 archive migration. Some original formatting, content, and external links may be missing, changed, or not be optimized.
Time to reset your priorities
A common trend is adult kids taking care of their parent’s health and finances, but not because they want to; it’s frequently becoming a must because so many parents are not prioritizing their financial health (or physical health).
Many parents don’t prioritize their financial well-being because they put all their resources into the kids. It seems altruistic, but ultimately, there will be consequences: financially dependent parents who have built zero or insufficient wealth.
Others don’t prioritize their finances because they always think there’s time, but time is always ticking – each day, we’re all increasing in age. At a certain point, you’ll wake up and be 70.
What do you want your bank account to look like in the future?
Does A Better Life = Higher Education?
Many parents want to provide their kids with a better life and find education as one of the primary avenues to do so, but if you’re off track with retirement, your priority should not be your kid’s education.
Instead, you should encourage your kids to apply for scholarships, grants, loans, and jobs so they can fund their own way through school. At the same time, you focus on building wealth.
Though the intent to fund your kid’s education is generous, by allowing them to fund their way through school, you teach them how to be resourceful and financially independent and grant them the opportunity to value their education more than if you paid for it.
There Are Other Ways To Help Your Kids Succeed
Outside of education, there are plenty of ways to help your kids succeed in life:
Time invested – teaching and sharing life lessons
Exposure to new people, opportunities, and geographic locations
Ensuring you are financially set up for success so your kids can mimic your habits to set themselves up
Ensuring your kids work for others and also explore entrepreneurship so they understand the pros and cons of both
Three Gifts For Parents To Give Their Kids
Financial education
Ensure parents don’t need their kids to provide for them financially later in life.
An inheritance not only for the first generation but also for future generations.
Put On Your Mask Before Helping Others With Theirs
As they frequently mention during the airline safety measures, put on your mask before helping others put on theirs.
Your kids are likely to be able to find creative ways to fund their education, transportation needs, and other financial adult responsibilities.
Before you jeopardize your financial situation, pause and consider the long-term consequences.
Cultivate the opportunity for your kids to learn the lessons of financial independence by instilling in them from a young age to work and earn their own money. Encourage them to pursue entrepreneurial ventures and get creative when they need money to do anything (e.g., buy a car, pay for higher education, a house, etc.).
–
This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.