Often family members ask for financial assistance, especially in trying times like the pandemic. What if you would like to say yes but your finances say NO? Often it is an adult child asking parents for money. It's one thing if it's the first time, the parents can spare the money, and the adult child has a legitimate request. It's a totally different situation when the parents are enabling an irresponsible child.
A book that explores this topic is: parent to the end: How baby boomers can parent for peace of mind, foster responsibility in their adult children, and keep their hard-earned money by Linda M. Herman.
Herman doesn't explicitly state how to say no but provides examples of times when parents should say no.
Forget "perfect." Get over it; stop trying to be perfect. Sometimes good enough is sufficient.
Throwing good money after bad. Some adult children are irresponsible and giving them more money isn't the answer.
The value in boundaries. Saying no and setting limits can send a powerful message to adult children.
Who's watching out for you?Adult children may feel like they have the right to your support. But one of the rights of having earned that money is the right to keep it and secure your own future. Don't be too quick to give away your financial security.
Read the book for the details!
Thanks to Glenn Ruffenach of The Wall Street Journal
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