Many of us are familiar with the saying that a dog is a lifetime commitment, not just a holiday gift. Interestingly, there isn’t a saying like that for children, but that’s a given. Naturally, the profound connection between a parent and child begins even before birth and lasts a lifetime. It’s often assumed that financial dependence diminishes as children enter the workforce. Yet, if they face hardships, who’s their first line of support?
Though they might be reluctant, families often step in during crises. While there’s no formal agreement or obligation, in pressing times, turning to parents might be the only recourse. And truthfully, most parents wouldn’t want it any other way. In fact, many parents are already financially intertwined with their children, perhaps co-signing a student loan due to the lender’s need for more assurance.
Guidance Over Just Giving
Parents should consider taking on the role of a guide rather than merely a provider. While elders often have views about career choices, lifestyles, and even partners, it’s sometimes wiser to keep these thoughts private. A guide offers wisdom, assisting the younger generation in navigating the financial world. Regardless of a parent’s financial history, it can serve as a lesson – illustrating the consequences of negligence or the rewards of prudence.
While it’s beneficial if the elder can exhibit how they tackled life’s financial hurdles, from loans to mortgages, it’s equally important to guide when youngsters show financial recklessness, like overusing credit cards. Intervening with advice, such as consolidating debt through a personal loan, can be invaluable. Support is commendable as long as it aids growth and doesn’t encourage undue dependence.
Be Present, Yet Give Space
Much like teaching a child essential life skills, they will eventually become independent, benefiting both generations. However, while promoting responsibility, always ensure they know that support is available in challenging times.
They Could Surpass You
There will be moments when your child surpasses your knowledge or skills, whether it’s in academics or sports. And that’s a rewarding realization – knowing you’ve nurtured a capable individual.
Times Change, And So Do Circumstances
It’s a fallacy to believe that the generational gap with our children is narrower than what we had with our parents. Today’s youngsters grow up in a world, especially technologically driven, that they effortlessly navigate, while older generations might occasionally find themselves lost.