bank of mom and dad

In last week's article we discussed how to talk with your child about their financial situation. Once you've initiated the conversation and are willing to financially assist your adult child, here's the next step you should take...

It is bound to be awkward, but if kids expect their parents to be forthcoming with financial assistance, the  parents need to have an idea of where their children are financially. Simply laying out their student-loan totals to demonstrate how poor they are isn't enough information. You and the children need to figure out their overall financial situation. It cannot be a simple single question, "Here's how much I need for my goal, can you afford to pay it?"...