Let the transitioning begin! There comes a time when your children have to grow their wings and leave the nest. Ever since my children were young, I taught them lessons about independence. It starts with clean your room, wash your clothes, wash the dishes, cut the grass, and take the initiative to do things around the house. Sure these are household chores that most kids should be doing anyway, but I’ve noticed that some of their friends did not have those responsibilities. I chose not to give allowance because I funded activities, paid bills, and bought food for the house. That was payment enough! My philosophy is if you live in the home, you have to contribute to the daily responsibilities.
When we adopted our dog, she became a strategic part of the road to independence plan. I’m not telling you to go out and adopt a pet, because that’s expensive. However, my children knew that they had to be home at a certain time to feed the dog and to walk her while I was working. It gave them a new responsibility because someone depended on them. You follow me?
We are at a point now where everyone is gainfully employed and they need to transition out of the house within the next 12 months. I’ll have to admit, initially, I wanted them out on their own this year, but I know that they are not ready. After listening to some wise friends, I extended their stay for one year. The purpose of doing this is to allow them adequate time to prepare. I’m sure that most of you have seen the movie called Failure to Launch. I would like to avoid that situation!
Have you noticed how much times have changed from the time you moved out on your own to now? Even when you have a marketable skill and a college degree, getting a full-time job can be challenging. Try having no marketable skills. I’ve also noticed that being able to stay on your parent’s insurance until you are 26 years old makes businesses avoid hiring full-time employees because they would have to pay benefits. What gives? A wise person told me that we were taught to survive during our generation, kids today need to transition.
Currently, my sons are working on building credit by getting secured cards, picking up additional hours at work, automating savings, and considering opening ROTH IRAs. I was listening to the Money Guy Podcast episode titled “The Worst Mistakes You Could Make with Your Money” and the host shared how much more your money is worth when you begin investing in your 20s. It was mind-blowing! Teach your kids to invest in their future today.
Readers, stay tuned for updates on how we are doing during this phase. Also, do you have any advice to offer our community related to getting young adults off to a good start? Leave a comment.