Kevin Goedker
REALTOR / Broker Goedker Realty, Inc. Real Estate Website 9183 Northtown Street Brainerd, MN 56401 M: (218) 839-9122 Contact Me |
The Talk: Paving the Way for a Solid Financial Future
With the need seemingly greater than it was for previous generations, it’s not uncommon for parents to financially support their adult children—at least at some level. Providing that assistance, however, shouldn’t happen without first setting boundaries, says Stephen Williams, co-head of BMO Private Bank’s U.S. Financial Planning Strategy."Parents need to keep in mind that today's young adults face unique financial challenges and may require different levels of support than they themselves received," Williams explains. "If parents and children have frank conversations with each other about the amount of support they expect to provide or receive, they can avoid misunderstandings that could put their financial situations in jeopardy."
Williams advises hosting a conversation with your own children, and considering these tips.
1. Start now. Gaining an understanding of the basics of personal finance at a young age can help set up a child for future financial success and independence.