Helping our children is important; however, there comes a time and a place where there are things that don’t really help. Giving them as much money as they need, often falls into this category. Forging your way in the world isn’t easy, but having everything handed to you often makes it so that you can’t move forward on your own. There are a great number of advantages to giving an inheritance rather then giving your children all the money that they could use now.
You.
You have, presumably, worked hard in life to achieve enough financial security to even be able to think about this question. Because of that, it is a good thing for you to be able to sit back and live life without having to worry about your own tomorrows. If you give the money away after you are dead and gone then you will have enough money to live comfortably and enjoy your hard work while you are still alive.
Forging.
Your children have to forge their way into a future for themselves. Sure it is hard figuring out what you should do and how you should get there, but it has to be done. This is often a difficult time for your children as they move into their adult years. Money is tight and we all wish it wasn’t. But, if they work hard, then they will make it just fine on their own.
Spoiling.
Some feel it is impossible to spoil a child. Others feel it is impossible to spoil an adult child, but it does happen. If you dish out money each and every time that your adult child is in need then you will only hurt them. You won’t help them get on their feet, instead they will be depending on you. Over and over again they will come to you with their hands out, asking for money that they need. This doesn’t provide financial security, nor does it teach them to make it on their own.
Options.
There are a few options where your financial help is a good thing. College is one of them. This doesn’t mean that you should dish out all the money they need and they should be guaranteed four years without bills. It doesn’t mean that they should live off of you forever. It just means that helping them with college can be beneficial to their future.
Starting up a business can also be a time where you can insert a little of your money without fear. If your child, who is now grown, is working on a sound business plan then you can invest some of your money into their future. This can make it possible for them to get ahead doing something you know will be beneficial.
Loans are something you should do with care. But if you are in a financial situation where you can afford to give them and your adult child really needs a break, then you can give a loan. Don’t be too demanding on them paying it back, but make sure that they know it is expected at some time. This will make it money with obligation. If your child comes to you over and over again you might want to figure out how to say no. But a one or two time loan isn’t a bad thing.
Adult children need to learn how to forge their way in the world and how to make it on their own. It is important that they set up a future that will be secure and that works for them. If you are giving them money all the time, that can hinder that process. However, you can be there to help them in other ways. To provide them with support and to show them how to do it.