Episode 15: Roommates, again
Finance 101On this episode…
Since the start of the pandemic, young adults have been moving back home at record rates. And while rooming with the ‘rents is a great way to save money (and enjoy some extra home-cooked meals), it’s also a test of expectations and communication. Parents Zelda and Everett talk with their daughter, Donnis, about the emotional and financial impact of having three generations under one roof and the priorities that help them make it work.
This episode’s expert is family sociologist Michelle Janning. Michelle breaks down the cultural values that come into play when parents offer financial support to their adult children and offers tips for families considering a return to the nest.
Key Takeaways:
- Culturally, we think of children as priceless. But keep in mind the real financial implications of welcoming a child back home.
- Don’t make assumptions—things that may seem obvious to you may not be obvious to everyone in the household. Spell out clear expectations early, and revisit often.
- Try to think about money conversations with family as an expression of love and respect rather than something difficult or awkward.
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