In this episode of Money Talk with Tiff, Tiffany Grant dives into the increasingly common phenomenon of boomerang kids—young adults who return to live with their parents after a period of independence. Tiffany answers a listener's question about what boomerang kids are and explores the financial and emotional implications of this living situation for both parents and young adults.

She provides valuable advice on setting clear boundaries, creating financial plans, encouraging independence, balancing support with responsibility, and maintaining open communication. Whether you're a parent or a boomerang kid yourself, this episode is packed with practical tips and insights to help navigate this family dynamic smoothly.

For full show notes: https://moneytalkwitht.com/financial-planning/teaching-kids/boomerang-kids-strategies/

Episode Highlights

• Introduction to Boomerang Kids: Understanding who they are and why this phenomenon is becoming more common.
• Financial Impact on the Family: How having boomerang kids can affect the family's finances and what parents can do to manage this.

Tips for Parents and Boomerang Kids

• Set Clear Boundaries: Importance of establishing expectations and ground rules early.
• Create a Financial Plan: Encouraging boomerang kids to have clear financial goals and timelines.
• Encourage Independence: Helping young adults work towards regaining their independence.
• Balance Support with Responsibility: Finding a balance between offering financial help and ensuring accountability.
• Open Communication: Keeping the dialogue open to address concerns and adjust plans.
• Strengthening Family Bonds: Viewing the situation as an opportunity to strengthen family relationships and teach valuable financial lessons.

What's Next?

If you have a financial question you'd like Tiffany to answer, visit: www.moneytalkwitht.com/asktiffany.

Share your experiences with boomerang kids by reaching out to Tiffany on social media @moneytalkwitht or via email.

Don’t forget to subscribe and leave a review if you enjoyed today’s episode.

Follow Tiffany Grant

• Website: moneytalkwitht.com
• Social Media: @moneytalkwitht

Support this Podcast

Thank you for tuning in to Money Talk with Tiff. Until next time, spend wisely and take care!

Copyright 2024 Tiffany Grant

You know what it is. That's right. It's time to talk money with your money

nerd and financial coach. Now tighten those purse strings

and open those ears. It's the money talk with Tiff

podcast. Hey,

hey, and welcome to another episode of Tiffany's take where I answer your money

questions right here on the podcast. So if you want to have your

question answered, go to

www.moneytalkwitht.com xtin

Tiffany and I'll be more than happy to answer for you. And while you're over

there, make sure you check out some of the blog posts and everything else that

I have on the site. It's a lot of information. So anyway,

today I want to dive into a topic that's becoming

all too familiar in many households. And I had someone reach out to me and

ask me, what on earth is a

boomerang kid? What is a boomerang kid? So if you're scratching

your head wondering, don't worry, that's what I'm going over

today. So first and foremost, who are boomerang kids?

So they're young adults who flown the nest only to return home

after a stint of independence. So whether it's due to the rising cost of living,

which we're all experiencing, student loans or career

transitions, more young adults are finding themselves back at home.

So what does this mean for the family finances? Let's go ahead and break it

down together. So imagine this scenario. You finally got your

home to yourself. Listen, I am waiting. I have years

to go, but I am waiting for the day. And just when you

started enjoying the quiet, here comes your grown

child knocking on the door with their bags, maybe kids

in tow. It's a common story and it comes with both challenges

and opportunities. So let's talk about how to navigate the situation

smoothly. Now, also on the flip side, if you're someone

listening and you are a boomerang kid or you're thinking about becoming

one, make sure you listen to this as well. So that way

you can be on the right foot. And also you

can share this episode with your parents. So that way they

have this information as well. You might not like some of the stuff that

I'm going to say, but it's important to do

this so that way everybody can live in

unity. So first things first. Set clear boundaries

so have an open conversation about expectations.

Will they contribute to the household expenses? Help out with

chores? Establishing ground rules early can prevent

misunderstandings and keep the peace. I will say this is

the most important thing because I feel like a lot of

situations go south because people aren't clear on what they're

supposed to be doing and what that's going to look like. So

always set clear boundaries on both sides.

Two, create a financial plan. So encourage

your boomerang kids to map out a plan. Are they saving for a

house? Are they paying off debt? Having clear financial goals can

turn this living arrangement into a stepping stone rather than a permanent

stay. And if you're a boomerang kid listening, make sure that

you're doing this as well. What is your

plan? How long do you plan on staying? Listen, it is a

blessing if you have a parent that will allow you to stay with

them. And it's a blessing if a parent opens up their home to

a kid to stay with them. And it could be a huge stepping stone and

a way to save money to get towards other goals. So come up with a

plan. How long do you plan on doing this for? What are you trying

to save for? What's going on? I think it's

super important to have that information down so that way you

can know what your target is and where you're trying to

go. Number three, encourage independence. So this is

for the parents, okay? While it's great to have your kids back,

remember, the ultimate goal is for them to regain

independence. This is not a long term thing. This is just so

they can get on the right foot, move on with their life.

So discuss timelines and steps they need to take, whether it's enhancing

skills, job hunting, or budgeting more effectively, and

help them get there. Like, I've had people reach out to me like,

hey, can you meet with my teenager? Or, hey, can you meet with my young

adult? So that way they can get on the right track with budgeting or whatever

the case may be. And I'm happy to do that. So use your

resources. If you're a parent listening to this, or if you're a boomerang kid listening

to this. Reach out. If you don't have a plan, let's create one

because it's super important. After speaking,

I have clients that are boomerang kids and they're like, I do not want to

be at my parents house that long. What do we need to do, right?

So trust me, both sides are trying to work towards the same thing.

So let's have a conversation and figure it out.

Number four, balance support with responsibility. So it's

tempting to offer financial help, but it's crucial to

balance that support with accountability. And we see this all the

time, even with kids. Boomerang kids that aren't back. Living

with parents, sometimes it's hard. And

as a parent, you don't want to see your child suffer,

so you try to do what you can. But the flip

side to that is sometimes accountability goes out the

window. Consider charging a modest

rent or asking them to cover certain bills so that way they're still

responsible for something while they're trying to get back on their feet,

and they still have to flex that discipline muscle

number five, open communication. So keep the dialogue going.

Regular check ins can help address any concerns and adjust plans as

needed. A family meeting can be a great way to ensure that everyone is

on the same page. And this goes not just for this

situation, but in any situation, whether it's romantic

or roommates, whatever the case may be, is

always great to have regular check ins to figure out

where we're at, where we're going, you know, and it

just staves off confrontation and issues later

on. So as we wrap up, remember that

having boomerang kids isn't just a challenge sometimes,

but it can also be an opportunity to strengthen family bonds and

teach valuable financial lessons. So it's all about finding that sweet

spot between support and independence. And like I said, if you're

a boomerang kid listening to this, even though you may not like living

with your parents, look at it for the opportunity that it

is because not everybody has that. But I wish my mom was

like, tiffany, you want to move back in? Absolutely.

You know how much money I would save. So if

you have the opportunity, please utilize

it to give yourself a stepping stone versus using it as

a crutch. Anywho, that is all I have for you today and

hopefully that was helpful for you all. And thank you so much for asking that

question. What a boomerang kid is. If you have a question that you

want me to answer again, don't forget to go to

moneyandtalkwitht.com x tiffany, I'll be more

than happy to answer and I would love to hear from you. If you've had

experience with boomerang kids or you are one, reach out to me. Let me

know socialoneytalkwitht everywhere

or you can reach out to me via email on the site.

So don't forget to subscribe and leave a review if you enjoyed

today's episode. And until next time, I'm wishing you all the

best on your financial journey and your family dynamics.

Take care. Bye. Thank you for

listening, joining and being a part of the Money Talk with TiFF Podcast this

week. You can check tiff out every Thursday for a new Money talk

podcast. But if you just can't wait until next week, you can listen

to previous podcast

episodes@moneytalkwitht.com or

follow TIFF on all social media platforms at

moneytalkwitht. Until next time, spend wise

by spending less than you make. A word to the money wise is

always sufficient.