Cold Hard Truth On Men, Women, and Money: 50 Common Money Mistakes and How to Fix Them by O'Leary Kevin

Author:O'Leary, Kevin [O'Leary, Kevin]
Language: eng
Format: azw3
Publisher: Gallery Books
Published: 2013-09-16T16:00:00+00:00

10 Steps for Getting Your Kid Out of Your Basement

Your adult child needs you to be a tough parent. He or she just doesn’t know it yet, and can’t admit it. You, however, are doing nothing short of saving your financial, emotional, and marital health. Nothing is worth jeopardizing those things, certainly not your beloved child’s material comfort. Follow these 10 steps to a tee—and in order—and you’ll have your home back. And your kid will be on his or her financial feet in no time.

Step 1: Start with a united front about tough love. If you and your partner are not on the same page, the following measures will have a disastrous effect on the family.

Step 2: Charge rent. Set a market price for room and board. Charge that. No more, no less.

Step 3: Set an end date. Find a big calendar, and circle that date as the last one your child will spend living in your home. Don’t negotiate that date, unless it’s to move it forward. Give your adult son or daughter a maximum of three months to save enough money for first and last month’s rent on an apartment that’s not in your home.

Step 4: Keep your car keys in your pocket. Offer help with transportation only for appointments that have to do with finding a job or a place to live. That’s it.

Step 5: Do not pay your son or daughter’s bills. That means no subsidizing a cell phone, either, even if it’s cheaper to keep it on a family plan.

Step 6: Think like a landlord. What do landlords do to kick out problematic tenants? They make life difficult for them. If your son or daughter is not obeying the rules or fails to show the appropriate signs of responsibility, cut the cable, wireless Internet, and central air. If you can control the hot water without affecting yourself and your spouse, cut that, too.

Step 7: Cut out free meals, laundry, and cleaning services. Your son or daughter should be paying for his or her own groceries and cleaning his or her own space and clothes (and yours).

Step 8: Remind yourself that this is your house, purchased with your money that you earned doing your job. It’s at about this point that guilt can become monstrous. Remember, you’re doing this for the good of your grown child.

Step 9: Change the locks. This means you may have to let your adult child into and out of the house at odd hours as he or she protests this inconvenience. Again, do it, cheerfully and respectfully, and mark off another day on the calendar.

Step 10: If none of the above suggestions are helping, consider that you may have to move. Your future downsizing plans will have to start sooner rather than later, and you need to put your financial well-being first. This isn’t such a bad idea if the boomerang bird in question is the last to leave the nest. But if there are other young ones to consider, this is a difficult step to take.

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