PETE DUNN: STOP SUPPORTING YOUR ADULT CHILDREN FINANCIALLY

Living the dream or living in a delusion? It’s not uncommon today to find twenty-somethings still living off their parents. Whether it be mom and dad still pays for their cell phone or they’ve moved back home to “save money,” there seems to be a need for more parents to let go! At least, that’s what personal finance expert Pete Dunn of “The Pete the Planner Show” is saying.

In an op-ed in USA Today he writes:
“The financial support you are offering your adult children is toxic. You are hurting them, you are hurting yourself, and until you realize it’s not money that they need, everyone involved will feel the pain. Think back to when you taught your child to ride her bicycle without training wheels. Who was more scared? The idea of letting go of a toddler rocketing across concrete with little protection is terrifying. If you let go, she will fall — she will bleed. If you don’t, she will never learn to ride the most elementary transportation device since the invention of feet. Once you let go, and she falls and bleeds, she will quickly learn that balance and control equal the absence of pain. At that moment, everyone moves on with their life.”

Click here to read his follow-up article, “Dear Adults who Mooch Off Parents: Grow Up.”

So what do you think? Do these ‘mooching’ adult children need to gain greater financial independence? Or is it okay for parents to support their children as they see fit?

EMAIL US: friends@foxnews.com