Larry Winget's tough love for homebound Millenials

This is a rush transcript from "Your World," July 30, 2015. This copy may not be in its final form and may be updated.

NEIL CAVUTO, HOST: All right, this is one of those stories that might be a little too close to home for me.

Let me fill you in on it. Apparently, a lot of millennials, in fact, a record number millennials, young kids, are staying at home with their parents and they’re just not leaving.

Now, that doesn’t include you, darling.


CAVUTO: But you might want to take out the garbage, if you have the time.

No, apparently, this is a nationwide problem here. And a lot of parents feel for their kids who money is tight, opportunities are limited and they’re just staying at home, apparently not helping out with family chores.

Anyway, money guru Larry Winget, who is the cruelest dad on the planet because he wouldn’t give a penny of his massive publishing proceeds to any of them, joins me right now and says get out of that house and what, Larry?



CAVUTO: What if they already have a job and are going to work? But times are tough.


WINGET: You sound like the hate mail I get after you and I talk about this.


CAVUTO: That was just from my daughter. But go ahead.


WINGET: This is a problem with millennials, but it’s not a problem created by millennials.

This problem was created by parents who didn’t do the singular most important job they had as a parent. And that was to equip their kids with the skills so they could go away and be independent and self-reliant. They didn’t set up expectations. They didn’t communicate to their kids at some point, you got to go away, and you don’t get to come back. And we’re left with 26 percent of them living at home.

CAVUTO: What happened to you when you were young? What happened? Tell me. We can talk this through.


WINGET: You know, I was raised right. That is what happened to me. My mom and daddy told me at some point you got to go away and make it on your own. And then they gave me the skills to do it. That’s what happened.


CAVUTO: Well, and you did. In all fairness to you, you did, young man.

But you know what? I think I can understand where the kids are coming from too. A lot of jobs are such that expenses are out of control today. A lot of kids move in, and I see in this city six of them crammed into a studio apartment and all. But they find ways to do it.

But for a lot of them, it’s easier said than done. What do you think of that?

WINGET: For a lot of them, it’s easier just to go home and move into a place that, let me see, has a bank, restaurant, and a hotel room that comes with full-time maid service. That’s the easiest thing to do.

CAVUTO: Have you been spying on my house? Tell the truth.


CAVUTO: You have?

WINGET: Yes, I have, Neil.


WINGET: And this is not an indictment on all millennials. The majority of millennials add to the marketplace and a lot to the work force, and I’m all for them.

But when you have got 26 percent of them still living with mom and daddy, that’s a cultural thing. That’s something that has gotten so big that it affects all of society.


CAVUTO: ... the percentages were close to that during the Depression. So, maybe this is an economic thing.

And there was a time during the pioneers, by the way, I might remind you, where -- and you’re old enough to remember the pioneers -- that they all lived together and generations lived together. And that was fine.


CAVUTO: And in Japan, generations live together, and no one would question their work ethic, so what’s your problem?

WINGET: Well, the Depression as a much different time than we have right now. And I know about student loan debt and the fact that jobs have been hard to get.

But we have more millennials working today than we did during our recession of a few years ago. They have jobs. They don’t have that sense of responsibility. And, again, I’m not talking about all of them.

CAVUTO: Right.

WINGET: They don’t have that sense of responsibility that they want to own their own homes that they want to buy a car. Instead, they lease.

We even had dating Web sites that are teaching them how to date when you live in your bedroom with mom and daddy. And that, to me, is a big issue of lack of responsibility.

CAVUTO: All right.

"Your Kids Are Your Own Fault and "Grow a Pair," just two of his aptly named bestsellers. I’m talking mega-bestsellers. But I think he is a softy. He just lets on this hard veneer.


CAVUTO: But I think he is a softy.

But, Larry, thank you very, very much.

And, snuggums back home, that doesn’t apply to you, although the garbage isn’t going to walk itself out.

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