Many of the young professionals we serve identify paying for their children’s college education as a top tier goal. Knowing how expensive that can be, the goal looms so large in their minds that they are inclined to begin saving for their children’s college expenses over contributing enough towards their own retirement savings goals.
Believe me, we get it. After yesterday’s Brexit referendum and its startling outcome, it’s hard to view today’s news without feeling your stomach twist over what in the world is going on. Whenever the markets scream bloody murder, your instincts deliver a sense of unrest ranging from discontent to desperation.
Throughout my life, I have created many different goals. Some I accomplished and others I did not. Interestingly, when making the goals I could usually tell you whether I was likely to accomplish them but I couldn’t explain the difference between the ones I was going to accomplish and the ones I wasn’t.
How can we decide how much money to give away to our adult child(ren) if we don’t know how much we as parents are going to need? The 2013 Pew Report found 50% of middle-aged parents said they are their adult child's primary means of support. In the same report, more than 30% of the parents said they provided support for adult children for reasons other than education.
Couples often ask me how best to manage their bank accounts. It seems that lots of couples, from newlyweds to longtime loves—and everyone in-between—wonder about this topic.
There is no textbook right or wrong way for couples to manage their bank accounts. Different things work for different people, but the two most common ways I see are: