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When Is It Time to Take the Kids Off Your Payroll?
Manage episode 435573629 series 3460411
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It’s not uncommon for children to stay on their parent’s payroll in some capacity when they’re adults, but that could end up impacting the parent’s ability to retire. At what point do you move your kids off of the payroll and what’s the best way to handle that conversation?
In this episode, we’re going to address this situation and talk about how it ends up happening for parents. John sheds light on this issue, sharing his own experiences and those of his clients. He also emphasizes the importance of setting boundaries and understanding the long-term implications of continued financial support. If you’re in this situation or feel like the time is coming soon, we hope this conversation will help prepare you for ripping that band-aid off.
This is part one of a four-part series where we’ll explore how your kids and grandkids fit into your overall financial plan and discuss how to work through some of the key areas that children impact you financially.
Here’s what we discuss in this episode:
0:00 – Intro
1:43 – Different levels of being on payroll
4:45 – Our role in these situations
6:50 – How much does this hold you back financially
Connect with us:
Web: https://rosewoodwealthmanagement.com/
Phone: 919-391-3446
Schedule a Meeting: http://meetwithjohn.com
Check us out on YouTube: https://bit.ly/46RaLvL
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