Washington County Weekend Post e-edition
Issue link: https://www.ifoldsflip.com/i/102283
Financial News Auction/Estate Sales Boomerang kids: When your empty nest fills up again A survival guide for parents with recent graduates and young adults moving back home ESTATE ANTIQUE AUCTION KEWASKUM, WI SUNDAY, JANUARY 13, 9:00AM 8:00 AM INSPECTION (BPT) - With a slowly growing economy and a still sluggish job market, there has been a continued increase in children moving back home after having lived independently on their own. These so called "boomerang kids" are popping up more frequently and when this LOCATION: Hwy 45 or 28 to Kewaskum, East on Hwy 28 to Hwy "S", then north 1.5 miles to hall. AUCTIONEER'S NOTE: Edna Guenther Estate Port Washington. Janet Dobbratz Estate, Watertown & items from the collection of Bob and the late Gail Stevenson, Appleton. Quality, fresh-to-the-market antiques. For full ad & photos visit: www.paulauction.com Charbroiled Brats, Hamburgers & Refreshments REGISTERED WISCONSIN AUCTIONEER, Mike Paul No. 28 Appraisals ~ Real Estate On Site or Indoor Sales P.O. Box 457 Kewaskum, WI 53040 262-338-3030 She said yes… Now she needs you! Reach women planning their weddings and honeymoons… Advertise in our annual bridal edition, and connect your brand locally to over 46,000 households in Washington County. Contact your advertising consultant today! 262-306-5000 RSVP by Tuesday, January 7 Publishes Sunday, January 27 229393005 situation is managed improperly, it can cause serious tension in a family. However, many parents are viewing this "boomerang" as an opportunity. It can allow youth to begin saving money for the future, continue a job search or to get out of debt, but only when expectations are clear and roles are known. Patrick Egan, chief retirement spokesperson for Thrivent Financial for Lutherans says, "This is not necessarily the troubling scenario it was once thought to be and this can actually be a very productive time for both children and parents if it's handled well. When children move back home a closer bond can form between young adults and their parents, and this can lead to the young adults receiving financial, practical and emotional support from their parents." This type of increased financial co-dependence between parent and child can lead to strain when living expenses and tasks. A key to making the transition easy on everyone is having clear expectations for everyone involved both financially and otherwise. joining a professional organization, connecting with a networking group or participating in an internship, even if it's unpaid. 2. Review your insurance and taxes (and theirs) Save time and money by seeing if your boomerang child is covered by your health and/or car insurance. Also see if you are able to claim your child as a dependent. 5. Focus on your own finances first You may be tempted to use retirement dollars toward financial assistance for your child, but don't derail your own financial plans. Make sure your savings and retirement plans remain intact. Not sacrificing your own livelihood and continuing to invest in important options like life insurance, disability income insurance and long-term care insurance is critical to maintaining your overall financial health. Though you may not have planned on it, helping support your child after they've left home can be a springboard toward a healthy financial future for them. Following these tips can help ensure that the boomerang experience remains positive and the relationship remains strong. 3. Consider having them "pay rent" Consider having your child pay rent or at least a token amount for living expenses. This gets the child into the habit of paying a monthly amount. Or have a set amount of money go into a saving Egan says reviewing these account monthly that the child tips can smooth the could later use for a down transition and can guide payment on a house or car. both the child and parent through a tough time: 4. Help them keep busy While waiting to get hired, 1. Set expectations your child could continue to Discuss with your child expand their resume. For how much he/she should example, remind them to contribute to household consider volunteering, Visit Us At Our New Location 4524 Dollar Drive West Bend Tim Reis Investment Advisor Representative 229860002 TERMS: Cash or checks. Out of state, 2 forms of ID of ID. D/L required for bid number. No buyers premium or phone bids. Absentees welcome. 229763035 SPECIAL ITEMS: Victorian oak & walnut furniture; Oak chair sets; ND School of Mines Vase; Quality china & glassware; Ice cream clock; Port Washington Beer Glasses; Tip trays; Trade Cards; Many Port Washington items; 100 clean silver certs. incl. consecutive SN; 14 silver dollars; Watches; US & foreign stamp collections; CS Hammitt 1885 OOC & others; Carved ivory; Porcelain portraits; Enamel checkerboard; Old marbles; Cap gun canes; Many old toys & games; Evinrude Elto; Ansonia & other clocks; Broadway records; Local RPPC & others; Old clothing & accessories; Many good smalls. together again after a separation. If you are a parent with a young adult at home, it is important to communicate about expectations and responsibilities and to help your child build a solid financial foundation for their future. 262-338-0018 Securities and Investment Advisory Services Offered through Woodbury Financial Services, Inc. Member FINRA, SIPC, and Registered Investment Advisor. Reis Financial Services, LLC and Woodbury Financial Services, Inc. are not affiliated entities. 1 - 6 - 13 • Washington County Retail • The Weekend Post • 9