This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

How to Get Your Adult Kids Out of the House

Now that many college seniors have flipped their tassels at graduation, parents are basking in the pride of having their college graduates back at home for the summer.

But once the euphoria fades, time goes by and reality sets in, many parents are left wondering how to empty the nest while still making sure their children are on sound financial footing.

It's a delicate balance, especially for those living in high-cost areas: Your children might not be babes-in-arms anymore, but they also might not be able to pay the bills alone. While allowing them to live at home saps the family resources and your own personal space, pushing them out before they're financially secure might cause more headaches.

Dianne Reichel, a financial counselor with GreenPath Debt Solutions, says she has seen plenty of parents cover their kids' expenses to the detriment of their own fiscal well-being.

"We tend to want to make everything OK for the kids," she says. "I see a lot of parents putting themselves in big financial binds because they give to the kids without taking care of themselves."

Having discussions early and setting up realistic goals are the keys to success, says Michael A. Branham, a financial planner at Cornerstone Wealth Advisors. The longer you wait, the more difficult it is to cut the cord.

"If you have a 30-year-old kid living in your house, sit down and talk to them and set down your expectations," Branham says. "You don't want to just push them out on their backside, but at times some gentle nudging -- and at times some tough love -- is really the best thing."

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,371.89 +176.47 1.03%
S&P 500 0.00 -2.75 -0.14%
NASDAQ 4,631.2220 +65.0840 1.43%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs