“My kids will never come back to live with us after they are launched.”
“I don’t have worry about boomerang children, mine have great jobs.”
“Junior would never get into trouble and need me to bail him out, he’s a good boy.”
Have you ever made a declarative statement that you had to take back and eat, along with a big, fat slice of humble pie? I have. In fact, I’ve eaten so many humble pies that I’ve put on five pounds just thinking about it! That’s why I’m approaching today’s blog very circumspectly.
“Failure to Launch” was not only a popular Matthew McConaughey movie (would someone puleeze give that man a shirt!). It’s also a syndrome in America among Boomer and Gen X parents and their Millennial babies. There are many reasons for this boomerang barrage. One primary factor has to do with the unemployment rate among 20 to 24 year olds, which was 15.4% last year according to the Bureau of Labor Statistics.
Furthermore, statistics from the Pew Research Center indicated that 13% of American parents with an adult child had a child move back into the family home. While 40% of recent college graduates still live at home.
Money matters are the number one reason why these kiddies come back home to mommy and daddy as well as the struggling economy, student loan debt, consumer debt and in some cases legal troubles. Another primary reason is that some parents just enjoy having their kids at home and don’t really see the need for them to move on and move out.
There is good news and bad news for families in this situation. A boomerang incidence is detrimental when the children have an entitlement mentality, don’t carry their own weight in the home, are not looking for work, and cause their parents to delay retirement to get them financially settled. No one wins in that situation.
The good news of the situation exists when this living arrangement is only temporary and involves a solid exit plan. In fact, it can be a great bonding time between generations, especially if there are grandchildren involved.
But one thing is certain: boomerang babies introduce more stress into the household. If the old adage is true that “company and fish are alike, after three days they both begin to stink” then having adult children home for an months on end has the ability to raise your blood
But what to do? What to do?
Here is the Ellie Kay motto for a situation like this, just tell your adult children: “My love for you is unconditional, by my money is not.” Your “money” in this case includes your home, furnishings, food, car, cash, retirement fund, home equity, phones, insurance, and anything else in your monthly budget that is impacted by new peeps living with you!
Here are some guidelines to follow if you find yourself in this situation:
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