Could Helping Your Kids Ruin Your Retirement? | Episode 538
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Why might helping your kids jeopardize your own retirement?
We are back in your life and today we are talking about the age-old question. You want to grow your wealth so you can help your children in the future, but are you screwing yourself and them at the same time? I haven't got my best buddy today. I've got uh Your second best buddy. My second best buddy, top two. No, we know Coopers, one. Coopers one, Bowden's two in a particular order, Mike's three, Hannah's four. You can go number five slots. Yeah. We'll take it. You'll make the um the foosball team for sure. Jess, this is something we see with clients all the time. A lot. Uh where when you were talking about like growing wealth and how to enjoy it in the future, there's a few camps money sitting to in terms of like the goals and the things we want to prioritize and kids are one of them.
Yeah, they are. Yeah, we we often talk about things like your home and your lifestyle and you know when you want to retire. But kids always come into it if you have kids. Sometimes it's just family members, nieces, and nephews. But I do feel like it's a constant tension in those conversations of how do we prioritize those four things. And everybody really has different opinions and perspectives on how much weight to give. those four things. And that's what makes our job so interesting is that everybody is really different. Um, but I guess what we're trying to figure out today is how much is too much for the kids?
And like I mean a big thing we see with a lot of um families, right, is we see people who create wealth, who do a really j good job bringing up like um good kids who are firstly good human beings, but also like manage money well. But then we see others where you were like Were they disciplined as children, Jess? I
don't know. Mm, there's a difference between providing opportunity and just giving people's stuff. So that's what we want to cover off. And um You know, understanding what the bank of mum and dad actually looks like they just stays, it's probably changed a little over generations, right? Like, do you think parents now are giving their kids more than they used to?
For sure. I think so. Definitely. Um you were telling me an interesting story before we started filming about um like uh some friends of friends and how like there's a little bit of guilting going times are a bit tougher now.
Yeah, yeah. Kind of the the conversation around well, times are harder now than they were when you were my age. So that justifies me actually getting more from you, which is a really interesting narrative. I don't know if anyone's been hit with that.
I mean, that is definitely entitled Vibes and how that is the parents' fault. I struggle to You're
reaping what you sow. Yeah, sorry, Sorry, I'm
I'm responsible for the economy and um changes in house prices and wages not growing at an appropriate um level. So here's a handout.
Don't get me wrong, I have had conversations with my parents because they do make No, like no, no, no, not asking for money. My parents don't give me money. But um the daddy pleased. Yeah, maybe a little bit sometimes. Um but the conversation about, well, when I bought a house, interest rates were 20%. And it's like, yeah, but the cost of the house relative to your income at the time is vastly different. You know, we've done all sorts of podcasts on this topic, but trying to get through to them. particularly mum, love you mum.
How much financial support is too much for adult children?
Um, that that that there is a different it's a different playing field that we're in now. It is harder.
Yeah. And twenty percent twenty percent interest rate on three shillings is point six of a shilling. So like I'm pretty sure they had that somewhere around.
Yeah, yeah, that's right.
Um, so what do you so Jess, you're talking to clients all the time. What are the kinds of things that you'll see uh once probably should point out? You know, we talk to the millions and millions of listeners, uh, that this is not like an a topic that impacts everybody and we appreciate some people are just trying to like get ahead and especially in the current economy. But for the clients that you're talking to where they are in a position where they want to help their kids, what are the kinds of things they're trying to do for the kids?
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Chapters
8 chapters
1
Why might helping your kids jeopardize your own retirement?
0:00–3:19
2
How much financial support is too much for adult children?
3:19–7:00
3
What’s the difference between giving kids a head‑start and funding their lifestyle?
7:00–8:52
4
Why do parents often make emotional rather than logical decisions about money for their kids?
8:52–11:03
5
How can you calculate whether you can afford to help your children without hurting your retirement?
11:03–14:05
6
What is the three‑generation wealth curse and how does it affect family finances?
14:05–17:12
7
Which financial‑planning tools (like the retirement calculator) help balance family support and retirement goals?
17:12–20:59
8
What are the key takeaways and next steps for parents wanting to help their kids responsibly?
20:59–24:16
Speakers
1 identifiedMore from Cheques and Balances
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