Jill Schlesinger

As families prepare to send their kids off to college or to start their first jobs, it's time to foster the next phase of their financial growth. Start by having an honest conversation about what you're willing to contribute financially.

Many parents help their young adult children, often at the expense of their own retirement plans, so it's critical that you have a clear idea of what you can afford.

Communicate which expenses are covered by family funds (textbooks, meal plans) and which are the kids' responsibility (entertainment, dining out). If your child is working and not attending college, discuss when your support, which includes having them live with you rent-free, will conclude. If you do not create time-bound goals, you may find yourself paying for adult child

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