Empty nesters: It's time to cut the financial cord with your kids

Published on 28 Jan 2019, 12:31
When it comes to money, Dana Anspach got the tough-love treatment from her parents when she was growing up and living under their roof.

“It forced me to figure it out,” says Anspach, founder and CEO of Sensible Money, an investment advisory firm in Scottsdale, Arizona.

And what worked for her, the financial planner says, provides a good road map for empty nest parents who are looking to free up cash by cutting the financial cord with their kids once they head out on their own.

“I am a fan of tough love,” she says.

Just because your kids have moved out of the house doesn’t mean they’re out of your financial life. Six out of 10 (61 percent) parents with at least one adult child over 18 said they provided them financial help, according to a Pew Research Center survey.

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