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summaryIn this conversation, Mark Struthers discusses the phenomenon of ‘failure to launch’ among young adults, highlighting the financial burden on parents and the essential skills that young adults need to develop for independence. He emphasizes the importance of teaching financial literacy, planning for the future, and encouraging a sense of purpose in young adults. Struthers also addresses the need for open communication between parents and children regarding financial responsibilities and life choices, ultimately aiming for a healthier and wealthier retirement for parents.

takeaways

  • U.S. parents spend significantly more on their adult children than on retirement.
  • The pandemic has impacted the emotional and mental development of young adults.
  • Finding a sense of purpose is crucial for motivation in both young adults and retirees.
  • Teaching financial literacy is often overlooked in favor of academic achievements.
  • Parents should create a budget for their children while they are still at home.
  • Open communication about financial responsibilities is essential for family dynamics.
  • Planning for the future can lead to better outcomes for both parents and children.
  • Encouraging independence in children helps them grow into responsible adults.
  • Parents should focus on the positives and learn from past mistakes.
  • It’s important to think outside the box when guiding children towards their future.

Sound Bites

  • “Finding a sense of purpose is critical.”
  • “You need to think about where things are.”

Chapters

00:00Introduction to Failure to Launch
01:04The Financial Burden on Parents
02:57Essential Skills for Young Adults
05:51Teaching Financial Literacy
09:36The Importance of Planning
11:55Encouraging Independence and Growth


Book & Article mentioned in video: https://a.co/d/gLJe6c3 https://www.bloomberg.com/news/articles/2023-12-21/parents-drain-savings-retirement-funds-to-support-adult-children Disclosure Investment advisory services are offered through Sona Financial LLC (DBA Sona Wealth Advisors, Sona Wealth, Sona Wealth Management), an investment adviser registered in the state of MN. Sona Financial only offers investment advisory services where it is appropriately registered or exempt from registration and only after clients have entered into an investment advisory agreement confirming the terms of engagement and have been provided a copy of the firm’s ADV Part 2A brochure and document. This video or article is for educational purposes only and is not exhaustive. Nothing discussed during this show/episode should be viewed as investment advice. Diversification and/or any strategy that may be discussed does not guarantee against investment losses but is intended to help manage risk and return. If applicable, historical discussions and/or opinions are not predictive of future events. The content is presented in good faith and has been drawn from sources believed to be reliable. The content is not intended to be legal, tax, or financial advice. Please consult a legal, tax, or financial professional for information specific to your individual situation. This content has not been reviewed by FINRA

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