First Texas ranchers Erica Archie and Cody Archie have sparked an online controversy by claiming they are asking their teenage daughters to pay rent to live with them after high school. rice field.
“If you keep living here, June 1st is the deadline to pay your rent.” [and not go to college]'” Cody told his daughter Kylie over the phone. TikTok video A recent repost from last year’s family.
The rent was set at $200 a month ($300 if Kylie wanted to eat at the family’s groceries), which Cody claimed was much cheaper than most market rents. But it was also enough to give her daughter a lesson in managing her personal responsibilities and living expenses, he said.
In this case it seems to have worked. According to one source, Kylie ended up living with her parents for nine months on $200 rent before she moved. Follow-up by Fox Business. Her parents said that spending more time at home prepared her for financial independence.
Billing your own children for rent can be a sensitive and contentious topic. Thousands of people have left comments on the family video, and it probably won’t go away any time soon.
Debate about rent
A growing number of families may have to face the debate over whether their grown-up children should pay rent.
The data seems to suggest that parents overwhelmingly disapprove of the idea of charging monthly fees for the privilege of living with their adult children. About 85% of parents who responded to a survey conducted by LendingTree said they would. welcome their children Most (73%) will not charge rent even if they wish to move back in. But more than half said their children need to find work and pay part of their living expenses.
It seems that it is not so rare for people to continue to live in the house where they spent their childhood even after becoming an adult. In 2022, about 31% of Americans aged 18 to 34 were living with their parents, according to the report. Census Bureau data.
The Pew Research Center found that 36% of Americans consider their adult children who live with their parents to bebad for society”, 16% said it was good and 47% said there was no change.
In any case, the rising cost of living, especially housing costs, may be a factor in the protracted migration of adults who do not seek shelter away from their parents’ homes. This means that more young people may have to contribute to household budgets, given economic trends.
Financial lessons
Wherever the discussion is about charging adult children rent to live with them, the ultimate goal of many parents is to teach their children how to become financially independent.
Many practical lessons can be easily learned while children are still living at home and parents can show real-life examples. It’s never too early or too late to give kids a lesson in finance.
teach them how make a budget It will give them one of the most effective tools to prevent debt. The Arches say they taught Kylie the Envelope System, or what kids call it these days.cash jam— to control her spending.
Combine budget planning with lessons on how to: save moneyAnd suddenly, your kids will be able to set long-term financial goals and build a cushion for themselves to rely on. in case of emergency.
Eventually, you may want to introduce them to your investments. These days, you can make investments with very little money. coin in your pocket.
Children may grow into adults, but parents never stop being parents. The money lessons you teach your children not only prepare them for success, but they are also passed on to the next generation and so on.
This article is for information only and should not be construed as advice. It is provided without warranty of any kind.
