Parents want to help their children, but they may go too far, even if it means jeopardizing their own financial goals. A family member’s addiction could be one of the most serious threats to their wealth.
Affluence can exacerbate the effects of addiction. Paying for vacations, Uber rides, and car loans can prevent adults from becoming financially independent. It’s essential to set boundaries about when to help and when to sit back, especially when an adult child is mentally or physically ill, making tough love even harder.
Joe and his wife Susan raised two daughters who should be forging their own paths in life. However, their daughter Lilly became addicted after falling in love with a boy with a history of drug use. Joe and Susan supported Lilly through her troubles, bailing her out of jail and sending her to rehab, hoping she would turn her life around.
Lilly’s struggles continued, even after becoming pregnant. Joe and Susan once again stepped in, providing her with support in hopes that motherhood would inspire her to stay clean and get a job. Although Lilly appeared to be doing better, her addiction eventually led her back to her boyfriend and legal troubles.
When Joe and Susan should be enjoying their retirement years, they found themselves as the guardians and caretakers of their young granddaughter. Joe has returned to work part-time to keep up with the new responsibilities, sacrificing the retirement they had planned.
Here are some of the ways we guide clients in making critical decisions and taking control of your finances:
Offer Solutions, Don’t Sell Products emphasizes the importance of providing tailored advice and strategies rather than pushing high-commission products, ensuring clients receive genuine value and support.
If there is a will, there is a way underscores the power of determined planning and strategic decision-making in overcoming financial and legal challenges, ensuring goals are achieve.
