Today on MyMoneyLife with Chuck Bentley

Do you have grownup kids struggling in this tough economy?  Maybe your son or daughter has racked up heavy debt or suffered a job loss—or both.

It’s one thing to struggle financially yourself, but having to watch your kids cope with money problems can be really tough.  You want to help—but should you?

Well, Money Magazine has 3 great questions you should ask yourself before bailing out the kids.

1. Who do they owe?  Obviously, if your son or daughter is 3 months behind on the mortgage payment, or about to have a car repossessed that’s needed for work—you might want to step in and help.



2. How did it happen?  If your child’s in trouble because of a job loss or medical bills—that’s one thing—but if it’s just living beyond one’s means—a bailout is just a Band-Aid.



3. Who’s bailing you out?  You’re probably past middle age if you have adult children.  Your 401k’s taken a pounding, Social Security is in trouble—can you afford to help?  Remember, your son or daughter has more time than you to recover and get things back on track financially.

Believe me, I know it’s tough for parents to see their kids struggle, but try not to let your emotions cloud your better judgment.  Pray for wisdom.  Pray together with your spouse that the two of you can agree on the right course—that’s crucial.

Sometimes, a bailout is the worst of all options. Giving your children wisdom is always more valuable than giving money and it’s never too late to start.

I hope you’ll visit us online at Crown.org.

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Other Resources:

• ABCs of Money Package
• Career Direct
• God's Principles for Operating a Business
• Business By the Book
• Crown Mvelopes