Today on MyMoneyLife with Chuck Bentley

Do you have an adult child who’s asking you for money?  I think this is happening a lot these days, especially in this economy.

Now, I recently got an email from a listener whose adult son was deeply in debt and even had child support payments to make.  The son was making a habit of asking his parents for help.

If this is happening in your family, here are the top 3 ways to help your adult children achieve financial independence:

1. Pray with your spouse and seek agreement on handling the situation, and then stand firm and united.  Understand that you can hurt someone by helping too much.



2. If you must help financially, consider a matching debt reduction plan where you match what your children contributes, but then there should be no more financial help.



3. Let your child know that the family bank is closed, and that you’ll always be available to pray together and to offer your wisdom and counsel apart from the money.

You know, Proverbs 22:6 tells us, “Train a child in the way he should go, and when he is old he will not turn from it.”

Now, you may think that it’s too late to teach your children how to manage money wisely once they’re grown up, but I don’t think it’s ever too late.

And the Bible doesn’t recognize 18 or 21 as the age of majority.  That means you’re still obligated to teach your children, no matter how old they are, and we want to help.

So, if your child is still asking you for money, let us help you provide wisdom and counsel. I hope you’ll recommend that they visit us at Crown.org.

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Other Resources:

• ABCs of Money Package
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• Crown Mvelopes