Hi, I'm John Lanza. Every Monday, I share ideas to help you and your family on the money-smart journey. I created "The Money Mammals" for kids and wrote The Art of Allowance book for parents like you. Won't you join me on the money-smart journey?
How to Help Your Grown Kids Launch—Without Losing Your Sanity (or Your Savings)
Money-Smart Mondaywith John Lanza Hello, friends, With one daughter recently graduated and another just two years away from a college degree, I’ve been thinking a lot about how to help them launch—in a way that’s supportive but not smothering. (Or worse, cringey.) That’s why I invited Cameron Huddleston back for another conversation on The Art of Allowance Podcast. Cameron is in the same stage of life and brings decades of experience writing (and thinking) about money for families. Her perspective is a gift for any parent navigating that tricky “young adult” phase. 🎧 Listen to our conversation here. This week’s Money-Smart Monday entries highlight a few key takeaways that are top of mind for me—and hopefully for you too. Don’t let kids live totally rent-free.Many parents help young adult kids as they take their first steps into the “real world.” But high rent is one big reason for moving back home. To help your family navigate this situation, Cameron suggests creating a simple Launch Contract in this short video. This agreement outlines who’s responsible for what—financially and around the house. Because even if your kids’ job situation means they live rent-free, they shouldn’t live responsibility-free. 📄 Want a one-page Launch Contract template? Reply to this email, and I’ll send it your way. The ninth wonder of the worldAs you know, habits matter. Cameron and I talk about how automating your retirement savings and bill payments can be the quiet key to long-term success. (Watch the clip.) So automation should be considered the ninth wonder of the world since compounding has already been called the eighth. And it helps to compound the compounding. When you’re young, you think you can outsmart the market. But as Morgan Housel writes in The Art of Spending Money: “Instead of trying to look smarter than everyone else, you make a quiet, long-term bet that things will slowly get better over time.” I love that optimism in a world that’s often focused on the negative. Don’t forget these documents!Once your kids turn 18, you may no longer be able to make medical or legal decisions for them. So Cameron reminded me in this short video that there are two critical documents every family should have ready when kids reach adulthood. On a personal note: Make sure you know where your Health Care Authorization is. (And, ideally, file a copy with your child’s doctor.) We once had a family emergency and couldn’t locate ours when we needed it. Thankfully, everything turned out fine. But trust me—you’ll sleep better knowing this step is handled. More ideas I found interesting➡️ Tech is just getting started—a perspective from podcast guest Kevin Kelly. Until next week, enjoy the journey! John, 📗 Get The Art of Allowance (for parents) P.S. Please consult with a financial or investment professional before making any decisions that might affect your financial well-being. Forwarded this email? Sign up here. |
Money-Smart Mondays
Hi, I'm John Lanza. Every Monday, I share ideas to help you and your family on the money-smart journey. I created "The Money Mammals" for kids and wrote The Art of Allowance book for parents like you. Won't you join me on the money-smart journey?