According to a recent study published by Ameriprise Financial, individuals in their 30s and 40s have received significant financial help from family and expect additional assistance in the future. And over a quarter of those surveyed said they received $25,000 or more.
It’s admirable to see that parents want to go to such great lengths to help their children achieve financial success. Yet parents need to be mindful that they don’t inadvertently diminish their own success in doing so. As a financial advisory firm, here’s the advice we offer parents who want to give their adult children a financial head start without harming their own financial future:
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