Should you bail out those spendthrift parents of yours?
Although you hear lots of stories about parents supporting their grown offspring, sometimes positions are reversed and it's the kids that have to carry the load.
No, this is more about dealing with those who've simply lived too high on the hog, leaving their grown children to pick up the tab for their irresponsibility -- whether through addiction or poor money skills.
What do you do when your parents ask for money? Just say no, advises Dave Ramsay, a syndicated radio show host who's known for his black and white views.
Instead, try something like, “I just can’t do that right now. I’ve got some other goals and some other things I’m trying to hit," Ramsay suggests. "If you want some help with me coaching you on how I’m handling money, great, I’m really excited about getting out of debt and building up an emergency fund. I’d love to see you guys be able to do that."
Try not to be patronizing. Don’t talk about how dumb they are but about how dumb you used to be and how you’re not anymore, he adds.
Whatever you do, don’t let them game you, Ramsay says. It’s not good for them, and it’s not good for you. If you could completely support them — and you can’t — it wouldn’t be good for them anyway. They need to learn to take care of themselves.
Talk about tough love.
Have you ever turned down your parents this way? Would you?
By Gordon Powers, MSN Money