In the first part of this article, I went on a rant about this topic’s background thought process. In many countries outside of America, it is acceptable for adult children to live at home with the parents. Here, we see it as a weakness.
Today, I want to cover the actual benefits of adult kids living at home. Some are financial, and some involve relationships. They all include building a better life for everyone- parents and children. Let’s begin.
Finances. It is no secret that housing is the single most significant expense that we have as adults. Buying or renting a house is costly, and those costs don’t subside until you find creative ways to negate them.
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My wife and I rent-out our two huge master suites, which pays for our entire home mortgage. Once our kids grow up, why wouldn’t we want to rent our rooms to them? Shared housing helps everyone in multiple ways.
The adults get to pay down their home mortgage. The house will eventually go to the children anyway, so they are honestly just paying for their own home.
The children get to start their lives out ahead of all their peers. Children will be able to save and invest during the most critical part of their lives. Most of us leave the house and rack up all sorts of debt. Then we spend the rest of our lives correcting the mistakes we made early on.
What if we started our adult lives on the right foot? What if we learned the principles of saving, investing, building multiple streams of income, and reducing housing costs from the beginning? How much better would our lives have been?
Relationships. By sharing the financial burden of housing, all parties will have responsibilities to one another. Too often, kids leave home and have no ties to the parents. Living together forces us to build strong relationships with one another.
And who better to build relationships with than your children? We spend 18 years teaching them right from wrong; why not grow together. For some parents, it is hard to convert from instructor to friend. But it is part of life- you will always be a mentor. I look forward to the days when my children and I can sit around and talk about work, relationships, and the future.
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How can we possibly form great relationships with our children if they move across the country? On top of that, they will enter the grueling workforce and only take leave a few weeks a year. This atmosphere is not conducive to long-term team building.
Business. There are numerous business opportunities that families can enter together. Some of these opportunities involve finding distressed land properties, single and multi-family housing, private and hard money lending, real estate notes, mobile homes, tiny homes, and becoming real estate agents. Those were just the business involving real estate.
What about content creation? We could start a farm, bed & breakfast, Airbnb, a venue, food trucks, or a garden. There are too many great opportunities to list. They all involve parents and children working together to create strong relationships and business ties.
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It would be hard for any of us to fail if we work together. My wife and I have done exceptionally well for ourselves by always being on the same page. With the kids involved, we would double our productivity. It is fascinating.
Grandchildren. Grandkids are the most exciting part of the venture for me. Who doesn’t want a chance to try parenting again, this time with a lot less stress? Being able to see our grandchildren every day would be a godsend for Kris and me.
Our Grandchildren are why we have been working so hard for the last couple of years. We want to get far enough ahead that we can assist the grandkids. Watching these kids grow up could be the highlight of our lives.
Plus, if we are all living together, the better chance our kids will have their kids early. The current trend is for adults to wait until the mid-’30s before having children. Kris and I had our first child at age 22 and 25, respectively. This age was the sweet spot. It was somewhat stressful having kids at this age, but it turns out that this was the perfect timing.
Homeschooling. Our children will have us to help them from the start- plus the financial benefits of all of us sharing the load. One of my favorite sayings is, “It takes a tribe to raise a child.” Somewhere in America, we have forgotten this golden rule and tried to raise children with two adults.
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One of the opportunities I feel strongly about is homeschooling for the grandkids. Honestly, I can do a better job teaching my grandkids than the school system. I am not taking a shot at teachers, just the overall school system. Of course, I would layer financial education into my training.
Homeschooling is vital to giving our grandkids an excellent education, and even if I have to out-source the homeschooling, it is still one of my top priorities. I believe that after 2020, more homeschooling situations will start to arise. There is a lot of good with teaching your own family.
Conclusion. As you can see, there are lots of advantages of living with adult children. I don’t even register any negatives. If Kris and I are already renting to strangers, I see no negatives to renting to our children. Keep it in the family.
How do you feel about living with your children as adults? Is it something that you could envision, or is it an instant non-starter? What would be the advantages or disadvantages for you and your family? Hopefully, you will do a deep analysis of this topic as I believe this is the way of the future.
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Disclosure: I am not a financial advisor or money manager, and any knowledge is given as guidance and not direct actionable investment advice. I am an Amazon Affiliate. Please research any investment vehicles that are being considered. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.
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