What to Do vs. What Not to Do If You Have Boomer Parents

Asking for help is never easy, especially when it comes to money. But that doesn’t mean you should never do it! Brian & Bo walk you through some things to think about when it comes to asking your parents for financial help as an adult without straining the relationship.

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[RichardTouchfaith]

Back then I was 30 and my 50 year old coworker had a daughter crash her car. When he told me he was going to have to ask HIS parents to borrow $5, 000 for a used car, that was an eye opener for me for some reason -- since we were both engineers making good money.

[rebeltheharem]

I'm turning 34 next month, and I still leech off my retired parents, as I've had to move back home. I do pay them back by taking care of all the bills and taxes (still way cheaper than rent in my area, which is around 1.5 ~ 2K a month, and ever increasing), and I pay for some of their vacations as a return.
Financially, I'm way better off than my parents ever were, but it sure doesn't feel that way.

[anniealexander]

I'm Gen X but one thing I wouldn't recommend doing is asking for money after going to get your nails done, buying a $200 bottle of alcohol, or telling your mom you only wear Victoria secret.

[ddellwo]

I’m nearing retirement age and as I look back on my working career, it’s actually stunning to me how many grown adults I’ve known who still rely on Mommy and Daddy for financial assistance……..😮

[jroysdon]

I think it's completely rude and inappropriate to ask your parents for money unless there are just no other options. It's understandable that a young person, like the story about $300 that Preston shared, might do, but it should be a one-time mistake and never again. I do think it is appropriate to open up about your financial situation and ask for guidance. Being open, sharing what one is doing with their finances, and what options (like private school for the grandkids) could possibly be a benefit, but then ask for brainstorming and advice; and then be open to hearing what they say, e.g. "If you got rid of your new cars and their payments and insurance, you could probably afford it." Now, of course they could offer to assist there once they know what the adult children are doing, but it shouldn't be an ask.

[Marinealver]

Simple, just know you are not going to get a dime. Set aside money for funeral expenses, and be ready to tell the creditors to @#$% off as debt stays with the estate and doesn't transfer down to the children of the deceased.

[stocksxbondage]

I don’t want to accept anything from me or my wife’s parents. I have to prove to myself I could do it on my own (yes, I do need therapy lol)

[TeKnoVKNG]

How to mooch off your boomer parents isn't a video I thought I'd ever see from this channel, lol. Wanting to send your kids to a private school with tuition isn't a reason to ask your parents for money. If you can't afford it, you can't afford it. My parents worked hard for their money, but also taught me about finances so from day 1 I've been planning and funding retirement so that I wouldn't have to rely on social security if it isn't there(but if it is it's going to be really nice). I told them to enjoy their money in retirement, wouldn't even think of asking them for a handout or anything for any kind of expense. I had friends who make a lot more money than me, but spend it poorly, have to ask their mom and dad for money to repair their roof after a storm and it was a huge issue with tons of drama that still continues to this day. No thanks, lol. Can only imagine rolling up to Thanksgiving dinner and having the conversation be about the money you owe your parents, or Christmas and them asking how you could afford nice gifts for people when you haven't paid them back yet, etc.

[Fanelli-wc]

I was in this situation and I wish I had watched this video sooner. I made some of the mistakes the video mentioned, but I was able to get help from my parents in the end.

[noemedmedia]

Huh. I definitely did have baby boom parents but..I can skip this one!

[devpav]

'How to mooch off your Boomer parents' is abhorrent financial planning advice. When I saw the title and clicked on the video I expected advice to Xers on helping Boomer parents whose Social Security checks have lost 40% of their buying power in 2 years.

[cmerr]

Kind of a miss on this one guys.

I'd be interested in the opposite though. What to do if my Boomer parents were abhorrently selfish and short-sighted, spent everything they had "on you damn kids" and now try to make it my problem.

Do I buy them a computer, a PlayStation 2, and 18 years of cable and say "now we're even"??