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My oldest is 31. When she was 21 she was at home and commuting to the local 4 year university and working part time. Her school tuition was split between child support, my contribution, and the balance from her. She was responsible for paying her share of the car insurance and her share of the cell phone bill (service & device). Young people do stupid things-nothing new under the sun. If it was money you gave to her you can feel some kind of way. If it’s money she earned let her learn the hard way and when she asks for some help tell her no. She’ll be resourceful. At least she’s willing to talk about it with you two-practice listening and not judging as hard as that seems. There’s a lot of good resources out there for financial literacy and money management. Talk to her about credit reports/scores, savings, IRAs, 401K, student loans if she has them, car financing, budgeting, etc.1. Mostly her own, but also some of ours. As in she'll buy apps on her phone that get charged to our card, or use the credit card we gave her for non-essentials. She does pay towards car insurance for the car she uses (which is ours and fully paid off) and for her phone.
2. She is not fully on her own. Still lives at home and commutes to college, where she has one year left. We pay for 95% of her college.
She's a great kid (yes I still think she's a kid at 21), does good in college, coaches volleyball and does not spend her time partying. She just wants to be treated like an adult (mentions wanting to move out) but doesn't always make adult decisions, so when we get frustrated with her and she wants to talk about why, it ends up going bad.
Honestly, she probably does need to get away from us and move out. I'll admit we've spoiled our daughters over the years, so I'm sure we're partly to blame.
When she graduated and was working full time, she paid me $400 in rent because she didn’t want to live with strangers and it was about half what she would have had to pay with 2-3 roommates. Also my house is two blocks from the train station and she works in NYC. She was definitely having a lot of fun with her paycheck. I mentioned to her that she might be better buying a property or investing her money so she’d have equity, income, or a combination of both.
She agreed and saved up $12K, maxed out her 401K, and looked for property. She bought a cute house at the beach for $210K @ 3% interest. I gifted her $7600 (the rent she paid me) after closing so she could paint, redo the floors, and furnish the house. The house is now worth about $475K. I live in the house now after moving during COVID. She lives in my house with her boyfriend. He’s also a saver and now looking at rental property to buy.