Sep 9 2024
Navigating College Education Costs and Boomerang Kids & the Financial Realities for Parents | Ask My Man Manny Podcast
Send us a textCan we really redefine success for young adults beyond the age of 18? Join us as Dr. Abby Durkin and financial advisor Manny Henson tackle this critical question alongside us. Together, we explore the emotional and financial struggles families face when young adults transition to college or the workforce. With rising tuition costs and mounting student loans, the norm of achieving independence at 18 is increasingly under scrutiny. Dr. Durkin challenges outdated cultural expectations, highlighting the emotional toll on both parents and children, and the importance of fostering resilience and financial literacy for a smoother transition.Ever wondered how to manage the return of adult children to the family home without compromising their journey towards independence? This episode is packed with practical strategies from Manny Henson, who shares expert insights on how families can establish new household rules and navigate the complexities of today's economic landscape. We delve into the importance of open communication, setting boundaries, and adapting parenting approaches to support young adults as they carve out their new roles and responsibilities. The goal? To maintain healthy family dynamics while empowering our children to thrive.Financial preparedness is a cornerstone of the discussion, as we dissect the nuances of college finances and investment strategies. We address the evolving job market, the significance of making strategic educational decisions, and the critical need for realistic financial planning. Our conversation wraps up with an extensive guide to maximizing 401k investments, providing tips on avoiding tax penalties, and maintaining a balanced investment approach. Remember, the advice shared is educational, not personalized, so always consider consulting a professional for your specific financial situation. This episode is a treasure trove of wisdom for navigating the financial and emotional journey of guiding young adults to independence.Support the showSeason 1 Music is Freethrow by Timothy InfiniteSeason 2 Music is Unwind by Dream CaveThe content presented and discussed is purely intended to be general and educational in nature, and should not be construed as specifically-tailored investment, financial planning, tax, legal, psychological diagnosis, or other professional advice. Any data cited is valid as of the date of presentation, but please know that such data (e.g., tax rates, brackets, and other rules) are frequently subject to change. Any investment performance referenced is purely past performance, which is no guarantee of any future performance. Nothing contained in this course should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation of any security or other financial product or investment strategy. All investment, tax, and financial planning strategies involve risk that you should be prepared to bear. Investment, financial planning, tax, legal, and other professional advice is specific to each individual and entity, and you are highly encouraged to consult with professionals of your choosing before taking any action based on the contents presented or discussed herein.Gamma Wealth Management (“GWM”) is a registered investment advisor offering advisory services in the State(s) of Maryland and in other jurisdictions where exempted. Registration does not imply a certain level of skill or training. The presence of this website on the Internet...