"Trust Me" over the "Bank of Mom and Dad"

With our struggling economy many more adult children feel like they are being forced to ask their parents for financial help. On September 30th, a new reality show called "Bank of Mom and Dad" will air on the SoapNet cable network. Each week the show will deal a 20 something women who parents will move in with them and with the help of a financial expert, will try to help their daughter to adjust their financial lifestyle to what they can actually afford. The concept seems somewhat interesting, but I have severe doubts on whether a reality show is the right format to help someone reform their finances. Perhaps I will review the show later next week.

If you are interested in truly helping your young adult children achieve financial independence try reading Trust Me , by Kenneth Kaye Ph.D. with Nick Kaye. It is an excellent guide for parents of young adult children who are struggling with their finances. It deals not only with setting up a plan to get back your child on the road to financial success, but deals with the emotional and trust issues that financial struggles can bring. Nick Kaye also does an excellent job of giving parents the insights of a young adult who has had financial struggles. (I know that I related to many of his struggles)

Trust Me also deals with several interesting topics, including how to deal with your children if they have to move back in, basic financial education, tax issues, and information dealing with trust funds and partnerships. The chapter that I found the most interesting was Attention Money Disorder which deals with how Learning Disorders affects financial management skills. The chapter was inspired by how Nick’s Attention Deficit Disorder affected his financial choices, and by the research that Dr. Kaye did on ADD in order to have a better understanding on how it affected his son. This chapter gives great tips and insights, and I plan on reviewing it more in depth in a later post.

I am a big fan of reality television and I will watch the Bank of Mom and Dad, but if you really want information to help you deal with the parent/child financial relationship I strongly recommend that you purchase Trust Me.       

Comments

[Kenneth Kaye, Ph.D.]

Many thanks, John, for the kind words about Trust Me. I'm happy to report that Barnes & Noble is now stocking it in some of its stores. Of course, it's available at www.bn.com as well as Amazon.com.

[Peter]

I have been searching for resources that impart wisdom on parents teaching their young adults about finances and how to take care of them, and your post is very timely. Trust Me sounds just the book that I need. Thanks for the insight! My Well Of wealth