Detroit Real Estate

As a Michigan mortgage person I know everything about a persons financial well being when they come to see me.  We know their assets, their income, their expenses.  We can deduct from talking to our clients their lifestyle and their theory of money.  We can even tell things about our clients by their credit report.  Where they spend their money and how much they spend at certain stores. 

One of the biggest downfalls I am seeing from parents is that they are paying to support their kids.  Some of my clients have gone over board and have their finances in turmoil.  All because they were supporting their kids and their overspending lifestyles.

I  am not one to talk.  We support our son Ryan to the fullest.  A couple of weeks ago we moved him from the suburbs of Chicage into the city of Chicago.  It was 3 flights down and 4 flights up.  My wife was exhausted and needed a day of rest after working herself to death for three days.  When he first moved out there my wife Marianne bought him everything he needed.  So I am not one to talk. 

But at some point we all need to let go.  When you go to help your kids out of a mess.  Step back and think about it.  Sometimes the best thing we can do is let them learn on their own.  I have had clients pay for their kid's apartments after they graduated from college ( three years after).  I have had clients pay for their kids foreclosures (twice) and there were not special circumstances other than the kid living beyond their means.

At some point they need to grow up financially.  Cutting the purse string will make them learn the basics.  I believe it is ok to help them out if you can afford it financially.  But remember you have to have the money to retire.  You should have the money to help the kids out.  To bankrupt yourself or to go into foreclosure yourself for your kids may not be the best move.

But who am I to say.  It is your life and your kids.  What ever you do think before you refinance your home.  Think before you take the cash out to give to your kids.   

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