I have one of those Millennials in my soon-to-be empty nest Boomer household. As his parent, I am helping him navigate the minefield of his first real job/career, and the fiscal responsibility it entails.
For the last four years, my husband and I have watched him attend school, graduate, hang out with friends, stay up way too late playing video games, and occasionally, work odd hours at a part-time job.
But now, our son is now beginning real life.
He had been working at a fast food restaurant and at an on-call retail job at our local mall. Now he has a full time job, and must understand health benefits, life insurance beneficiaries, 401k plans, pensions, and direct deposits with the help of his parents.
Even though navigating all the new-hire stuff online (which I have never had to do) was easy for him, he still needed our knowledge and experience to make wise choices and to understand the full impact of what his company is offering.
Upon receiving his first check (which was way more than the typical $100 he had been receiving every two weeks), we sat down together to discuss his spending plan, which included his goals for the next three to nine months. He wants to upgrade the jalopy he has been driving for the last four years, save for an apartment, and stash away an emergency fund (on the strong advice of Mom!). He will be living at home, saving as if he has the expense of a car loan, rent, and other expenses.
So he is now on the road to security. Stay tuned to see how life can happen and plans can be derailed. Even the best laid plans can go awry.
A Boomer Parent, soon to be an Empty-nester