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Navigating the Challenges of "Failure to Launch" in Today's Economy
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In this episode of "Healthier and Wealthy Retirement," host Mark Struthers delves into the pressing issue of the "Failure to Launch" phenomenon, inspired by a Bloomberg Wealth article. With U.S. parents spending an astounding $500 billion annually on their adult children, Mark explores the financial strain this places on retirement savings and the broader implications for both parents and their grown-up kids.
Mark discusses the cultural and economic factors contributing to this trend, including the impact of student loan debt, affordable housing, and the pandemic. He emphasizes the importance of equipping young adults with essential life skills such as finding purpose, developing administrative responsibilities, and cultivating interdependence.
Drawing on insights from the book Failure to Launch: Why Your 20-Something Hasn't Grown Up and What to Do About It, Mark offers practical advice for parents on helping their children achieve independence while safeguarding their own financial future. Tune in for a thoughtful discussion on balancing support for your children with planning for a prosperous retirement.
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Disclosure
Investment advisory services are offered through Sona Financial LLC (DBA Sona Wealth Advisors, Sona Wealth, Sona Wealth Management), an investment adviser registered in the state of MN. Sona Financial only offers investment advisory services where it is appropriately registered or exempt from registration and only after clients have entered into an investment advisory agreement confirming the terms of engagement and have been provided a copy of the firmās ADV Part 2A brochure and document.
This video or article is for educational purposes only and is not exhaustive. Nothing discussed during this show/episode should be viewed as investment advice. Diversification and/or any strategy that may be discussed does not guarantee against investment losses but is intended to help manage risk and return. If applicable, historical discussions and/or opinions are not predictive of future events. The content is presented in good faith and has been drawn from sources believed to be reliable. The content is not intended to be legal, tax, or financial advice. Please consult a legal, tax, or financial professional for information specific to your individual situation.
This content has not been reviewed by FINRA
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