Are You Going Broke Helping Your Adult Children?

22 Jun Are You Going Broke Helping Your Adult Children?

It seems that many older people who find themselves considering bankruptcy have gotten themselves into debt by helping adult children or grandchildren out of a bind.While generosity generally makes you a better person, too much generosity can put you in a position where you can’t help anyone, including yourself. Perhaps the eleventh commandment should be “thou shalt take care of yourself.” If you don’t take care of yourself, you will never be able to carry on taking care of others.

So, if you find yourself considering bankruptcy because you have borrowed heavily to help others or have co-signed loans which didn’t work out as promised, remember that generosity is a two way street, and adults are generally capable of taking care of themselves.

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