Despite the fact that many millennials are earning decent incomes, they’re struggling to build real net worth. While student debt is a major reason for this, millennials are also increasibly developing unsustainable spendig habits.
When parents with adult children think about downsizing and take stock of their finances, they sometimes consider gifting their primary home to the children. But passing on the empty nest at the wrong time or for the wrong reasons can have financial consequences for both the parents and the children.