Sam Tabar On Parents Supporting Their Adult Children

Sam Tabar has an outstanding background in finance and law and is brilliant in everything he touches. In 2001 he graduated from Oxnard University with a Bachelor of Arts and a Master Degree in Law with honors. Then went on to Columbia Law School for his LLM. He then became an associate for Skedden in 2001.

Sam Tabar then took his education and ran with it. He didn’t just work at small firms, he obtained high profile positions such as senior associate at the major law firm Schulte Roth & Zabel LLP. In 2004 he worked for PMA where he was introduced and had the opportunity to handle hedge funds. He was also able to deal with clients directly and became the Managing Director and Co-Head of Business Development. In 2011 he joined Merrill Lynch and started working with the Asia Pacific region. During his International Finance Career he became fluent in French and Japanese. He currently is COO of FullCycle Energy Fund and CFO of Awearable Apparel Inc. in New York City.

Sam Tabar recently wrote an article for Huffington Post titled, “When Should a Parent Stop Supporting Their Adult Children?” He discusses how it’s natural for parents to continue to want to help their adult children with their expenses such as helping with rent so they can be in a better location, and partial payment on other bills.

He mentioned that Fidelity did a survey of millennials of the ages of 25-35 and found out that 47% still had their parents helping them with expenses. Also, according to the Federal Reserve, half of the Americans today only had $400 in savings. The millennials surveyed had $9,100 in savings. That says a lot about what is happening between the parents and adult children. Also more than half of the millennials currently have investment accounts and retirement savings which is quite different from previous generations.

But what does this mean for the parents? Could they be sacrificing their financial stability and retirement to help support their children who really don’t need the help? Some parents may have investments and retirement, but the fact that half of Americans only have $400 in savings says that there are probably some that may be hurting financially.

Sam Tabar suggests that parents get together with their children and discuss their finances. If indeed they can support their selves the parents need to allow them to do so. There may be an adjustment period for the adult children to get used to the difference but with some guidance from their parents it can be a relative easy adjustment. The important thing is to not have the parents sacrifice their financial security for adult children that are thriving financially on their own.