 This celebrity financial
lesson comes from Britney Spears.
TheHollywoodGossip.com reported that Britney’s mother, Lynne Spears,
would be moving in with her. This isn’t unlike the living arrangements
many families are being faced with due to their personal economic
circumstances. Most news stories have focused on young adults moving back
in with their parents because they face unemployment or underemployment.
However, while it is not clear that Britney’s mom, who is also a
grandmother, is moving in because of economic circumstances, older adults
moving in with their adult children is not a new phenomena. Grandparents are moving in!As Amy Goyer notes, in her AARP article “Goyer: Grandparents Moving In”, we even have a multigenerational family living in the White House. Michelle Obama’s mother, Marian Robinson, lives with the Obama family. In fact, Goyer reports that there are 5.8 million “co-resident grandparents” in our country. Younger and aging adult groups may be more susceptible to down economies and will need to turn to family for support. What expenses would you expect to see increase if your family size increased? Fixed expenses like your rent or mortgage may not change, but what about variable expenses? Those costs will increase or decrease as the size of your household changes. Think about utility usage, insurance needs, and food costs. What does this mean to your family? Do you have younger / older family members that may need your financial support during harder economic times? You may need to relook at your budget and income if you foresee a scenario where your parents or children may need to lean on you for financial support, even after you have assumed they can support themselves. For more information on finances visit BowmansMoneyCollege. What did you think about this article? Tell me here and remember you are invited to join me at LinkedIn! For more celebrity profiles visit the Celebrity Financial Lessons Archive! Also, readers are always welcome to join me at LinkedIn! |