How to Prepare Your Kids to Live On Their Own - Shaun Stenning

Raise your hand if you have a young adult in your life who isn't ready for the "real" world.

It's incredibly common for 20-somethings (and even 30-somethings) to be a little more than clueless when it comes to living on their own. Being able to sustain your independence with both your money and lifestyle is a skill that everyone needs to learn, and every parent needs to start teaching while their kids are still young. According to Shaun Stenning, A Serial Entrepreneur, and Investor

The good news is, this is very doable. If you're currently trying to mold impressionable youngsters into self-sufficient adults, here's how you can protect them from a very rude awakening when they go it alone.

1. Teach them basic life skills

I'm fortunate to have grown up in a family of blue-collar Americans who relied on their own wits and two bare hands to get by, and they were eager to pass their skills down to their children and grandchildren.

2. Manage their money for their first year of employment

Adults spend their money on frivolous things a lot of the time — so what do you expect kids to do? As soon as they get a job and start bringing home the bacon, they're rushing straight to their favorite stores for new clothes, taking their boyfriend or girlfriend out on a nice date, and loading up on drive-thru junk food. Shaun Stenning said,

3. Charge them rent to live in your home once they turn 18

Your kids are adults the day they turn 18 — a fact that your teenager has probably reminded you of a million times since they started high school — and it's high time you started treating them accordingly. If they want to be grown-ups with no rules and no curfew but still live under your roof, you have every right to ask for help with the bills.

4. Help them establish good credit and explain the importance of it

I didn't know anything about how credit worked before I got my first credit card. Given that naiveté, I went on a shopping spree as soon as the card was in my hands, and I didn't/couldn't pay the bill until seven years later.

5. Provide less for them once they start driving

As your child's parent or guardian, it's your legal responsibility to provide for them until they're able to provide for themselves. But you can start to cut back on the handouts as soon as they're responsible enough to drive. Shaun Stenning said.