by Karen Buckner

Created on: March 22, 2009   Last Updated: April 09, 2009

"Bailing Out"... your Boomerang!

You gave them life, raised them and sent them off to college in hopes they would use the values you instilled in them along the way to lead a happy, prosperous life and now..."They're Back!"

The Boomerang Kid is an adult child who returns home to live with one or both parents. With the state of today's economy there is an influx of these kids. In the month of February, 2009 the unemployment rate rose from 7.6 to 8.1 percent. Your recent college graduate is finding themselves in a fight for life as they navigate today's diminishing job market. They are no longer competing for jobs against other graduates, but rather with Top Level Executives, Managers and Seasoned Professionals that carry degrees and years of experience under their belts leaving your child with no alternative but to return home.

To help keep two months from turning into two years there are some pro-active steps you can take to help your adult child transition themselves into "The Real World".

Accept the situation for what it is: Census figures show that 56 percent of men and 43 percent of women ages 18 to 24 live with one or both parents. An estimated 65 percent of recent college graduates have moved back in with their parents. (*)

Create a contract: It's always great to have your baby back home but the worst thing you can do for your child is enable them. Some tough love is required to assure they can turn the situation around for themselves. You will want to sit down and build a contract that both of you can live with and be sure to include a deadline that they either move out or start paying rent.

Realistically, if they could pay rent now they would not have had to move home so it's important to give them some time however in lieu of rent they do need to earn their stay. Give them plenty of responsibilities around the house that will not only be of help to you but allow them to feel that they have contributed. Be sure to make clear your expectations while they are staying in your home.

Create a job plan: Determine what your child wants to do and ways you can help them in their job hunt. Give them a list of resources to find jobs in your area, buy them an interview appropriate suite, help them put together their resume, etc. Network with your friends to see if anyone is hiring. Help your child keep track of their interviews and provide them a bonus if they reach a certain goal. You can offer to pay that months student loan bill for them if they go to 10 interviews

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