We are definitely living in interesting times, particularly from a financial standpoint.  Over the past twenty-four months we have seen companies that were household names disappear seemingly overnight.  Many of them were struggling during the boom times, and the economic tsunami that we are currently experiencing literally wiped them off the map.  This has lead to a tremendous amount of anxiety among people who feel that many of the guiding principles they had come to believe in are gone.  The American dream of home ownership, college education, and a comfortable retirement has been shattered in the last twenty four months.  For many people who only knew of the Great Depression as a section in an economic textbook, this most recent downturn will certainly leave an indelible mark in the psyche of many Americans.  But as we begin to gain some traction and see small glimpses of life in the economy, the question remains - are there any long term truths that we can still hang our hats on?  I believe that the unequivocal answer to that question is yes.  I believe that more than ever before, the power of partnership will undoubtedly be looked upon as one of the keys for the survival of both companies and individuals.

Let me define what I mean by partnership.  In a successful partnership there is collaboration, formal or informal, that taps the strengths of each of the parties.  This generally leads to a delegation of duties that not only maximizes strengths, but also minimizes weaknesses.  Families today must work together and tap into the strengths of each member to thrive in a new economy where change is the only constant.  One example of this collaboration that we are starting to see is how families cope with rising college tuition costs.  In the not-so-distant past it was assumed that if a student was accepted into a four year university he would automatically choose that institution over a community college.  It was also assumed by both parents and child that mom and dad would foot the bill somehow - even if they had to take out a second mortgage on the house to do it.   But with college costs soaring, real estate values plummeting, and retirement accounts depleting, many families are using new approaches to get an undergraduate degree.  Many students are purposely choosing to attend local community colleges for the first two years (while living at home) and finishing the last two years at a traditional four year university.   By adjusting everyone’s expectations and looking at the big picture, families are saving thousands of dollars in tuition and housing, and parents are not being forced to choose between what’s needed for their children versus themselves. 

In today’s tough economy we are also seeing the need for collaboration between parents and their adult children.   Job losses and divorce have caused an increase in the number of grown children returning to their parent’s houses, sometimes with spouses and children in tow.   Even though many of these situations were created out of necessity and can be tricky to navigate through, there are benefits for all three generations if they adjust their thinking and collaborate.   The first benefit is financial.  By allowing a grown child to come home temporarily, it allows them to get back on their feet and build up a financial cushion to firmly re-establish themselves.  If the grown child is working, their financial contribution to the household can be used to build a cushion for the homeowner.   The presence of an older grandparent can also be beneficial.  Who hasn’t lost patience with their child because you’re so close to the trees you can’t see the forest?  A grandparent’s perspective can sometimes clarify the larger picture and help diffuse the tension that comes from dealing with the kids.   The children also have an opportunity to develop a close relationship with a grandparent that might not have occurred under any other circumstances.  

There is power in collaboration and partnership.  When family members begin to look at what we stand to gain by working together, rather than what we might lose, we’ll find more incentives to come together and make things work.  By adjusting our thinking and seeing a bigger picture, many parts can join to make one strong whole.  

~ Sean Chrysostom, Discovering Family International