Sam Tabar’s Advice To Parents

Sam Tabar is a graduate of Oxford University. He pursued a Master’s degree in Law at Columbia University and graduated in the year 2001. He then went to the New York Bar Association.

He began his career in 2001 as a Managing Director at the Sparx Group, handling Business plans, capital management, and legal affairs for ten years. He was also an attorney at Skadden Arps Slate, Meagher & Flom LLP & Affiliates between 2001 and 2007.

In 2011,Sam Tabar worked for Head of Capital Strategy as the Director. He restarted his legal career as a Senior Associate at Schukte Roth & Zabel LLP until 2014.

Sam is currently the Chief Operating Officer of Full Cycle Fund in 2015 and the Chief Financial Officer at Awearable Apparel.

Sam Tabar has recently written an article expressing his views on when a parent should cease supporting their child’s livelihood.

He revealed that survey by Fidelity states that 47% of millennial youth aged 25 to 35 managed their new livelihood with support from their parents. Their parents mainly catered for their telephone bills with 21% contribution. Groceries had a 20% help, clothing had a 16% aid, entertained had a 14% help while rent and mortgage had a 12% support.

He explained that the statistics are a thoughtful reflection of a parent’s concern for their child’s comfort, hence ensuring that the child lives in a secure location.

However, with time, the parent may begin to wonder when they should stop chipping in.

He continued to add that Federal Reserve researched that millennials are a step further in future planning than the previous generations. Statistics recorded show that an average American has a saving of $400 while a millennial has a saving of $2100.He complimented the vision of the millennials, but questioned the condition of the parents who are enabling them to achieve such high savings.

He concluded that since most adults have less than $400 in savings, an excessively supporting parent will create a dent in their retirement funds. He also noted that a small percentage of parents have taken into account their retirement plan, hence only support their children as much as necessary.

Sam continued to write that parents should strive to be open enough to their children about the need for selective spending. He advised parents to consider their retirement as well as the financial ability of the child. According to Sam, if a child is financially able to pay their bills, they should minimize the total amount spent by cutting down on unnecessary costs.

Tabar is noted that taking parental support may financially destabilize the child for a while. However, if the child has enough savings, they will recover in time.