I first heard the term economic outpatient care (EOC) in the book “The Millionaire Next Door” by authors Thomas J. Stanley and William D. Danko. There’s actually an entire chapter in the book devoted to it. EOC refers to the affluent parents’ act of giving money (on a regular basis) to their adult children (who normally have jobs of their own). The authors believe that EOC tends to encourage laziness among the recipients and instill a false sense of security in them. Apparently, instead of empowering them, they are weakened by this financial practice.
I have seen and I know of working adults who continue to receive money from their well-off parents. This could be in the form of cash gift and most of the time, debt (the kind that is intentionally unpaid or forgotten to be paid). From what I have noticed, the recipients tend to use up the money on luxuries instead of growing it through savings or investments. Sad, but true.
Continue reading “On Economic Outpatient Care and Relatives Who Ask for Money Habitually”
