If you are going to ask your kid to pay for room and board, here are some tips on doing it fairly
Ron Tolley, the general contractor overseeing construction of my house in rural South Carolina, says that before allowing his 22-year-old son, who had dropped out of college, to return home, he and his wife, Misti Tolley, drew up a contract.
It spelled out his son’s household duties and a monthly rent of about $400—an amount based on the square footage of his living space and a percentage of the utilities. The contract also detailed the consequences of breaching the deal: If he missed his 11 p.m. curfew, he would be locked out. If he didn’t pay his rent, “we would have evicted him, no ifs, ands or buts,” says Mr. Tolley,...
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