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LOL! $200k in the hands of a 30 year old who is desperate to have a cool condo. LOL!
No way would I give any control of that money to anyone younger than, say, 35 years old. If I wanted to set up a trust fund for him/her, I'd do that, and get a trustee for it. Can't touch it until I die, or say so, or the kid hits middle age and understands what old age is.
LOL! $200k in the hands of a 30 year old who is desperate to have a cool condo. LOL!
No way would I give any control of that money to anyone younger than, say, 35 years old. If I wanted to set up a trust fund for him/her, I'd do that, and get a trustee for it. Can't touch it until I die, or say so, or the kid hits middle age and understands what old age is.
Right because your arbitrary age cutoff means anything. I knew more about finance by 23, than most ever will.
Being 35, 45, hell 75 gives no comfort for someone’s finance competency.
"offend" LOL. Only by the lack of knowledge behind them.
Does it help you sleep better to believe that everyone else is working these uninspiring jobs?
I don’t know if they are or not. My goal was to simply eliminate the word “work” from my life.
I go to “want” instead of “work” — as in I go to what I want to do. That doesn’t mean I don’t do some work though...for example, I’ll go cut my parent’s lawn. Sometimes I enjoy the experience of the sun on my back doing hot and sweaty manual labor.
Parents should want their children to become something, as its the last stage of parenting. Money, by itself, is not part of the equation. College can be.
When she was 6, I gave my then step-daughter $3K of cash to see how aware she was. She decided she wanted me to hold on to it. She knew, frankly, that either of her biological parents would try and take it, and expectations were low.
I invested it quite speculatively and frankly spectacularly. (100% chinese equities at the moment) She's a couple of years from getting it, but currently she's at $17K.
She's now much more aware of it, though I still carry the gains on my taxes. This upcoming year we are going to file separately though, so she learns. If she can do it, I'll be very proud. It's one of the things to learn. Hopefully we can start learning about accounts etc. Her curiosity is starting to rise. She now wants to major in finance. She understands that it's sat there all this time. Delayed gratification is a good thing.
Still, it's just money. Money is convertible into things, services etc. She still doesn't know what to DO with said money. She doesn't know what tools she needs in order to achieve goals.
Giving money to a person (at any age) with no goal or use for money is a bad idea. Giving money to someone who doesn't know how to handle it will make them a victim. Have a homeless person that you don't like. Go get a fat stack of of bills and openly make it rain for them. If the habits don't do them in, the envious hungry will. They have no ability to protect or handle their wealth. Whatever they've just gotten will need to be consumed immediately or risk having that and more stolen from them.
What do you think will happen if you set loose the young and naive with fat wads of cash? It's bad enough that we do it with gigantic loans, which in turn has allowed for unbelievable inflation at colleges.
So best to have a plan. Money needs a plan. Every parent should help their child have a plan. That's the best gift. The plan will then dictate what's needed.
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
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Quote:
Originally Posted by eddiehaskell
Many people are wrecked doing things the traditional way. How common is the college grad with $75k in debt and a $30k/year job?
Sounds a lot like a USA public school teaching job (unfortunately).
Sad for USA, but glad for those who deliver edu to the few who appreciate and use it. (Often not the parents, who only demand the free childcare) so they can presume to earn more $, so they can spend it on more childcare.
Look at all the people out here who are 30 with a negative net worth (a worst case scenario for any child of mine). Most will probably be 55+ before they can even imagine what $500k looks like..
Most of them probably didn't receive handouts from their parents.
Your article says 25% have an outstanding student loan debt of $43,000 or more.
That’s not exactly “not very common”.
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