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Old 06-25-2019, 06:57 AM
 
22 posts, read 8,739 times
Reputation: 21

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Quote:
Originally Posted by BostonMike7 View Post
I wouldn't take their money, but If my 10 year old suddenly came into $1000, I wouldn't exactly hand it over to them. I'd put it into accounts and funds or buy bonds in their name with it.


$20 for a bday...they can have it.


$5K inheritance....yeah I'm intercepting that so that it can be properly saved and managed so when they are in their 20's and 30's they will thank me.
I have over 20K, I'm 15 and I manage it myself.

And no, it's not for college, my parents are well off enough to pay for that.
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Old 06-25-2019, 07:47 AM
 
12,146 posts, read 9,878,373 times
Reputation: 15798
Quote:
Originally Posted by chris123678 View Post
It means, the parents should hold their child's money and control what they spend so they don't become broke in a day!
Pffft. I disagree with this completely. The kid should learn the consequences of becoming broke in a day As Young As Possible. That does not mean you don't scaffold that learning. The envelope budget system is awesome for that. At a young age, give, spend save is all it takes. But control does not lead to learning.
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Old 06-25-2019, 08:21 AM
 
Location: State of Transition
78,623 posts, read 70,508,089 times
Reputation: 76608
Quote:
Originally Posted by somebodynew View Post
It's nuts that this is even a question that one would have to ask.
It's sad, but I suspect it's more common than anyone thinks. I've known of cases in which a parent will take an inheritance that was intended for their own child from another relative, and cases where parents fight their own kids in court, because a grandparent left a sizable inheritance to the grandchild, cutting out the child's parents. There's all kinds of weird situations that develop in life. It's kind of sick, that our culture is so money-oriented, that people would do that to their own kids (unless all sources of income were needed to help support the family, but that's not the case in any situations on this thread.)
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Old 06-25-2019, 08:36 AM
 
Location: Massachusetts
9,597 posts, read 10,315,341 times
Reputation: 13379
Quote:
Originally Posted by floridaguy04 View Post
I have over 20K, I'm 15 and I manage it myself.

And no, it's not for college, my parents are well off enough to pay for that.
Good for you.
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Old 06-25-2019, 08:40 AM
 
6,569 posts, read 2,365,882 times
Reputation: 15098
Quote:
Originally Posted by Hedgehog_Mom View Post
MIL always sends my kids checks. I cash the check, put the money in the kid's hand, and that's that. If she chooses to spend it all the first time we go to walmart, fine. If she uses it to buy an ice cream for all of her friends on the block when the ice cream truck goes by, fine. If she loses it in her bedroom, again, fine. The only time I would keep it is if it ends up in my washing machine (our household rule, which costs their daddy much more than it ever costs them ).

My parents are putting money in a bank account for my kids on their birthdays. They don't have access to the accounts and it's unclear when they ever will, so my oldest insists that her grandma has made up the account so that she never has to give a birthday gift. She may be right.

Ha ha ha! That's my rule too. Except...my husband and son don't know it's a rule. LOL But if I find money in the machine, or on the basement floor by the machine...it's mine. (And besides, it might really BE mine. Sometimes I'm as guilty as the others, about not emptying my pockets.)


Your attitude about gift money is the same as mine. If it's given as a gift to my child, it's theirs to do as they please.
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Old 06-28-2019, 07:58 PM
 
8 posts, read 1,161 times
Reputation: 39
My in-laws are very wealthy and have no concept of moderation when it comes to money. They give not just gifts but money to our kids like most grandparents pass out candy. Extravagant gifts are not our hill to die on but we also don't want little kids having access to that much money with no strings attached.

We give them a reasonable amount (for my 4 year olds, that's about $30 each because very few things they want cost more than that; for my 9 year old, a bit more since she likes clothes and electronics now) and put the rest in investment accounts to appreciate over time. We intend to use their years of accumulated and appreciated birthday/Christmas money as their graduation presents in the form of a car, or at least to help with a car. Whatever (if any) extra is left over will be theirs to do with whatever they please.

9yo has protested this in the past, but I doubt she'll be protesting when she's 17/18 and driving away in a new car and no monthly payment.
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Old 06-28-2019, 08:10 PM
 
3,062 posts, read 1,564,233 times
Reputation: 3202
Quote:
Originally Posted by BostonMike7 View Post
I wouldn't take their money, but If my 10 year old suddenly came into $1000, I wouldn't exactly hand it over to them. I'd put it into accounts and funds or buy bonds in their name with it.


$20 for a bday...they can have it.


$5K inheritance....yeah I'm intercepting that so that it can be properly saved and managed so when they are in their 20's and 30's they will thank me.
Yes to this.

Some years ago, my daughter wanted all of her money that we saved for her since birth to buy the latest iPhone, Nintendo Switch and then to put the rest in an online game. We said no and instead gave her an allowance. We taught her to how to adapt to and manage that small amount of money instead. She has done quite well and does not want to touch her savings at all.
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Old 06-30-2019, 06:46 AM
 
6,389 posts, read 5,460,830 times
Reputation: 8880
Every week I stay over, I go for an early morning jog to the small town near where my daughter lives, about two miles away, and any money I find lying around the car wash, gutters, sidewalk, McD's, etc. I put it in the grandkids' piggy banks (even numerous pennies). Oldest grandson gets very excited about this.
He's into money.

They have their piggy banks absolutely stuffed with cash, discounting what I put in every week I visit. I told their parents it's high time to put it into savings accounts. I check, and it is always there, with what I add to it weekly. Oldest grandson (aged 5) is into counting, and money and he knows what's there and what should be! "How much did you find, Nanny???"
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