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It's not illegal, and my father's been doing it for years... I think technically I had access after age 21, but he's the main account holder for where it goes. In the event of his death (hopefully a long time from now) it all becomes mine, so it kind of evolves into a trust fund. I get an annual notice from his attorney about how much was deposited, and we can all assume he knows what's legal or not. Plus my father is honest to a fault, so he wouldn't do this if it weren't legitimate - and I have no complaints, since I don't consider myself entitled to anything of his.
Let's all take a step back:
In The Stupid's own words - "you keep it in their names, but you don't let them use it" - that is a GIFT.
What your father most likely has set up for you is most likely known as a Crummey Trust - you receive that annual notice from the attorney because the law requires you to have a right to withdraw those monies (usually for a period of 30 to 60 days)that have a "present interest". Take a look at Estate Planning books - it's all legitimate. That is legal.
The issue with "The Stupid" is the part of the statement that says "you don't let them use it" - that is not legitimate, unless specifically stated in trust documents. Where did he state the use of a trust, hmmm? I must have missed it.
Just when I think everyone my age owns 2 homes and has 3 kids each and I am lagging far, far behind, I meet someone who is 30+ with absolutely NO savings.
My workmate’s good friend is 39, renting a small flat, and has no savings whatsoever. She seems very happy.
When I met my boyfriend he was 38 and had JUST started saving.
Is this a rare thing, or are there quite a few people out there who have no savings?
They say that ignorance is bliss; I wouldn't know first hand. I was saving before I reached 1st grade.
I know the children of several friends who are in their mid-20's and have not started saving. To have not begun saving by the mid-30's and beyond, is just irresponsible, IMO.
Just when I think everyone my age owns 2 homes and has 3 kids each and I am lagging far, far behind, I meet someone who is 30+ with absolutely NO savings.
My workmate’s good friend is 39, renting a small flat, and has no savings whatsoever. She seems very happy.
When I met my boyfriend he was 38 and had JUST started saving.
Is this a rare thing, or are there quite a few people out there who have no savings?
Most people seem very happy.
But I tell you when I just started working I was really worried. Worried about not making ends meet, worried about being fired or laid off, worried about not able to make car payment, . It's a LONG list.
Right now, beside worrying about the dollar may devalue, there's not much I worry.
Studies have shown people have their finance in check have a lot less worries and generally live a happier life.
Right now, beside worrying about the dollar may devalue, there's not much I worry.
Me neither. I have been pretty lucky, actually.
I have never owned a car.
I don’t have a credit card.
I don’t own a home.
I have no kids.
I have never been so terribly unwell that I ended up in hospital (touch wood!)
I have no real expenses. I pay my rent, my cellphone bill and buy my bus ticket every week, that's pretty much it apart from of course the everyday utilities (electricity, gas etc).
I have money saved in case of emergency… but that emergency could also be a holiday to the Bahamas if I choose so lol.
Last edited by *VaNiLlaGoRrilLa*; 12-01-2010 at 05:16 PM..
Living below your means, proper budgeting and buying stuff that don't depreciate are the key.
Quote myself. :-)
Money comes from savings
The best ever book to read is "The Millionaire Next Door." Read it and it WILL change your life. Pay attention to how most millionaires accumulated enormous wealth throughout their life and how they unwisely spoiled their children (most of the time) and the wealth was gone within a generation or two.
Wealth is defined as "net worth," not "net income!" To accumulate net worth, you must have a positive number between "net income" and "net spending."
I am not going to burden anybody with all the statistics. The basic rule of wealth is that money comes from savings.
1. Be confident and secure about yourself - DO NOT TRY TO IMPRESS ANYBODY with material things!!! Actually avoid people who are easily impressed by material things because they are shallow and superficial.
2. live below your means - be frugal
3. spend your money wisely - mostly on things that hold long term value and/or generate income/dividend.
4. work hard
5. continue to educate yourself, especially on finances
6. get out of debt as soon as you can
Only had my nails done once and decided it's not worth it.
Yeah, much as I love them I think I am going to have to quit soon. Sigh. Bye bye pretty hands!
Admittedly I spend a lot on my appearance, but looking good makes me feel incredible.
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Plus my father is honest to a fault, so he wouldn't do this if it weren't legitimate - and I have no complaints, since I don't consider myself entitled to anything of his.
I have been pretty lucky, actually.
