Course Plan For Current And Potential Husbands

Money management

There is a misconception that parents are controlling their kids money (particularly, Son). There could be odd cases out there. Majority of the dads help their son to manage the money properly from the beginning, it is to protect their kids from mishap .

Any way, I know a family let the son make/spend his money on his own. The son came back home in neck high credit card debts because he overspent it, and he didn’t pay back the dues on time.

It is a good idea to lean over to check their bank account/credit card spending to help them to understand their spending habit 1) setting a limit on credit card expanses 2) limit withdrawal amount from bank.

Reasons: 1) credit card scam, because most kids don’t watch their credit card charging, example used for online to buy things from e-bay, amazon, on line video games 2) with joint/linked bank accounts with their parents, it could cause more damage/prone to hacking the account or stolen personal information / lost wallet 3) need to build good credit history in order to borrow mortgage in the future. 4) family inheritance has to be managed properly until it is the right time to handover / transferred properly.

Some parents from my work place still file for their children (35-40 years old) yearly tax returns, life insurances, IRA accounts, 401-K, investment accounts etc. My DH is one of them, we should declare financial 'independence day' for my son, when it will be, a good question?

When is the 'right time' for young man/woman learn to manage their money? It is a good idea to take over billing /tax filing before the marriage because no woman will put up with it when FIL manages their account. For a few, money management comes to them naturally, some are lazy, let others do their leg work for them. Indeed, it helps my son to focus more on his job, growing up the ladder, spend time with friends leisurely, sort of he enjoys the worry free life. His view is, outsourced to my accountant

 

Never too early to start training kids about the value of money . 2nd grade kids start learning about money , dollar cent conversions etc . Let the kid know that one has to work to earn money and nothing comes free. Take the kid to the bank, open an account and let them understand the concept of saving . 8 yrs is also a good time to start giving them a small weekly allowance and take them to the store and let them decide if an item is worth buying . It's important to let the kid use his own judgement , even if it involves deciding between a book or a toy at the dollar store. Some lessons I learn seeing extended family is that kids need to be conditioned to take their own decisions , financial or otherwise from a young age, it doesn't happen automatically once they are grown up.

 

Brains.. which can't be manipulated by mils.

That's it

 

I am guessing pass rate will be 0 since EQ cannot be taught.

 

Correct. Children should learn to be thrifty and spend within their budget.

 

It is called the 'estate planning' for the family.

One of the reason, I specifically wrote about it in this IL forum, it is crazy to throw dirt on MIL/FIL without knowing the true facts. Overall, this forum has bad reputation / misconception about in-laws as if the dinosaurs are roaming to hunt them down.

It is not small amount of money to let their son/daughter to manage it by themselves or to give it away, yet. Need more matured, experienced person to expand it further and further. That's why smart kids let the parents continued to be involved in expanding their family income. In these cases, dear goody DILs are behaving well, happy or as long as it doesn't affect their spending spree.

Dear ILites watch before throwing words over the general population of future in-laws and their families. We don't expect much in return from the kid(s), other than basic courtesy of respect....nothing comes for free, it is the 'service fee'.