Tips on teaching son financial skills

[Anonymous]

Good evening everyone. My son decided to put of college for a little bit. He works full time plus overtime at the Germantown PetSmart. He earns great money for a dependent who currently has his own lovely space in our in-law suite. The issue lays in his financial habits. He blows upwards of 80% of his paycheck on amibo characters and currently has 3 whole shelves of characters. Is there anyone who had a similar experience? Please let me know how I can get him on a more financially stable path.

[Anonymous]

Make him pay you rent. Save the $ for him so he can move out.

[Anonymous]

i am the OP. I enjoy having him there. He has learning disabilities and I fear for how he will cope on his own.

[Anonymous]

Are you sure they are amiibo and not funko pops? Amiibos resell value is relatively low but funko pops are usually very sound investments.

I taught my sons financial responsibility by having them read The great Gatsby

[Anonymous]

Anonymous wrote:i am the OP. I enjoy having him there. He has learning disabilities and I fear for how he will cope on his own.

I have learning disabilities and my parents charged me rent. When I moved out it was up to $800 a month, and I was also paying my own car insurance (and had bought my (used) car in cash).

[Anonymous]

Anonymous wrote:i am the OP. I enjoy having him there. He has learning disabilities and I fear for how he will cope on his own.

He can pay well below market rate, OP. The idea is to essentially make him save some of his income by giving it to you, and you save it for him (you don’t have to tell him you’ll give it back to him some day). You can also make him contribute to food and pay for his phone, etc.

You could start by talking about goals with him and then making a budget together to help him reach his goals? Why wouldn’t he spend all his money on figurines if that makes him happy and he doesn’t have goals to do something else with his money?

[Anonymous]

Hello,

Similar situation here. My adult son does not listen to us when it comes to finance or hygiene. I don't think that his online friends are a good influence since they encourage this bad behavior, and he doesn't ever meet with his in-person friends. Maybe our sons could meet up and making friends will help them both become more responsible?

[Anonymous]

Create a budget. Doe he contribute to your food costs, car insurance etc? Spending all your available cash isn’t a sound plan.

[Anonymous]

Did he apply to a 4 year college and get in?

stating he has learning disabilities doesn't tell us enough

[Anonymous]

Why are you telling us that your son worst the petco in German town, basically that he’s a fresh high school graduate, has a learning disability, that he lives at home and his collectible hobbies?

Do you want the entire world to know exactly who you’re talking about?

[Anonymous]

Anonymous wrote:

Anonymous wrote:i am the OP. I enjoy having him there. He has learning disabilities and I fear for how he will cope on his own.

I have learning disabilities and my parents charged me rent. When I moved out it was up to $800 a month, and I was also paying my own car insurance (and had bought my (used) car in cash).

+1 you are enabling him, OP.

You want him to be financially responsible without having to force him to. I'm sorry, but clearly, you need to force him to. What you are doing is not helping, which is why I assume you're on here asking for advice.

This ^ is the advice. Charge him rent and make him pay for his own cell phone. Who pays for gas and car insurance?

[Anonymous]

Anonymous wrote:i am the OP. I enjoy having him there. He has learning disabilities and I fear for how he will cope on his own.

Make him pay rent. Save the money for him so he can survive after you die.

[Anonymous]

Anonymous wrote:Why are you telling us that your son worst the petco in German town, basically that he’s a fresh high school graduate, has a learning disability, that he lives at home and his collectible hobbies?

Do you want the entire world to know exactly who you’re talking about?

Be gentle, it might be a hereditary condition.

[Anonymous]

Anonymous wrote:

Anonymous wrote:i am the OP. I enjoy having him there. He has learning disabilities and I fear for how he will cope on his own.

I have learning disabilities and my parents charged me rent. When I moved out it was up to $800 a month, and I was also paying my own car insurance (and had bought my (used) car in cash).

This^^^

If the goal is to ultimately have him be independent and living on his own (not in your IL suite), then you need to charge him rent, help him budget and see what it costs to live (car, insurance, food, rent, etc). Start helping him learn how to budget.

[Anonymous]

Anonymous wrote:Why are you telling us that your son worst the petco in German town, basically that he’s a fresh high school graduate, has a learning disability, that he lives at home and his collectible hobbies?

Do you want the entire world to know exactly who you’re talking about?

Breathe, pp. Most posters don't live in that area.