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Reply to "Do you tell your kids exactly how much you make?"
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[quote=Anonymous]When kids were younger, we would go through the expenses and taxes for a single person so they would understand how much it takes to live - they were surprised about taxes, rent, cost of owning a car (one said he would take the train instead), health insurance premium, utilities, and when what was left over for food and entertainment - the other son said, I guess I will be eating ramen noodles!! When they started looking at colleges - we shared how much was in their 529 accounts. And told them whatever was left in the accounts was theirs - so if they chose an inexpensive college, got merit aid, etc, they will benefit. Now that they are going to be graduating, we have shared more information about HHI but not NW yet. I don’t want them to be anticipating an inheritance.[/quote]
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