Reply to College student spending of mom and dad's money

Forum Index » Adult Children

Reply to "College student spending of mom and dad's money"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous]We cover 100% of all costs - food, apartment,  socializing, eating out, uber eats, vacation, transportation, clothes, electronics etc - for our college student.  They earn internship money during summer and they put it in their Roth and investments.  They like to see their savings and investments grow. They have become frugal with their own money.

They have access to our Amazon account, our checking account, google pay, uber, starbucks, kohls, costco, macy's, REI.

We see immense value in this set-up because we have a fair idea of where he is spending and on what.    They never got allowances when they were little and we paid for everything.  And we always kept the generous cash gifts that were given to them by relatives and friends.  They were given 20K seed money when they started college, which they have invested.

They won merit scholarship of 100% tuition+ for college. So, they will be given a new car when they graduate + we will help with all the stuff they need for apartment, rental deposit, professional wardrobe etc. [/quote]

I would like to add that this only works for kids who are very motivated, balanced, informed, careful and frugal by nature. They should get introduced to personal finance management  much before they reach college.  Your kids need to value money without being greedy. False deprivation or abundance without discernment - both will skew how your kids view money.  They should view money as a powerful tool to reach  healthy and positive goals in life.

Your kids also need to willingly choose the path to increasing their wealth at a young age  and have the kind of relationship where they view the parents as a partner in their initial financial success.  At the same time, they need to have a clear idea of what this wealth/prosperity gives them.   You know your kid best.

Much also depends on the company they keep. If they are hanging out with kids who are big spenders and your kids value that, then their relationship with money is a means for just consumption and instant gratification. You don't want them to have access to your bank account then.

I abhor the idea of giving allowance to kids without supervision.  It teaches them nothing.  The kids then  think it is ok to spend all of their money on candy or video games etc.  Parents also think that after they have given their children some $, they don't have to educate them in how to spend their money, how to budget, how to evaluate the returns,  how to grow their money. [/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics