Your Kid's Money Approach May Shock You

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Your Kid's Money Approach May Shock You
Can a huge influx of cash actually harm a relationship?

Sure we love them, but sometimes our spouse, our kids and our family members can really drive us crazy. Especially when it comes to money!

Our friend’s daughter inherited a pretty large chunk of change right before she was ready to leave for college. Steve assumed, because he was a good businessman he had imparted all of his financial wisdom to his daughter. He thought to himself those years of educating her would help her to make wise decisions with this sizeable sum.

 

But, one super-cool car, and a closet full of new clothes later, it was gone. In two short years! He was totally surprised and thoroughly furious. Unfortunately, their relationship went out the window with the money.

What if they had sat down, just briefly, and shared their expectations about this money and talked about ways to spend it? Steve could have reminded her, "You need this money to get you through college. Your life as a young professional will be so much easier if you graduate without any student loans." To which she might have responded, "I know I need to be smart with this money, but I want to have some fun with it too."

Both of their expectations were completely realistic and had her interests at heart. Compromise could have saved a lot of money and their relationship. She could have paid for college AND had some fun with it. Keep Reading...

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Article contributed by

Scott And Bethany Palmer The Money Couple

YourTango Expert Partner

The Money Couple, Scott & Bethany Palmer are parents, finance experts, authors, and regulars on national TV and radio. With 40 years of combined financial planning experience they launched The Money Couple to help couples and families improve their relationships with love and money. Scott and Bethany enjoy an active lifestyle living in Colorado with their two sons, Cole and Cade. Pre-order their NEW BOOK, The 5 Money Conversations To Have With Your Kids At Every Age and Every Stage

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