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Your Kid's Money Approach May Shock You

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Your Kid's Money Approach May Shock You
Keep your kids from dipping into the piggy bank if you want to see your money again.
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.

More from YourTango: He Said, She Said: How Mixed Signals Can Ruin Your Relationship

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."

More from YourTango: Money Matters: Why These 3 Financial Lies Guarantee Divorce

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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Scott And Bethany Palmer The Money Couple

YourTango Expert Partner

The Money Couple, Scott & Bethany Palmer are authors, regulars on national TV, radio and speak internationally about “Love and Money”. With 40 years of combined financial planning experience they launched The Money Couple® and have dedicated their lives to helping couples bring their love and money together. Scott and Bethany enjoy an active lifestyle living in Colorado with their two young sons, Cole and Cade.

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Location: Colorado Springs, CO
Credentials: Other
Other Articles/News by Scott and Bethany Palmer The Money Couple:

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