Real Answers for Life’s Money Challenges
Ive become the first millionaire in my family.
Im wondering if I should ever tell them or how would I go about even bringing it up.
Im 22 years old.
These are thebiggest money secrets rich people don’t tell you.
Any recommendations on what I should do and if I should wait?
-M.
Dear M.,
Youre an adult.
Youre not required to show your parents your brokerage statements.
The rules dont change when you join the Two Comma Club.
But I also get that you may be dying to share this news with your parents.
Becoming a millionaire at 22 is a huge feat.
Its natural that youd want to make your parents proud by telling them youve struck it rich.
Obviously, were all wondering what you did to amass such a fortune at a young age.
It doesnt sound like you bought a winning lotto ticket.
And the golden rule for lotto winners is always to keep it under wraps as much as possible.
That said, I wouldnt assume that your parents would automatically expect you to shower them with cash.
Sure, some parents might treat their kid as a walking, talking ATM here.
Your Email AddressSend Your Question
DISCLAIMER: Questions will appear in The Penny Hoarders Dear Penny column.
We are unable to answer every letter.
We reserve the right to edit and publish your questions.
But dont worry your identity will remain anonymous.
Thank you for your question!
Your willingness to share your story might help others facing similar challenges.
While we cant publish every question we receive, we appreciate you sharing your question with us.
For one thing, people have tons of opinions about how you should spend your money.
Even well-meaning family members dont always give good advice.
7 Ways to Make Money if You Hate People
Do you avoid people too?
Enough small talk.Here are some waysto earn extra cash, without all of the social stuff.
Becoming a millionaire and staying a millionaire are two very different goals.
A smart move would be to meet with a fee-only financial advisor to review your investments.
Fee-only means they get paid for the service they provide you, rather than on commission.
Theyre required to act as your fiduciary, which means theyre required to act in your best interest.
A good resource for finding a fee-based advisor near you is theNational Association of Personal Financial Advisors website.
it’s possible for you to discuss your goals and ensure your investments are appropriate.
Im assuming a substantial part of your first $1 million came from investing.
Making your next $1 million could take significantly longer.
This will be more of a gradual progression than an overnight change if youre handling your money responsibly.
Ultimately, the conversation you oughta have with your parents isnt about your financial situation.
Try talking to them about how prepared they are for retirement.
Hitting $1 million is a huge win, but its also somewhat arbitrary.
Try not to hinge your entire identity on being a millionaire.
Focus on your big-picture goals instead of what your net worth is on any given day.
Robin Hartill is a certified financial planner and a senior writer at The Penny Hoarder.
Send your tricky money questions to[email protected].
It sounds appealing right?
Check it out here!
