While well educated, one of them is reckless with money and debt management.
We have spoken to them about financial workshops in general.
Yes, we know it sounds controlling and manipulative, and they are adults.
-D.
Dear D.,
Putting expectations in place before gifting money isnt controlling or manipulative.
What gives me pause, of course, is your second question.
I frequently get letters from people who areworriedaboutsomeone elsesfinances.
Rarely is it clear that the letter writer knows the specifics of the situation.
Our team has compiled alist of creative waysyou can fatten your bank account this week.
This is a long list, so dont get overwhelmed.
Well keep it updated as offers changes or expire.
Requiring them to learn about managing money is a decent start.
But its also a toothless strategy.
Your offspring can always pay lip service to advice, and then ignore it.
Plus, Im not sure a lack of knowledge is the root of the problem here.
How many peoplemax out credit cardsdespite understanding the exorbitant costs?
The problem isnt that they dont know any better.
Its that bad habits are really hard to break.
You wouldnt want them to suddenly inherit a fortune with no rules in place.
Regardless, the basic principle is the same: Start small.
Dont give any of your kids the opportunity to blow a large sum at once.
Have a discussion with each of your children and their spouses before you give them money.
Its perfectly reasonable to tell your kids that youre giving them money with expectations for how theyll use it.
The important thing is to communicate that future gifts arent guaranteed.
Did you know?
Start by gifting low amounts with high expectations.
Robin Hartill is a certified financial planner and a senior editor at The Penny Hoarder.
Send your tricky money questions to[email protected].
(Can you sense my millennial sarcasm there?)
You know which ones were talking about: rent, utilities, cell phone bill, insurance, groceries…
