Are you over 18 years old and still living at home?

[AcId]

Not trying to sound rough or start a "I had it soo bad...." war
 
I personaly wont "hand" anything to my kid(s) I had to work for and earn everything I had growing up, as a teenager my parents stopped buying me clothes/shoes, when I got my license I had to pay for my first car myself and the bills that go with it, no insurance=no keys. After I grajewated HS I had to pay rent to live at home, I didn't think it was too much to ask then and still don't know. After a few ups and downs I joined the USN and life went on from there. No complaints from me, IMHO those kind of experiences prepare you for what lies ahead, and it makes the rough times a bit easier to stomach. I'm sure some of the decisions my parents made were tough to do and I may not have liked some of it then but as you go through life ya start to understand what it was they were talking about

[Ripsnort]

Originally posted by MrRiplEy[H]
Ripsnort doesnt tell that he moved away from his parents 1700 miles away - to be pampered by his grand parents. He still gets served his daily cup'o tea by the 90 year old granny.

Grandparents back then were 3000 miles away!  Actually I'm going to a family reunion next week, and I'm sure it will remind me why I moved 1700 miles away from the nearest relative (outside the primate world)

[Ripsnort]

Originally posted by AcId
Not trying to sound rough or start a ?I had it soo bad....? war
 
I personaly wont ?hand? anything to my kid(s) I had to work for and earn everything I had growing up, as a teenager my parents stopped buying me clothes/shoes, when I got my license I had to pay for my first car myself and the bills that go with it, no insurance=no keys. After I grajewated HS I had to pay rent to live at home, I didn't think it was too much to ask then and still don't know. After a few ups and downs I joined the USN and life went on from there. No complaints from me, IMHO those kind of experiences prepare you for what lies ahead, and it makes the rough times a bit easier to stomach. I'm sure some of the decisions my parents made were tough to do and I may not have liked some of it then but as you go through life ya start to understand what it was they were talking about

Good post! I had to ?earn? everything myself(and growing up on a farm, you can imagine the chores I was required to do being the only male child) as well, however, when time came for an education, I was quite disappointed that my parents had saved nothing for me, the youngest of 3 (however both sisters had a paid education)...not going to happen to my sons...when the time is right, and I think that they have their heads on straight, I'll ask them if they want to attend college, if the answer is yes, they'll have the money.

[Curval]

I have been seriously considering chucking some money into a "guarenteed eductaion bond".

Essentially you put down about $2,500 NOW for each child and the kid's college eduction will be covered when they turn 18.  But, if the kid decides not to go to college you lose the cash.

Logically a person could do the same thing using AAA rated government bonds and figure out the future value of the cash required...but the math gets a bit tricky when you try to factor in interest rate fluctuations, inflation adjustments etc.

I figure it would be easier to let the finance people do the work for me at the bank that is offering the education bonds.

[Ripsnort]

Originally posted by Curval
I have been seriously considering chucking some money into a "guarenteed eductaion bond".

Essentially you put down about $2,500 NOW for each child and the kid's college eduction will be covered when they turn 18.  But, if the kid decides not to go to college you lose the cash.

Logically a person could do the same thing using AAA rated government bonds and figure out the future value of the cash required...but the math gets a bit tricky when you try to factor in interest rate fluctuations, inflation adjustments etc.

I figure it would be easier to let the finance people do the work for me at the bank that is offering the education bonds.

Yeah, I gave that thought too, you can also get College Vouchers that allow several colleges to be selected...however I opted for the "Gift to a Minor" mutual, basically we can put money into it, but cannot take anything out, and we don't pay taxes on capital gains.  The downside is, once the kids are 18, its theirs to do with what they please,...but we won't let them know about the money if they turn out like Creamo...once they mature, then we'll let em know about the money.

[Zigrat]

hmmm well i dont know. i think you will want your kids to stay around. i know my dad is angry with me because i moved 800 miles away from home, he calls me his "lost son". I think the concept of your kids paying you rent is rediculous personally, but mabye thats my upbringing. But I guess this may stem from my siblings, we are all smart and not delinquents and got into college etcera, so my parents were always happy to have us around. Plus we always worked at my fathers store in our spare time so I guess you could say we "paid" in this way. When my father was doing not so well in business we all helped him out so he could keep payroll down without getting paid. Now that business is good he bought my brother and I new cars so the years of working without pay paid off If i had a scumbag son then mabye i would charge him rent, but if I had that son it would probably be partly my fault so mabye I wouldnt

[Curval]

Originally posted by Ripsnort


Yeah, I gave that thought too, you can also get College Vouchers that allow several colleges to be selected...however I opted for the "Gift to a Minor" mutual, basically we can put money into it, but cannot take anything out, and we don't pay taxes on capital gains.  The downside is, once the kids are 18, its theirs to do with what they please,...but we won't let them know about the money if they turn out like Creamo...once they mature, then we'll let em know about the money.

To avoid the Cremo problem you can put the "bond" into a trust, that you settle and have yourself and your wife named as trustees.  When the kids hit 18 the trust becomes the beneficiary of the bond...that you still effectively control as trustees.  Then the kids still have to have your agreement to access the cash.  

If you were to consider something like this I would suggest that you name a close friend as a trustee too, in case something happens to you.

[Ripsnort]

Well, my "Rent" requirement would only be a tool used to prevent someone just milking off ol' mom and dad...you know the type, doesn't want to work, doesn't want to go to college, just wants to watch TV all day...I doubt we'd end up with that, its usually nurturing that does that...but, if your going to live at home and not go to college, then your gonna pay rent (meaning your going to work) at my house!  Comes from values I was taught, never a free lunch, earn everything yourself, and you'll enjoy it much more.

[Ripsnort]

Good point Curval, but this is a Mutual fund.  Not sure if the "Gift to a minor" act would cover that with a Mutual fund.

[Curval]

Originally posted by Ripsnort
Good point Curval, but this is a Mutual fund.  Not sure if the "Gift to a minor" act would cover that with a Mutual fund.

Dunno man...I'd have to see the documentation.  I'm pretty sure something can be worked out.  If you do get serious about something like this just let me know.  I can contact some associates in your part of the world and give you a resource if you need it.

[Skuzzy]

I had to earn everything when I was grwing up too.  I started mowing lawns as at the age of 8 for $5.00/lawn.  By the time I graduated from high school, I owned 3 cars.

For my son, I made a deal with him when he was 10.  I told him for every penny he put into a savings account, which was money he had to earn (none of this family present money), we would match the deposit.  By the time he turned 16, he had over $6,000 in the bank and bought himself a used Honda Civic.  He had enough left over to install a really nice stereo system, mag wheels, and a rear spoiler.

[midnight Target]

I'm kinda torn here. I have 3 grown kids and all are working or going to school, and I have been pretty tough about "earning your own way".  OTOH, I miss the extended family that once existed. As recently as my youth, my Aunt and Uncle lived downstairs from my Grandparents and this was not only accepted it was encouraged. My Dad and Mom moved into the top floor of my Grandmother's house and lived there for 5 years before buying a home of their own. Maybe it's an Italian thing, but family was encouraged to stay close. This meant kids had more caregivers than just the usual 2 parents, and the family support group watched out for all. Good old days AFAIK.

[Thrawn]

Rip, my parents had the same philosphy as you do, except the free money part.  My wife and I plan to do the same with our children.  Once again, without the free money part.  

Then again University is a hell of alot cheaper here then it is in the states.

[AKSWulfe]

I'm over 18 and living with my dad (until the end of this year), but I work and pay for classes, my car insurance, gas, etc. I don't pay rent though cuz I am pretty much never at home.

So if you want my opinion, it's good so long as they are preparing themselves to move out ASAP. But if they got no plans- don't get more education for atleast an "ok" job, then.....
-SW

[Ripsnort]

Originally posted by Thrawn
Rip, my parents had the same philosphy as you do, except the free money part.  My wife and I plan to do the same with our children.  Once again, without the free money part.  

Then again University is a hell of alot cheaper here then it is in the states.

Let me be perfectly clear, this money is for their education.  Its not free (I worked for it, I believe its a parental responsibility for their childrens education, not Gov't loans or PELL grants) and they'll "Earn" it in one fashion or another.